We all come across the wonders of blockchain technology in one way or the other. Its potential to revamp current businesses has extended into a dimension that expands beyond just functional or operational enhancement. Blockchain has now made its way into securing investments and redefining how investors can be swayed with the feat of its technological prowess.
Enter, Blockchain Proof of Concept (PoC)
Many Fortune 500 companies have already begun investing in a proof of concept in blockchain (PoC) for their future ventures. Why so? Blockchain PoCs are the new-age medallion of trust that were exchanged as a sign of goodwill and guarantee. Blockchain PoCs are primarily of three types. They are,
Video Presentations
Prototypes
Minimum Value Products
1. Video Presentations: Investors can visualize the proof of concept in animation or video to understand the project’s feasibility in the real world. The video renders the proof of concept in 3D to explain how the venture can be successful to the investor.
2. Prototype: A prototype PoC is an initial working model of the software that performs the client’s required functionality. Developers often revamp and re-engineer prototypes multiple times and approved by different stakeholders before presented to the investor to raise funding.
3. Minimum Value Product: An MVP proof of concept is a clearly defined, well-developed product that functions without any errors, instilling full trust within the investor when presented. Developers require well-defined requirements and talented resources to build an MVP. They will not change the core functionality once development begins.
Getting started with Blockchain PoC:
The question of “Why Blockchain PoC?” helps businesses understand their need for a blockchain-based proof of concept. By tackling major topics as given below, will help gain clarity in demand for developing one.
Is trust a significant factor in business processes?
Data handled by several entities?
Lack of accessibility in terms of data sharing?
Does excessive intermediary activity exist?
Do validation processes involve manual verification steps?
Conclusion,
In understanding the answers to the questions mentioned above, we can realize the importance of deploying blockchain technology into any business. To perform that, one needs to test the feasibility, which can be realized through applying a Blockchain Proof Of Concept, which can be explained and demonstrated in terms of business operations.