Since its inception, many eyes have been on blockchain and widely adopted by many in various industries. With businesses adopting blockchain, investors are still double-minded about funding any new blockchain project. To solve this problem once and for all, Blockchain Proof of Concepts has surfaced. This article let us go over what PoC is and how possessing one will improve your investment odds.

What is Proof of Concept (POC) in Blockchain?
Proof of Concept is the resource that validates the idea’s practical feasibility for a blockchain project or a solution. Any business that seeks funding from investors is better positioned for investment with a proof of concept that offers assurance in real-time.

Proof of Concept comes in different shapes and sizes based on the venture, idea, and business model the project is based on.

There exist different types of Proof of Concept for any venture. They are as follows,

1. Animation/Video
2. Prototype
3. Minimum Value Product (MVP)
Let us study each one briefly.

1. Animation/Video:
Investors can visualize the proof of concept in animation or video to understand the project’s feasibility in the real world. The video renders the proof of concept in 3D to explain how the venture can be successful to the investor. Video PoCs are often short and crisp to ensure the idea is communicated clearly and creates an impact within the audience in a short period of time.

2. Prototype:
A prototype PoC is an initial working model of the software that performs the client’s required functionality. Prototypes offer the developer the freedom to re-create it from scratch if they don’t meet the client’s expectations. Developers often revamp and re-engineer prototypes multiple times and approved by different stakeholders before presented to the investor to raise funding. Developers can change the core functionality as any prototype will remain in its early development stage.

3. Minimum Value Product:
An MVP proof of concept is a clearly defined, well-developed product that functions without any errors, instilling full trust within the investor when presented. Developers require well-defined requirements and talented resources to build an MVP, as they will not change the core functionality once development begins. MVPs are the baseline, bare-minimum product that performs the core functionality without any issues. From an MVP, developers only enhance it further to become a fully finished product.

Conclusion,
In the realm of blockchain, investors seek promise and assurance before performing any investment in a venture. As most projects that come to fruition in the market are either ahead of their time or late to the show, investors validate the project’s feasibility via PoCs to ensure their future returns if investments are made. N2 Group is highly praised as the best Blockchain POC Software Development Company, offering real-time POC development apt for the business.