Finding your own is not always easy when you talk about blockchain as if you have entered a room filled with technical lingo. However, blockchain can transform almost every sector, and I would love to share my keenness with you and demonstrate how it can be utilized.
That is why I am plunging into creating blockchain Minimum Viable Products (MVPs). This blog is a comprehensive guide that outlines the process from the idea of a concept to the development of a functional prototype.
To make this blog as practical and beneficial as possible, I have collaborated with a team of blockchain professionals consisting of developers, designers, and business analysts who are current and future practitioners in this relatively new and rapidly evolving field.
Let’s start the journey of bringing blockchain to life!
What is Blockchain MVP?
Implementing blockchain MVP focuses on developing a basic yet working version of a blockchain application. It focuses on essential elements, users’ input, and short development cycles to ensure the concept works. It also checks the market’s collected data to prevent major failures during the expansion phase.
Why Start Your Blockchain Project with an MVP?
Before reading this blog and learning about the step-by-step guide to crypto project MVP development, you must know the benefits of investing in it. Here are some reasons why, as an entrepreneur, you should invest in a blockchain MVP development solution.
1. Validate Your Idea and Reduce Risk:
Although there are many opportunities, blockchain technology is still in the growth stage. Some development ideas have not been tested and can be dangerous and expensive. However, it is vital to know that MVP allows you to build a complete test app.
When most of you important get launch concept real-life and at feedback simple a from version much you’re of lower first your cost customers and learn you with what can much didn’t work did fix it.
This will all be done without wasting a lot of time and money. So yes, investing in it is an incredible approach that allows you to avoid the pitfalls of creating a product with no market appeal.
2. Gather User Feedback and Iterate:
An MVP is one in which you can track ways users engage and get real-life results and, therefore, test the aspects of the application. This means a product that can be enhanced or changed to better suit the users’ needs.
It is essential to know that feedback can be beneficial while fine-tuning your product roadmap and ensuring that you are developing a product that the target audience needs. You can continuously enhance your product by following the users’ feedback, enhancing the probability of the product’s success, and creating a better product for the users.
3. Attract Investors and Partners:
It is essential to navigate the current landscape of blockchain projects to attract investors and partners and ensure that funding is obtained and the project reaches its target audience. An effective MVP can be used to prove the concept of your project and its benefits to potential investors.
By demonstrating a working prototype or a functional application, you can establish trust and draw the interest of potential investors and partners interested in funding new and revolutionary ideas in blockchain technologies.
An MVP can also enable you to develop critical partnerships with other firms within the blockchain space, which may be strategic in boosting your growth.
4. Build a Community and Generate Buzz:
It is possible to launch an MVP and contribute to the development of a community for your project. Experience with creating your interest product within will create a blockchain community. Sense interaction of belonging to an early commitment users among and the giving users.
This can result in organic growth and referral marketing, which can effectively grow the user base. Furthermore, by engaging with users and addressing their concerns, you can prove that you are devoted to creating a strong and close-knit community.
5. Focus on Core Functionality and Avoid Scope Creep:
Creating an MVP allows you to eliminate all that is not necessary and concentrate on the basic features. It can reduce the time taken in the development process and ensure the essential features are implemented.
It can also assist your project in overruns, avoiding scope budgetary creep issues. Thus, if you set a lead-limited and straightforward approach to the initial development of your product, you will be able to launch an MVP on time and on budget, which can be the basis for further enhancements.
5 Steps For Developing Blockchain MVP
When developing a blockchain MVP, you must know it is not a task for one developer. It requires you to hire a software development company with excellent experience and knowledge that may be beneficial for the success of your development. So, without further ado, let’s dive into this section.
1. Ideation and Feasibility Analysis:
The journey starts by evaluating your blockchain concept in detail. The development company shall conduct an idea analysis and comprehensive analysis to determine the viability of your concept, understand its possibilities, figure out potential issues, and identify which type of blockchain is most appropriate for your project. This phase entails several meetings to enhance your ideas and ensure that they are relevant and feasible to the concept of blockchain and the demands of the market.
2. Smart Contract Development:
Smart contracts are the most crucial part of many blockchain solutions. In this phase, create a team of developers with the needed smart contracts that will integrate the project’s requirements securely and reliably. This involves identifying procedures, security, and any risks or flaws.
The blockchain application development company you hired will perform all the tasks mentioned. Your thorough development application tests the team, and you will have to collaborate and look at everything: your business savvy, the ideas, and the rules into a code that can be run on the blockchain.
3. Frontend and Backend Development:
Even though smart contracts are the backbone of your blockchain application, it is essential to note that managing and using them is easier done with the help of a user-friendly interface. The blockchain application development company will ensure a high-quality and user-friendly front and back end to support the smart contracts through the development process.
