POC, ok what is it?
It might be a little bit of confusion to the person who is doing research on blockchain. Yes why am saying is that POC is called Proof of Concept, there also another POC, called Proof of Capability. You might see both terms in searching for blockchain on Google.
Actually, Proof of Concept - is a prototype to develop a blockchain Application.
Proof of Capability - is a Blockchain Algorithm for the mining process.
In the list POW (Proof of work), POS ( Proof of work ), POC (Proof of Capability) and POI (Proof Of Interest) are exploring their full potential in Blockchain Mining Alone.
But The Proof Of Concept ( POC) is something unique which have started to rage in blockchain application development alone.
Proof of Concept:
Proof of concepts is a prototype that you can use to shape up the idea of what you have in your mind to a basic working model. This will declare and demonstrates the possible solution to develop a blockchain application for any industry.
This prototype doesn’t have any code and will be executed initially with MVP (Minimum viable product) which will be set with high-level functionalities that what the blockchain project can cover.
Feedback of the MVP from initial customers will be received after implementing the project to live. Further enhancement will be done in order to complete the goals of the blockchain project.
This blockchain development will have 3 stages in its life cycle.
1. The First Stage covers the theoretical explanation of the blockchain projects through a set of proposals
2. Drafting the theoretical explanations into the prototype, which may consist of markups, sample architecture, design layout, and ends in developing the MVP Product.
3. Finally, the fully developed MVP will be delivered to the community, with respect to customer’s feedback and the discussion that happened during the initial stage.
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Blockchain Technology is booming, it is being adopted in various industries around the world.
Blockchain helps in business automation with enhanced efficiency, security, trust, and transparency among the parties involved in the business operations.What are the advantages of adopting Blockchain in Business operations?Auditable Transactions In the blockchain, each transaction is sequentially and generally registered to provide a permanent audit trail for an asset.
This is very important if the source data is required to confirm the authenticity of the assets.
The Blockchain provides a secure environment for business transactions and each of them is stored on the blockchain that can viewable to the parties involved over it.
It can be used for audit purposes for assets.Secure Transactions In Blockchain each transaction is validated within the network using the cryptographic hash functions, the information encrypted is well-secured and guaranteed.
The guaranteed information is one of the basic things to unlock the benefits of the IoT, it merges the on-chain and off-chain entity on the blockchain network and automates the business operations.Decentralized On Blockchain it has a shared distributed ledger recording all the transactions with a timestamp and it is distributed among the parties involved in the transactions it helps to eliminate the data redundancy and improves the data integrity.
