Why 'Proof of Concept' PoC is Vital for Blockchain Projects?
Every new project requires to start from some kind of idea or concept, which is the initial phase of a project, this further leads to the preparation of project proposals. The approval of proposals gives way to build scope, goals, feasibility, and targets.
A blockchain project management is somewhat different from the common project management protocols, but initial phases are more like similar in nature, since they involve concept, scope preparation, setting up goals, and planning.
A physical project goes with 5 major stages of Project Management, but a Blockchain Project can be of 6 to 8 stages until completion. These stages basically depend on the project deliverables, processes involved, and validation of end-product or service.
Typical Stages of a Blockchain Project:
1- Blockchain Awareness and Business Ideas / Suitable Niche 2- Setting up Goals and Establishing Workflow Processes 3- Selection of Blockchain Platform and On-chain/Off-Chain Methodology 4- Budget Planning, Risk Management, Governance, and Project Schedules 5- Proof of Concept, Preparation of Feasibility Reports 6- Application Development, Selection of Technology, and Scalability 7- Project Launch Phase, Interactions with End-users, Growth, Maintenance, and Updates
All the phases are extremely important for a blockchain project, but this article will focus on 'Proof of Concept' only, details of other phases will be explored in upcoming posts.
Importance of Proof of Concept in a Blockchain Project:
In simple words, Proof of Concept is a viable process to estimate the cognizance of an idea, a concept, a method, or a solution, and how it will behave in an actual working environment. The process actually helps giving practical exhibition or results of the concept before being moved forward to next project phase.
Suppose, if the results developed from PoC are not as intended, then the concept or idea must be revised, or there could be flaws in workflow process or design.
In other words, PoC provides a theoretical picture of whether the idea or concept can be turned into reality or not.
The path from concept to reality actually depends on the feasibility after testing the minimalist product version using proof of concept algorithms. The results developed from testing the idea through PoC also helps furnish a better version of the final product, and which saves a lot of time and heavy expenses.
Another reason to do so is to gain trust of all stakeholders, and decision makers also feel comfortable to allow the project to go through further development stages.
The idea may turn into a reliable final product, which actually removes vulnerable areas from it, and the end-user may use the product or service without worrying of safety and security issues.
Conclusion:
A blockchain project must undergo through all PoC stages, i.e.
- Establishing a theoretical proof of work framework by preparing proposals, pulling out important parameter and features of the concept from project scope.
- Creating mockups or prototypes based on the idea, concept, or solution, and testing these models for further acceptance by experts and stakeholders.
- Preparing feasibility reports, and if required developing a minimum viable product (MVP) to test out basic functions and scalability as envisioned in the initial concept stage.
The Proof of Concept (PoC) is the key to viability of a blockchain project, if this stage is skipped, the project may expose to failure, and also incur excess budgeting, extension of timelines, and repeated revisions of initial concept and scope of work.
Author: Emaxisonline
Posted Using LeoFinance Beta