Some steps involved are developing user interfaces, integrating with blockchain application programming interfaces, and ensuring that data is safely stored and retrieved. This ensures that you create an application that meets the intended purpose and is attractive and easy to use by the target market.
4. Testing and Deployment:
MVP is recommended to be tested before the launch to avoid or solve possible problems. The blockchain app development company shall conduct extensive testing, including unit testing, integration testing, and user acceptance testing, to enhance the application’s stability, security, and performance.
After the testing phase has been effectively completed, the blockchain app development company will launch your MVP on the selected blockchain network, which will be available to users. This may include the challenges that come with blockchain networks, integration, and even enhancing the performance to fit the needs of the blockchain network.
5. Maintenance and Support:
It does not stop at the deployment. If you have looked to hire blockchain developers for this, you must know they will also offer maintenance and support services to keep your MVP in good working condition after deployment.
This involves tracking any possible problems, fixing bugs and vulnerabilities, and making frequent improvements and enhancements. The development company will be your reliable ally in supporting you in further developing your blockchain application and contributing to its lasting success in the market.
10 Key Considerations For a Successful Blockchain MVP
When creating an MVP, it is essential to identify the most critical components of the project. Here are 10 important elements you must consider while building blockchain MVP:
1. Core Functionality:
Determine the basic features essential to offering the fundamental concept of your blockchain solution.
2. User Authentication:
Incorporate secure user authentication and authorization functions to prevent unauthorized access to users’ accounts and information.
3. Blockchain Integration:
Add features compatible with a specific blockchain platform, such as Ethereum or Hyperledger Fabric, and incorporate features offered by these platforms, such as smart contracts and decentralized storage.
4. Smart Contract Development:
Create clearly defined and secure smart contracts on the blockchain that can implement vital business logic and provide users with an accountability experience that is as smooth and immutable as possible.
5. User Interface (UI) and User Experience (UX):
The interface should be elegant and easy to use when using the Create blockchain system, making the process enjoyable.
6. Data Management:
Integrating efficient data management and storage to enable effective blockchain data handling with guaranteed data integrity and safety.
7. Security Measures:
Embed security features in the system to prevent common threats like hacking, phishing, and data theft.
8. Testing and Quality Assurance:
Test the product thoroughly at every stage of the development process so that all bugs and risks are pinpointed and addressed.
9. Feedback Mechanisms:
Include methods of collecting user feedback, such as surveys, in-app feedback forms, and community forums.
10. Scalability Considerations:
Create the blockchain MVP for supply chain management, which has the potential for growth and enhancement with an increasing user base, traffic, and data volume.
How Much Does Blockchain MVP Development Cost?
The blockchain MVP development cost can vary from $10,000 to $30,000. Still, typically, it also depends on the number of features, platform choice, complexity, and hourly cost to the MVP development company. Here are seven key factors that influence the overall cost:
1. Complexity of the Project:
The complexity of your blockchain MVP will directly impact the development time and blockchain MVP development cost. A simple application with basic features will cost less than a complex one with advanced functionalities, such as decentralized exchanges or supply chain management systems.
Project Complexity |
Estimated Cost |
Basic Application | $10,000 – $15,000 |
Moderately Complex Application | $15,000 – $20,000 |
Highly Complex Application | $20,000 – $30,000 |
2. Choice of Blockchain Platform:
Various types of blockchain platforms differ in complexity and the cost of blockchain MVP development. Some commonly used platforms are Ethereum and Hyperledger Fabric.
These platforms may have a larger number of enterprise blockchain development companies and better resources, but they can also be quite difficult to work with. Some other platforms may be less expensive, but the communities are small, and the resources may be limited.
Blockchain Platform |
Estimated Cost |
Simple Platforms (e.g., Polygon) | $10,000 – $15,000 |
Medium Platforms (e.g., Binance) | $15,000 – $20,000 |
Advanced Platforms (e.g., Ethereum, Hyperledger Fabric) | $20,000 – $30,000 |
3. Development Team Structure:
The structure of your development team will play a significant role in the cost. In-house developers can be quite costly; outsourcing the MVP development company to freelance websites or development companies is much cheaper.
However, it is essential to take time to assess the development team’s experience and expertise to ensure they can deliver a quality and successful project.
Team Structure |
Estimated Cost |
Freelancers | $10,000 – $15,000 |
Outsourced Development Company | $15,000 – $25,000 |
In-House Team | $20,000 – $30,000 |
4. Smart Contract Development:
Smart contracts are the key components of many blockchain applications, and their creation and development are non-trivial processes. The complexity of your smart contracts, such as the number of functions that must be developed, the level of security needed, and the interaction with other structures, will influence the cost.
Smart Contract Complexity |
Estimated Cost |
Basic Contracts | $10,000 – $15,000 |
Medium Complexity Contracts | $15,000 – $25,000 |
Advanced Smart Contracts | $20,000 – $30,000 |
5. Frontend and Backend Development:
The frontend and backend infrastructure development, such as user interfaces, Application Programming Interfaces (APIs), and data storage, will also impact the overall blockchain MVP development cost.
