A Proof of Concept (POC) is employed to demonstrate the feasibility and practical potential of any blockchain project in any field like Energy, Communication, Services, Insurance, and Healthcare. A POC can either be a prototype with none supporting code or any MVP (Minimum Viable Product) with bare features. A POC may be a prototype that's used for an indoor organization that will have a far better understanding of a specific project.
Developing a proof of concept typically involves several stages during which the project is fleshed out and possible weaknesses are identified.
The first step of the PoC development involves determining the business value that the client wants to prove. During this process, we work together with the client to test the initial theoretical and practical implications of the project in order to flesh it out.
Once the business value of the project has been defined, the scope of the blockchain PoC is outlined. Here the PoC begins to take shape – the execution of the project is determined and agreed upon with the stakeholders. This stage also involves the identification of the most appropriate blockchain consensus mechanism for the project.
Once the architecture and solution have been determined, the PoC itself can be developed. Depending on the complexity of the PoC, this stage can involve a multitude of sub-steps. For example, at this stage APIs may need to be built, admin and user interfaces need to be designed, etc.
After the development stage, the PoC is showcased in front of the client and analyzed. This stage demonstrates the feasibility and practicality of the blockchain project idea. Depending on the outcome of the project, this may lead to the development of an MVP and, later on, toward a full-fledged blockchain application.