Proof of concept

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Product and software development.

(POC or PoC).

Proof of concept is the stage in product or software development in which it is established that the solution will function as intended.

Banks well advanced in DLT applications

"Mark Williamson, global COO of FX cash trading and risk management at HSBC, said that 90% of banks are now at proof-of-concept stage for distributed ledger technology (DLT) applications, with HSBC having settled billions of dollars of internal FX transactions on a DLT solution since February 2018."
The Treasurer magazine, December 2018 / January 2019, p12.

See also