Blockchain PoC Development

Blockchain PoC is particularly useful in two cases. It is a great way for enterprises and public bodies to experiment with the technology and determine its practicality before implementing it into real-world conditions. It is also useful for companies, such as startups, that want to showcase their blockchain project to investors and potential users.

What is PoC Development?

Blockchain Proof of Concept (PoC) development is the process of determining whether a blockchain project has potential and practical application. A PoC is typically a simple prototype, that is intended to assess the feasibility of a proposed solution. If the PoC is validated, the project may advance to the stage of minimum viable product (MVP) development.

Areas in which blockchain PoC development is commonly used include:

– Finance
– Insurance
– Supply chain
– Identity management
– Government
– Asset management
– Medical records management
– Payment solutions, and more

Developing a proof of concept typically involves several stages during which the project is fleshed out and possible weaknesses are identified. This lays the groundwork for a successful blockchain project later on.

Are you considering the development of a blockchain PoC? Here’s how your company could benefit from it!

Benefits of Blockchain PoC Development for Your Business

Creating a PoC is the best way to practically demonstrate a certain blockchain project idea internally or to investors. Some of the benefits of developing a PoC include:

Validation

Developing a PoC will help you to validate an idea without putting too much at risk. For example testing out a PoC is typically done in a safe environment and with “dummy” data.

At the same time, the PoC provides you with a genuine understanding of the business case for your project and helps you get timely feedback from stakeholders.

Easy to develop

One of the biggest advantages of a PoC is that it is very easy to develop and, when finalized, can be easily scaled to production, if the idea is validated. So if your PoC is not feasible you will avoid the pitfalls of developing a full-scale project that is unlikely to gain traction or presents significant challenges and problems.

Resource efficiency

Generally, PoCs are not resource-heavy. This allows companies and organizations to efficiently determine whether to move toward development.

Risk reduction

Developing a blockchain project without prior proving runs the risk of overlooking various risk factors and loopholes.

Creating a PoC on the other hand helps you determine whether the choice of methods, data, and tools or the scope of the project is realistic.

These are some of the immediate benefits of blockchain PoC development. Spending a relatively small amount of time and resources on proving a concept beforehand can lead to significant adoption of the technology down the line. Not to mention that it can also produce a greater return on investment.

The Blockchain PoC Development Process

Developing a PoC goes through several stages to ensure that the business requirements have been understood and met. To develop a PoC, LimeChain uses the following protocols, frameworks, and programming languages.

The blockchain PoC development process usually goes through the following stages:

1

Business value definition

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.

2

Scope outline

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.

3

Technical architecture design

At this stage, the basic technical architecture of the PoC is laid down. For the purpose of the architecture design, the best technology solution and platform must also be determined. This includes the choice between permission and permissionless blockchains, as well as private, public, and hybrid types.

4

PoC development

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.

5

PoC showcase and analysis

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.