With the rise of blockchain innovations, chances are you also believe in this technology and think it will also disrupt your industry. Well, don’t worry you’re not alone in this. Let’s talk about Decoding blockchain POC development – one of the latest trend of world
What Is Proof of Concept Blockchain?
Blockchain Proof of Concept is a process of determining if a Blockchain project idea is feasible in a real-life situation – a common type of consensus algorithm for blockchain. This process is necessary to verify that the idea will work as envisioned.
The best part about proof of concept blockchain is that it will give you a clear idea of what you are doing before you even get started. Furthermore, proof of concept in the blockchain niche is not just about exploring the market for ideas. Moreover, you will not determine the best way to start the production process.
Instead, you will just work on your possible blockchain solution option and see if it has the potential to become a reality.
Developing a blockchain proof-of-concept will require an investment of time, money, and resources. In fact, you need hands-on assistive technologies or even the necessary physical components to get the perfect plan in place.
The Blockchain POC Product-Planning Phase
During the product planning phase, you will have to convene a meeting with all stakeholders. Moreover, it can be a one day or two day meeting depending on your needs. As a result, you’ll do some exercises to move your blockchain proof-of-concept idea down to its core.
This way you will be able to come up with a viable route. Here, you will have to decide on three main components:
- Requirements for the POC . feature
- Measure key metrics
- Linking with Stakeholders
POC Feature Requirements
Identify all the features your enterprise blockchain solution needs. After deciding on your blockchain application, you will probably have some idea of what features to add.
Transaction Rate
The trading rate is completely dependent on the sector you will be using it in. If you are a business that has to handle a lot of money transactions every day like a bank, then you will need a high transaction rate.
Furthermore, doing a thousand transactions per second would be the safest bet. However, you also need to make sure that the network will be able to handle high transaction speeds and not slow down.
On the other hand, if you are an SMB that doesn’t need too many transactions per day, it would be wise to settle for less. You won’t need some unnecessary features when in fact you don’t even need it.
Consensus Model
Another key feature that you need to look out for is the consensus model. Why? Well, because without any kind of consensus your blockchain solution would even be blockchain, right? Moreover, there always needs to be a solid way to reach agreement among users without bias.
Privacy
Privacy is a major issue. If you’re a business that doesn’t want to make everything public for all to see, then you’ll have to add privacy options. Using the authentication process will be very effective in this regard.
Not every user can see other people’s sensitive information. Due to the decentralized nature, no one can find out exactly where the blockchain is stored!
Scalability
Your blockchain network must be scalable. That is one of the big flaws of blockchain technology. That’s why when too many users start using the network, the network becomes completely slow, losing the faster output of the network.
Regardless of the outcome, the blockchain proof-of-concept is essential for businesses. In this tutorial, we have told you what a proof of concept blockchain is and what a proof of concept blockchain means. So we hope it will really help you in implementing a successful blockchain POC development.
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