With the rising popularity of blockchain technology, there is increased discussion about consensus mechanisms like Proof-of-Work, Proof-of-Stake etc. However, there is little discussion about Proof-of-Concept (PoC).

A PoC can be widely defined as a feasibility test that is focused on determining whether an idea is executable. It is meant to measure the feasibility and functionality of the vision associated with a project. This can play a pivotal role in identifying whether a concept requires further review giving those involved in the exercise the opportunity to explore the idea’s potential to be developed or built.

Proof-of-concept studies are designed to find preliminary evidence of some success to gain financing for widening the research process. The proof-of-concept practice has been widely adopted by a plethora of sectors like the automotive industry, engineering and security companies, software development, drug development and other fields. Sometimes the term “proof-of-principle” is used as a proof-of-concept synonym.

The success of this exercise requires investment of valuable resources like time, physical components, talent co-ordination and technology. In addition, it is important to find answers to the following questions:

· Who are the target users or audience?

· What blockchain platform will be employed?

· What type of blockchain configuration will be used?

· How to measure the success of the PoC?

Feature Image by MoonX depicting Blockchain POC’s by major players

There is constant comparison between PoC and Prototype, an important point to note is that a PoC is not a prototype which is ideally a sample version that captures the essence of the final product albeit with lesser functionality while a PoC is associated with conceptualization. This leads to a minimum viable product (MVP) comes after a successful proof of concept. The MVP is an early version of the intended final product but is more fully developed than a prototype. The MVP can then be used to test its marketability and usability with potential users or customers.

Suggesting the benefits of PoC, several Fortune 500 companies are in advanced stages of completing this exercise to determine the value addition of this technology to their existing process.

T-mobile is one of the pioneers in the telecom industry to tap into the promising tech of blockchains. End of 2017, the company announced about its successful joint initiative with Intel — Hyper Directory. The Hyper Directory is a PoC that helps solve specific enterprise pain points. Similarly, IBM announced the successful completion of phase 1 of its Know-Your-Customer (KYC) project. IBM partnered with Deutsche Bank and HSBC to develop a shared KYC platform. The platform automates handling corporate clients’ data for banks and other financial institutions.

For the effective conceptualization, it is imperative that all new entrants complete a due-diligence via the PoC process to determine if the development meets the expectations of end users.

About MoonX

MoonX, the world’s fastest and safest exchange with decentralized ownership, campaigns for one of the 21 SuperNodes of EOS. While existing solutions offer to solve just one problem at a time, MoonX offers a highly secure, useful and easy-to-use product based on the private blockchain. MoonX has raised 29 million dollars in funding within a short period of time and is supported by BCH, DHVC, Everest Link Capital, Fission Capital, PreAngel, NGC, Ledger Capital, Node Capital, DU Capital, NEO, Badwater Capital and other investment institutions.