What is Proof of Concept (POC)?
Proof of concept or POC is like a prototype which is required to judge the perspective of blockchain technology. It gives you clear evidence of the product’s success or failure. POC Software Development Company uses this concept in order to fill the gaps which may pretend the problems in the success of a blockchain concept. If you are looking forward to buying a product then you can rely on POC as it will provide you with internal feedback and also make you understand the risks associated with the blockchain product.
Areas of Proof of Concept (POC)
Retail and Manufacturing
Several areas of Retail and Manufacturing such as Supply Chain Management involves multiple parties/partners working on the same goal with low trust, where each one maintaining their own database. There is no trustful process to trace the product life cycle when something goes wrong. Blockchain makes it simple to track the product life cycle by creating shared, secured and immutable ledger, where all the relevant parties can see real time data across the supply chain
Medical and Healthcare Institutions
In the Healthcare System, sharing data between the platforms has become a hurdle in the Healthcare Institutions. Blockchain Solution allows multiple entities of the healthcare ecosystem to stay in sync and share data on a commonly distributed ledger. With such solutions, better data collaboration between providers, patients and other parties can translate into accurate diagnosis and cost-effective care, without compromising on data security and integrity.
Banking and Finance
In the traditional Banking & Finance System all the payment processes and data registered in the ledger are managed in a centralized system. So, the centralized nature of the Finance & Insurance Industry comes with many setbacks. Blockchain technology can address the issue by providing transparency, reduce fraud, speed up settlement and decentralized Ledger form.
Real Estate and Asset Management
The Traditional paper system makes the whole land registry process more complex and tedious. It reduces the authority and security of land records. Blockchain technology can play a huge role in transforming the real estate sector as well as Asset Management System. The shared platform of blockchain also makes digital records less susceptible to frauds and manipulation.
Identity Management
Current Identity management systems have privacy and reliability setbacks. With Blockchain Technology all transactions that happen between the identity holders and the companies are recorded on the decentralized ledger, ensuring complete transparency. So it can be used to tackle identity theft and fraudulent activity on credit reports.
Blockchain based Voting System
Electronic voting systems have replaced paper-based systems, but even now, people doubt the voting system’s ability to secure the data and defend against any fraudulent attacks. The blockchain-based system can assure transparent and publicly provable elections in the country. If furnished successfully, voting can be done using a mobile application that will be recorded to a blockchain system
3 Stages for developing successful POC
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