Blockchain Proof of Concept (PoC)
DIVE INTO THE BLOCKCHAIN!
The blockchain proof of concept (PoC) many Fortune 500 companies are already investing heavily in a blockchain proof of concept (PoC) and distributed ledger technology, exploring use cases for their own business operations and for customers (including B2B and consumer applications). A recent Gartner survey revealed that 66% of CIOs and IT leaders believe blockchain will create business disruption have been established budgets to experiment with the technology; 5% of those surveyed said they will spend more than $10 million on blockchain in the next 5-10 years.
As a forward-looking technology and/or business leader, you are probably contemplating the potential for disruption in your industry — may be even wondering about how you can leverage blockchain to create a competitive advantage for your business.
A Proof of Concept (POC) is used to demonstrate the feasibility and practical potential of any blockchain project in any field such as Energy, Communication, Services, Insurance and Healthcare.
A POC can either be a prototype without any supporting code or any MVP (Minimum Viable Product) with the bare feature set. A POC is a prototype that is used for an internal organization who can have a better understanding of a particular project.
So, how do you cut through the noise and hyperbole around blockchain and decide where to start? The answer is simple: Invest in a blockchain proof of concept (PoC) in 2018.
How to get started with a blockchain PoC?
Getting started with blockchain is easier said than done, right? Of course — but you don’t have to make a massive commitment to begin. In fact, our First blockchain developer practice is specifically designed to remove any friction and barriers for businesses. We provide all of the strategic, technical and delivery expertise needed to launch a successful blockchain PoC in 6 weeks or less.
People generally first hear about blockchain through cryptocurrencies such as Bitcoin. However, blockchain – the distributed ledger technology that underpins Bitcoin – has been increasingly adopted by businesses for a wider range of uses beyond digital currencies.
The requirements of blockchain for business are largely different to the public variant: the identity of participants must be known; permissions blockchains require no “proof of work”; and the scope of permissions blockchains is also different.
Enterprise blockchain applications can be described in terms of the assets participants and transactions that are to be shared in the business network. Taken together,in these components run on distributed processing systems known as a fabric, that governs how blockchain applications run.
Smart contracts – the codification of the business rules that implement transactions – are effectively stored procedure calls that are run in multiple nodes on a network and whose outputs are agreed upon by all network members through a process of consensus.
There is a challenge in mapping the assets participants and transactions of a blockchain solution to the technical realities of such a blockchain processing system. Hyperledger Composer, one of the Hyperledger projects hosted by The Linux Foundation, aims to solve this problem.
To illustrate the use of Hyperledger Composer, we will use it to create an instance of a car auction on a blockchain.