With blockchain innovations on the rise, there’s a good chance you believe in the technology and believe it will disrupt your industry as well. However, many are aware of the benefits but unsure how to begin their blockchain experimentation. If you are one of them, you have arrived at the right place. Today, we’ll show you three ways enterprises build blockchain proof of concept.
1. What is Proof of Concept Blockchain?
The Blockchain Proof of Concept is a process that determines whether a Blockchain project idea is workable in a real-world situation — a common type of blockchain consensus algorithm. This procedure is required to ensure that the concept will work as intended.
The best part about proof-of-concept blockchain is that it will assist you in gaining a clear understanding of what you are doing before you begin. The blockchain proof of concept isn’t just for exploring the marketplace for ideas. You cannot determine the best way to begin the manufacturing process.
Instead, you’ll only focus on your potential blockchain solution option and determine whether it’s viable.
2. Steps to build Blockchain Proof of Concept
Step-1: Finding the Proper Blockchain Application Sectors That Adds Value
Let’s begin with the first stage of theoretical construction. Many of you are unaware of which industries are ideal for blockchain Proof of Concept. We outline some major application sectors where your solution can use. Finance, Healthcare, Asset Management, Government, Identity, IoT, Payments, Supply Chain, and Insurance are among them.
Step-2: Defining the Product
In the second stage of theoretical development, you must consider your blockchain Proof of concept as you would any other product. You must have a solid plan and the full support of all stakeholders.
But how do you create a solid plan? That requires a product planning phase or workshop.
- The Blockchain POC Product-Planning Phase
During the product-planning phase, you must convene a meeting with all stakeholders. Depending on your requirements, it could be a one-day or two-day meeting. As a result, you will go through a series of exercises to narrow down your blockchain proof-of-concept idea to its core value.
- POC Feature Requirements
Define all the features required for your enterprise blockchain solution. After deciding on your blockchain application, you should have a good idea of what features to include. However, other team members will assist you with that. These are the bare minimum of features that might resolve an end-user issue.
- Measuring Key Metrics
Following that, you would need to discuss and define the metrics. It would help if you concentrated on OMTM or one crucial metric.
- Alignment with Stakeholders
It is an essential component of any POC. Before proceeding to the next step, ensure that all stakeholders agree on the outline of the Proof of Concept. Why?
Stakeholders will have a more significant impact on your enterprise company. So, while stating your idea or fixing the features you want to add, you should also ask for their opinion. Rather than simply informing them of your plan, include them as well.
Step-3: Investigating the Technology
After you’ve determined what features to include and how to focus the roadmap, you’ll need to pass them on to the engineering team. As a result, your team will research the technology based on your needs and recommend the best platform for development.
- Identify Blockchain Protocol
It would help if you decided which blockchain protocol to use because there are many Enterprise-grade blockchain solutions on the market. It depends entirely on the feature you wish to include in your POC.
- Define the Governance Architecture
The second critical aspect of blockchain proof of concept is governance architecture. As a result, you must select the best blockchain technology for your Proof of Concept blockchain project. One critical question is whether your network should be private or public.
Conclusion
The blockchain proof of concept was successful, and you are now ready to commercialize it. This is not an all-or-nothing decision. However, if the blockchain POC project gives you the confidence to move forward, it’s time to run blockchain solutions alongside your business. If you are looking for blockchain development solutions, contact SmartOSC now!
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
