Updated: May 19
Blockchain discussions are on the rise and it won’t be soon before industry hype becomes reality. For some industries, the arrival of Blockchain will fundamentally change how they operate, and the old way of operating will be gone.
If you’re feeling overwhelmed by all the discussions on Blockchain, don’t fret. You are not alone in this. There are many CIOs (Chief Information Officers) that are thinking the same thing but don’t know where to start learning about Blockchain.
Many CIOS know about the benefits of Blockchain but don’t know where to start. Not everyone has unlimited funding, time, or resources to dedicate towards ventures in Blockchain technologies – especially when failure is a bi-product of experimentation. What you need is a solid Proof of Concept (PoC). Follow this 3-minute read and we’ll tell you why a PoC is important.
Proof of Concept
Put simply, a Blockchain Proof of Concept is the process to understand if a Blockchain project will work in a real-life scenario. You need to be able to prove the concept you’re experimenting with through various methods.
As previously mentioned, beginning a Blockchain project requires a lot of time, money, and resources to reach success, however conducting a PoC first will save you a lot of headaches. A recent survey found that 75% of funding from VCs (Venture Capitalists) have increased their investments into early Blockchain development and this is expected to continue through PoC.
Now that we know a little more about Proof of Concept, let’s figure out why it should be your top priority.
Start Your PoC now
Proof of Concepts are commonly used by tech start-ups and large corporations to eliminate areas of failure before the project is finalized.
Benefits of a PoC include:
Rule out any fault in your Blockchain project.
Run multiple PoC to find the most efficient project.
Save time and money in the long run having ruled out the majority of errors within your PoC stage.
The PoC process is essential to making your Blockchain project as refined as possible before going into mass production. Once the project is live, it is live. Yes, you can suspend it but who wants to do that and lose momentum? No one.
Another solid reason to use a PoC is to convince investors of your project. If you’ve never had discussions with investors before, trust me when I say the majority of them will not take your word as gospel and will demand proof.
Hopefully, by the end of your Proof of Concept stage, you will have a Blockchain project that is streamlined and resembles a refined product. Hopefully, this guide gives you the confidence to get those actions in motion to improve your business with blockchain.
Moseri, K., 2020. 2020 Funding For Blockchain Companies up 79% | Kevin Moseri. [online] KevinMoseri.de. Available at: https://kevin-moseri.de/reasons-why-funding-for-blockchain-companies-is-up-79-percent/#24-3-reasons-why-vcs-are-increasing-their-investment-in-blockchain
En.wikipedia.org. n.d. Venture capital. [online] Available at: https://en.wikipedia.org/wiki/Venture_capit