Blockchain Minimum Viable Product (MVP) development is the process of developing the leanest version of a blockchain application with minimum functionality. Typically an MVP blockchain development follows the process of proof of concept (PoC) development.
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What is MVP Development?
Unlike aPoCwhich cannot be rolled out, an MVP is a working prototype. Its purpose is to practically demonstrate how a proposed solution addresses a particular problem and whether it has any merit. If the MVP finds confirmation and approval, it can easily be scaled.
The MVP is used to gauge users’ interest in the product and to attract feedback. It seeks to find a problem/solution and product/market fit prior to the development of a full-fledged product. This can only occur by entering the market and letting users test the product. The MVP has to be stable and functional enough to convincingly and realistically showcase its value to users.
Developing an MVP is particularly useful for startups that seek to conduct early tests of their idea without investing a lot of resources or time. MVPs are also used by big business and public bodies when developing new services or solutions.
Areas in which MVP development is commonly used:
– Finance
– Insurance
– Supply chain
– Identity management
– Government
– Asset management
– Medical records management
– Payment solutions, and more
Do you need to develop an MVP for your blockchain solution? Here’s how your business can benefit from it!
Benefits of Blockchain MVP Development for Your Business
Developing an MVP is the best way to practically test your blockchain solution with users. It can help you to validate the value proposition of the solution and to determine its strengths and weaknesses.
Some of the benefits of developing a blockchain MVP include:
Resource efficiency
An MVP is a very resource-efficient way of testing your idea. It helps you save costs and time while still allowing you to reach out to users and offer them a basic solution.
Easy to develop
Compared to a complete solution, an MVP is easier to develop. This makes it an attractive option for any company that seeks to validate its idea in a real-world environment without the risk of encountering significant complications.
In addition, because it is so lean, an MVP can also be more easily modified once user feedback is received. This also makes finding and fixing bugs a lot easier.
Easy to scale
An MVP is not only delivered fast, but it can also be scaled easily. Once the solution is validated and shaped by user input, the company can quickly proceed with the development of additional features and deployment.
Fast market entry
For startups, especially, an MVP offers the possibility of a fast market entry. This is important if a startup is trying to outpace others that are in the same market. If an MVP is approved and adopted by users, this can provide a head start that may very well determine the success of the company.
Proof of value
An MVP proves the value of a solution in a real way. Because it is cheaper and easier to develop than a full-fledged blockchain solution, it serves as a way to de-risk more serious investments that further development may require.
These are some of the benefits of developing an MVP for your blockchain solution. It is a cost-effective and relatively low-risk way of testing the potential success or problems of your idea.
Wondering how an MVP is developed? See below about how we develop MVPs at LimeChain !
The Blockchain MVP Development Process
MVP blockchain development typically goes through several stages. These are necessary to ensure that the solution is adequately defined, developed, and deployed, and meets all client requirements. When developing an MVP blockchain, LimeChain uses the following protocols, frameworks, and programming languages.
The process of developing an MVP typically follows the steps listed below:
1
System and value proposition analysis
As a first step, we conduct an analysis of the client’s value proposition. We analyze the existing system and determine whether it’s suitable for the development of the MVP. This also involves the analysis of any PoC that has been developed previously.
2
Minimal scope outline
After an initial analysis has been conducted, together with the client we outline the minimal scope of the project that would fulfill the value proposition. This is when the MVP begins to take shape, and its most basic functionalities are defined and fleshed out. During this step, we also identify the frontend to be used for the application, create wireframes, layouts, and more.
3
MVP development
Using various tools and frameworks, we develop the MVP within the shortest possible timeframe. This includes the development of the various data structures, contracts as well as the frontend.
4
Results analysis and iteration
After the MVP has been developed, it is tested extensively on a testing network. A report is created and reviewed with the client. Based on the results of the tests and the client’s feedback, additional iterations are made to the MVP.
5
Product scaling
After tests have been conducted, and feedback has been taken into account, the blockchain MVP can be scaled and deployed.
Blockchain MVP Development by LimeChain
LimeChain has developed over 100 blockchain projects, most of which began as MVPs.
Over the years, we have gathered the experience and expertise to be able to develop end-to-end MVP blockchain solutions for our clients, with the right tools, in a very short amount of time.
Our agile approach to MVP development allows us to iterate quickly, and adapt to new requirements and feedback.
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