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.

Blockchain Promises to Solve Healthcare Woes

Blockchain is a decentralized ledger that constitutes the underlying technology of cryptocurrencies like Bitcoin. While Blockchain is best known for powering bitcoin, it has been identified as disruptive technology platform relevant for various industries and businesses to keep data secure in a distributed, encrypted ledger and control access to that ledger.

Continue reading “Blockchain Promises to Solve Healthcare Woes”

Understanding Smart Contracts – What, What Not and Why?

In legal terms, a contract is an agreement between two parties in which they agree to abide by certain terms & condition and specific procedures, that would hold true under certain situation/cases.

Now the physical contracts has its own set of problems like storage, theft, physical transfer etc. Due to this, digital documents came into play that covered some of the problems of physical documents. But if we talk about contracts, the digital contracts have two main issues:

  • It can be easily copied
  • The validity of signature is questionable

Hence came the idea of utilizing blockchain technology in making and executing an agreement in the form of Smart Contracts. In simpler terms, Smart Contracts are nothing but unalterable conditional codes written in a blockchain network, to perform certain actions, if specific conditions are met i.e. “it this happens, do that”.

Specifically, Smart Contracts are:

– A pre-written computer code/logic that is
– stored on a distributed database of a Blockchain network which is
– executed/run by the same network of computers (nodes),
– and can result in ledger updates like cryptocurrency payments.

As exciting as they may sound, Smart Contracts are just computer logics in a blockchain network. They don’t have a brain of their own (artificial intelligence). In practical scenario, they provide security and reliability to an agreement digitally, but can’t completely replace some of the legal processes of the real world.

-Smart Contracts can’t act completely autonomously: The code of a smart contract is executed only when called upon by a transaction/ message, sent to the smart contract by an external account or another smart contract.

-Conflict Management remains the Same: Handling conflict pretty much follow the same route as with all traditional contracts, i.e. via courts, mediation etc. The main difference will be that in a lot of cases, the transfer of value as a result of automated contract execution had already taken place.

So then, why should an Enterprise opt for Smart Contracts?

The most undeniable truth of the real world is that the things don’t go as planned. Despite both parties have a copy of the original trade documents and they both have a view on the external dependencies of the trade,a disagreement can occur because of one of the following:

-Confusion created due to mismatch between multiple copies of the original trade terms
-A misunderstanding of the initial trade terms
-A disagreement with what happens if the external dependencies changes

Written in a computer code, a smart contract has only one set of trade terms. This is far more concrete than the formal and technical clauses of legal documents, agreed upon up-front. The external factors can be fed in via a mutually agreed feed. The contract remains on a Blockchain, and run when an event happens or when duration of the contract expires. The transfer of value as a result of automated contract execution would take place when the mutually agreed conditions are met.

Sofocle has gained tremendous expertise in developing Smart Contracts as part of various solutions like Supply Chain Finance, Trade Finance and Product supply chain. If you would like to know how Blockchain and Smart Contracts can be useful for your enterprise, contact us.