Why it is Necessary to have a Proof of Concept (POC)

Proof of concept (POC) of a Blockchain Application or any other application is a working prototype that helps to establish evidence that the potential product can be successful. Developing a proof of concept can help a product owner to identify potential gaps that might interfere with the success. It also provides the opportunity to solicit internal feedback about a promising product and reducing unnecessary risk. It provides the opportunity to stakeholders to assess design choices before full-scale implementation.

Though the project documentation provides the exact information for the project development, there could be still chances to get deviated from the project flow which may result in differences in outcomes.

This is a common scenario whenever a company attempts to adhere with a Blockchain application development. Some of the reasons for these deviations are as follows:

  1. Improper validation of data and tools
  2. Unsuitable tools and methods
  3. Wrong perception of the project scope

To overcome all those listed issues and other hidden pitfalls, Proof of concept emerged and established as a powerful state of maintaining the project consistency effectively.

Proof of concept (POC) is a contemporary methodology of evaluating the project’s status. It also evaluates project’s functionality flow to determine how it is operable and optimized with the live environment.

Some of the benefits of POC in Project Development are as follows:

  1. Recommends the various choices of testing tools and techniques to build the project with ultimate consistency
  2. Act as a tool to forecast the feasibility of the projects
  3. Saves the businesses time and cost greatly
  4. Provide a complete report on the project evaluation
  5. Reliable and Portable to furnish the test case design
  6. Helps to get timely and valuable feedback from various stakeholders

We at Sofocle proposes a prototype or POC (Proof of Concept) for a large-scale or critical project like Land Registry using Blockchain or Cross Broder remittance using Blockchain. We formulate the methodology and feasibility analysis to proceed with the testing phase. As part of POC, we build necessary web and mobile interfaces also so that businesses don’t have to worry about the native environment compatibility issues. For more information on our Blockchain POC development, please click here.

The Recent Ransomware Attack Could Have Been Avoided with the Use of Blockchain Technology!

According to reports by various agencies, the recent cyber attack of ransomware knows as ‘WannaCry’ has affected over 200,000 computers in over 150 countries. The ransomware was supposedly spread through spam emails of fake invoices, job offers, etc. which had .zip file attachments. Once the attachment is clicked, it initiates the infections of WannaCry. However, one of the CISCO’s division believes that vulnerable systems which were left open on the internet could be attacked without any need for phishing.

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Smart Contracts to Speed-Up Land Registration Process

Blockchain Technology has found a powerful use case in the Land Registration Process because of the security features it offers. The unalterable and non-hackable properties of a Blockchain are enticing Governments around the globe to implement Blockchain solutions in the Land Registry Process.

One of the recent examples is Swedish Land Registry, which is in the process of implementing Blockchain Solutions for Land Registry Process and has already performed pilot testing of the solution. However, instead of the implementing originally ideated use case of Blockchain for Land Registry which involves putting ‘colored coin’ representing the house on a blockchain, Swedish Land Registry is looking to reform the workflow of selling a property which integrates with existing systems for keeping track of ‘who owns what’ utilizing Smart Contracts.

A Smart Contract is a pre-written computer code/logic that is stored in a distributed database of a Blockchain network and can result in ledger (shared) updates. (Read more about Smart Contracts here https://www.sofocle.com/understanding-smart-contracts/

Smart Contracts can

  • Reduce the risk of registering incorrect information
  • Assist in getting title deed and the confirmation from the land registry of ownership of the land.
  • Utilize unique digital fingerprint to regulate and control the workflow, correctness of the document, and the rules & order of authorization.

By utilizing digital signatures in all steps in the process of selling a house, the total time of doing a deal is reduced from several months to few days. The use of digital signature will reduce the time even for a centralized database, but it is susceptible to ‘attacks’ when a history is changed.

Together with a Blockchain network, Smart Contracts add a chain of evidence that comes from a history that cannot be altered. There are multiple copies of data (transaction/changes) stored with all parties involved. Each party in the Blockchain Network knows what other party is doing and verifies digital signatures in the workflow of all the steps and agrees to the steps in the workflow. This process helps in eliminating those fraudulent cases in which people sell what they don’t own. Only the parties involved; buyers, sellers, land registry, real estate agents can see the same information.

Sofocle has a pool of consultants and engineers, having expertise in developing and implementing Blockchain solutions based onSmart Contracts. To know more about how Smart Contracts and Blockchain can be utilized in Land Registration Process, please schedule a meeting with a Blockchain expert from Sofocle.