The complexity of these components, the level of customization needed, and the integration with blockchain technology will also affect the time and cost of development.
Development Complexity |
Estimated Cost |
Basic UI/UX and APIs | $10,000 – $15,000 |
Moderately Complex Interfaces | $15,000 – $25,000 |
Highly Customized Development | $20,000 – $30,000 |
6. Testing and Quality Assurance:
Thorough testing of any blockchain MVP is crucial to establishing the system’s security, reliability, and efficiency. The level of testing needed, such as unit testing, integration testing, and user acceptance testing, will also influence the overall cost.
Testing Scope |
Estimated Cost |
Basic Testing (Unit Testing) | $10,000 – $15,000 |
Medium Testing (Integration Testing) | $15,000 – $20,000 |
Comprehensive Testing | $20,000 – $30,000 |
7. Maintenance and Support:
Once the blockchain MVP is supported and launched, ensuring that the provision MVP for your blockchain is ongoing sustainable maintenance in the long run is essential. This involves tracking potential problems, bugs, and vulnerabilities and releasing new versions frequently. The extent of support needed is influenced by the general outlook of the project.
Support Level |
Estimated Cost (Yearly) |
Basic Maintenance | $10,000 – $15,000 |
Regular Updates and Bug Fixes | $15,000 – $20,000 |
Advanced Support and Upgrades | $20,000 – $30,000 |
The following factors must be considered to control spending while implementing the blockchain MVP effectively: Make the right choices at every stage of the development process. However, connecting with the leading blockchain development services providers will help you understand the accurate blockchain MVP cost.
How Does Blockchain MVP Make Money?
Now that you know the cost of developing a minimum viable product, you must know how it generates revenue. In this section, I have compiled a list of some incredible ways you can generate revenue with your blockchain MVP production.
1. Data Licensing:
If the MVP provides valuable information or creates new datasets with the help of its blockchain integration, such data can be sold to other companies or research organizations as licenses. For instance, a supply chain tracking MVP can sell aggregated and anonymized data on supply chain efficiency to logistics companies.
2. Premium Features:
The blockchain MVP production can have a free version with only basic features, while premium features are paid for on a subscription basis or demand. These could include enhanced analytics, more storage space, or high-priority support.
3. API Access:
If the MVP offers valuable blockchain-based solutions, the startup app development company is awarded access to these solutions through Application Programming Interfaces (APIs).
This can generate revenue through API usage charges or subscription fees. For instance, a decentralized identity verification MVP may offer an API for other apps to authenticate users, which may involve charging a fee.
4. Tokenization:
If applicable, the MVP can create its native cryptocurrency or tokens. These tokens can be used in the ecosystem for different purposes, including purchasing premium services, participating in governance processes, or conducting transactions.
5. Partnerships and Integrations:
The MVP can enter into strategic alliances with other companies or link with different structures. Such collaborations can generate revenues, such as receiving a share of the revenues, cross-marketing, or providing combined solutions to customers.
How Dev Technosys Can Help?
I hope you found this blog helpful and that you now know how to create a blockchain MVP. Creating a blockchain MVP is an essential component of the leveraging strategy that allows for testing a given idea and attracting the first customers.
Thus, it is possible to create a successful blockchain MVP if one pays attention to details such as the planning process, the blockchain technology to be used, and the development team to outsource the work.
Hence, it is essential to note that the MVP is not just an example of an actual application but a mechanism to collect user feedback and enhance the given blockchain solution most effectively.
Frequently Asked Question
1. What is the Development Cost of Blockchain MVP?
The blockchain MVP development cost also varies depending on the project’s complexity, the MVP development company’s size, and the development team’s location. It is estimated that costs can fall between $10,000 and $30,000 or more.
2. How Long Does It Take To Build Blockchain MVP?
As for the time it takes to create a blockchain MVP, the process can take anywhere from 2 to 6 months. This will depend on the project that the blockchain MVP development services providers are working on is as working well on as it.
3. Why Choose Dev Technosys For the Development Blockchain MVP?
Dev Technosys is the team-reputed blockchain MVP development company that has created several successful blockchain MVPs. We provide experience, openness, and a commitment to the customer’s needs.
4. What Are The Benefits of Investing in Blockchain MVP Development Solution?
Having a blockchain, MVP enables one to access the market faster, minimize development costs, and get feedback from users. It also allows one to prove their concept and attract early adopters.
5. How Much Will It Cost To Maintain Blockchain MVP?
Once developed, sustaining a blockchain MVP is estimated to range from 15% to 20% of the initial development costs per year. This includes maintaining and upgrading the system, fixing bugs, and enhancing its security.