Why Proof of Concept is important for Blockchain Technology?

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Why Proof of Concept is important for Blockchain Technology?

Every projects need a proper plan and you need to document it when you are about to take a dive in any innovative technology. Likewise, Proof of Concept of a Blockchain-basedapplication or any other application is necessary to prove that how the potential product will do.

What is Proof of Concept?

According to techopedia, “Proof of Concept (PoC) is a demonstration, the purpose of which is to verify that certain concepts or theories have the potential for real-world application. PoC is, therefore, a prototype that is designed to determine feasibility, but doesn’t represent deliverables.”

Curating a PoC can help the product owner to identify gaps that might obstacles the success. It also offers the opportunity to request internal feedback to reduce the unnecessary risk.

As blockchain technology is fairly new to the world. Understanding its different aspects is necessary before any company or stakeholder get into it. Most of the Fortune 500 companies already started Research and Development in blockchain proof of concept after exploring the use cases for their own business operations and for users.

A Gartner survey revealed that 66% of CIOs and IT leaders believe blockchain technology development will create business disruption and have established budgets to experiment with the technology.

Advantages of PoC in any project development It acts as a tool which shows the feasibility of the project Recommends a variety of testing tools and techniques to develop projects with consistency Save time and cost-effective A complete report on project evaluation Reliable to supply the test case design Helps to receive feedback from various stakeholders How to start?

1.

Focus on the major Business problem: A genuine blockchain project must focus on the real business problem which one can be addressed and solved.

2.

Start small: Restrict yourself from developing something big, start with a small project idea.

3.

Plan carefully: Don’t underestimate the challenges of developing blockchain products.

Check everything and plan carefully.

4.

Involve different department: Involve your tax and legal team to maintain the changes the blockchain project may require.

5.

Test twice: For smart contracts write the unit test and deploy multiple times to a test network. If you find a small error, you need to redeploy the entire contract.

Blockchain product development needs extreme attention. The technology comes with great reliability and security to withhold some great process of the world. If you are looking to develop one for your business, remember you need an experienced team. For that one of the top blockchain development companies can help you out.

If you are still doubtful about its potential and how to start, feel free to get in touch.

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