Solving the Problem

Information System Needed for Crypto Firms

Problem: Crypto currency firms are now being required by law to transmit customer data associated with transactions to the other organizations that are part of the transaction. There is currently not a system that exists that can do this. This system will need to be secure and efficient when processing these transactions. This system may become used by institutions across the world which will need to be considered when creating a system that will be compatible with the already existing organizations. This information system could become something that all these organizations may end up having to use in order to stay in the confines of the law or until something better is developed. This problem is extending to banks and their customers. Customers that wish to use their crypto currencies will have to consider the current risks associated with transfers and may not rely on their crypto currency as much as they could because of these current barriers. The risk of having their information compromised or a mistake in the receiving end of the transaction seem higher considering that the current organizations do not have a formal system already implemented that are in the confines of the new law.

Solution: After speaking with a current software developer and coder, we are confident in proposing an information system that could solve this problem. This information system will be designed to securely transmit information in a quick and efficient way. We know security is a big concern and are going to use an encryption when sending and receiving data. Basically, using a client's fingerprint to create a unique hash that will be interpreted by the server and will only be connected to the same hash identified on the receiving end of the transaction. My coder/developer has informed me that each machine has an individual uuid and fingerprint in that stack that could not be impersonated which is going to be part of our security implementation so that no one can impersonate another person's cryptographic identity. Right now, our development may seem relatively simple, but for testing purposes we want to create a simple prototype that will be secure and efficient. Once we have tested our theory more, we will strive to decrease execution time and increase server stability and security. Our main concern is to first design the right encryption that can transmit this information.