Blockchain

How Much Does it Cost of Blockchain Implementation – Merehead

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Using examples and specific numbers, we will tell you how much implementation of the blockchain in government services and business costs. We also indicate the price of developing and implementing cryptocurrency wallets, smart contracts, DApps and blockchain games.

State projects

France: 700 million euros. In an effort to reduce the level of bureaucracy, France intends to invest 700 million euros in the blockchain and other technologies that can reduce the level of bureaucracy in government structures. This is part of the program of Emmanuel Macron (announced during the election race), thanks to which it is planned to save $ 75 billion and reduce 120 thousand jobs in the public sector.

Australia: 1 billion Australian dollars. In July 2018, IBM won a tender for the introduction of blockchain technologies in Australia’s public administration systems. The size of the tender – 1 billion Australian dollars. According to Harriet Green, CEO of IBM Asia Pacific, the contract involves the introduction of a blockchain into information processing systems for departments related to the Department of Defense and Home Affairs of Australia.

The European Union: 300 million euros. In April 2018, 21 member countries of the European Union and Norway signed an agreement on the creation of the European Blockchain Partnership. Its main goal is the creation of the European Blockchain Services Infrastructure (EBSI). This is a cross-border platform that will provide cross-border digital services.

How much does it cost of blockchain implementation As of November 2018, the European Blockchain Partnership has expanded to 27 member countries and two partner countries. The European Union plans to spend 300 million euros for the development and implementation of EBSI.

South Korea: 200 million dollars. In June 2018, the Ministry of Science of South Korea announced a new “Development Strategy for the Technological Chain”, according to which it plans to allocate more than $ 200 million for the development and implementation of the blockchain into the state infrastructure:

● Internal and interstate electronic document flow ● Registration and real estate transactions ● Customs registration and logistics ● Control of livestock farming productivity ● Electronic voting

Seoul City: $ 100 Million. Pak Wonsun, mayor of the South Korean city of Seoul, speaking in Zurich, said that by 2022 they plan to invest $ 100 million in creating the infrastructure of a “smart blockchain-city”. To do this, they will introduce new technology in 14 state services and create two blockchain complexes for “growing” startups, for which they will allocate about $ 50 million more.

Free of cost. The introduction of the blockchain into state structures does not always take place on a paid basis. Some companies are ready to finance such projects at their own expense, in order to monetize them in one way or another. For example, according to such a scheme, BitFury startup contributed to the introduction of the blockchain to the registration services of Ukraine and Georgia.

Most of the state projects for the implementation of the blockchain aimed at using existing platforms, rather than creating new ones. So, if IBM is involved in the case, the Hyperledger blockchain will most likely be used if it comes to real estate – BitFury, ATLANT or Propy.

Large commercial projects

The cost of commercial blockchain projects depends on many factors – the purpose of development, scale, industry, country, team, marketing, etc. – therefore, it is impossible to say exactly how much development and launch of a specific project will cost without knowing such factors.

But you can use the statistics of completed IOCs to look at industry averages and extrapolate them to similar projects. So, according to CoinDesk statistics, the average ICO size in 2018 was $ 31 million, which is almost two times more than in 2017. Fabric Ventures report gives similar numbers: $30 million.

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