BLOCKCHAIN SOLUTION DEVELOPMENT PROCESS
We believe that Blockchain solutions are built on the ‘power of we’ - substantially different from the way other conventional technologies work. Our basic thumb rule is to identify a ‘shift of trust’ and a reduced ‘counterparty risk’ before getting onto an implementation.
Using this thumb rule, along with our experience of deploying cross-industry Blockchain solutions, we created a development process for all our assignments.
Blockchain brings value in environments where stakeholding, intermediary involvement and un-trusted nature of transactions result in inefficient processes. Using our past experience and regular research, we work towards identifying a use-case where blockchain can add value to the business.
BLOCKCHAIN/DLT FRAMEWORK DECISION
For each use-case, the next step is to freeze the blockchain / distributed ledger technology framework like Ethereum, HyperLedger, Corda, etc for developing a POC/MVP. This also includes making decisions on the type of implementation amongst private, permissioned and public blockchain.
PROOF OF CONCEPT | MVP DEVELOPMENT
Proof of Concept generally includes a solution document that showcases the system architecture to be built on a blockchain framework. Post the POC, MVP development is a crucial and laborious stage where maximum time is spent behind the scenes to develop a working product.
API INTEGRATIONS & AUDIT
Blockchain solutions rarely exist without interacting with off-chain existing systems in which API integrations play a major role. For getting off-chain data into the blockchain and vice-versa, API integrations are required followed by audits to ensure compliance with industry standards.
PRODUCTION LEVEL DEPLOYMENT
Post API integration, audits, and legal compliances, the solution gets ready for testing trials and then deployment in the production environment.