I have read an article over the weekend, published by Morgan Stanley stating that their opinion is that the Blockchain industry is still n proof of concept phase. Well even if that is true I think we are going to get a positive result from this proof of concept.
What is a Proof of Concept?
Proof of Concept (PoC) is a realization of a certain method or idea in order to demonstrate its feasibility, or a demonstration in principle with the aim of verifying that some concept or theory has practical potential.[citation needed] A proof of concept is usually small and may or may not be complete.
Wikipedia Definition of POC
In the information technology industry most larger projects usually first go through a Proof Of Concept or better known as a POC stage. When we have positive results as part of the POC. Organisations like Morgan Stanley makes a living from doing studies like these. This is their field of expertise, so who am I to say that they are wrong?
You can read the detail in the article. "Morgan Stanley: Blockchain’s Still In ‘Proof Of Concept’".
If Blockchains are still in proof of concept, when will it be successful?
I have been in the IT industry for many year and have gone through many Proof of Concepts. To be honest, I really enjoyed the concept of a POC as we could use this as an opportunity to really show our customers exactly what we are promising. In most projects which I have been involved in, I actually requested that we do a POC as the first step in the project.
In most of these cases, we would've taken a real life problem, and during the POC phase, we attempted to solve a small part of the bigger solution, which we then used as proof to the customer that we can actually deliver what we say we can deliver.
POC Example:
Let's say we are discussing the implementation of an Intranet with a customer, we will usually do one of many things as a POC:
We will identify the technical solution to show the customer that we can implement a high level intranet. We select a specific division in the organisation to showcase, at a high level, what we can do with Microsoft harePoint. We then implement a fraction of the solution, to show the customer, what the end result can look like.
Alternatively, we would showcase a high level process flow, of how a specific process can be automated.
You get what I mean.
A Proof of Concept, can have one of two outcomes
The customer will see enough of the possible solution to make a decision on whether to embark on the project
The customer will see enough of the possible solution and decide not to go ahead with the project.
I am not debating if Morgan Stanley is indeed correct that the Blockchain technology is still in Proof of Concept or not, what I am saying is that it does not really matter.
I believe that if it is still in POC, then we will get the positive outcome that we are all waiting for. There is just to many solutions to real world problems that will surely be addressed with Blockchain technology.
If we combine this with the power of CryptoCurrency and the millions of real world use cases, I believe it is a no-brainer that Blockchain will come out at the top.
You can read the detail in the article. "Morgan Stanley: Blockchain’s Still In ‘Proof Of Concept’".
Happy Steemiing !
If a proof of concept is worth $112 billion, I wonder what blockchain assets will be valued at if people discover that they actually work?
Whahaha , LOL that is a great comment and I agree 100%.
My opinion is that the blockchain methodology has moved over from a POC (Proof of Concept) to a POV (Proof of Value) last year when countries started taking this seriously from a trading/currency perspective.
I don't think it is still a poc stage as some of the countries already using this technology as I posted in my post.
https://steemit.com/blockchain/@angelshare/blockchain-technology-taking-over-world
There are indeed many countries using the technology :) Like I said, whether we are in POC stage or not, doesn't really matter :)
Yes.you are right.
Obviously they just need time to adjust to the new world, where they have to lose points and their domination.
Life as we know it is changing. Our workplaces are changing, the way we market ourselves are changing, the way we collaborate are changing, and as usual technology is changing. :)
Off course everything is changing, but if you were a big fish before, it is more difficult to adjust to the new game.
This is very true :)
The blockchain technology is already being implemented in different countries for a more secure transaction any process or method has to offer. If it is still in the POC stage then we can definitely see a positive future for crypto.
Thanks for the info! have an upvote cat
Thanks you very much @bluerabbit :) Blockchain are definitely here to stay :)
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Proof of Concept or not, as long as it functions and solves a real life problem, who cares.
Yesterday, I sent a BTC payment from, figuratively speaking, the one side of the Internet to the other side without a problem. Even with all this debate about Bitcoin being in trouble, it worked and I was able to transfer 'value' over the Internet. On Sunday.....
As far as I am concerned, no problem if this stays 'Proof of Concept' forever.
Beautiful isn't it ? Thanks for the comment :)
We are definitely in the proof of concept stage. I am convinced that cryptology will succeed because it comes with many necessary and useful solutions for the whole planet
Thanks for the comment @danlocks.com. There is to many useful solutions to list. It will be a greater success than it already is.
8 years running is far more than a proof of concept.
100% agree. I have to quote @brendio 's comment from above
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Upped and following you
Thanks, great post. Follow me for the latest in tech headlines from my paid subscription to the Wall Street Journal.