Testing the Hypothesis Part 2

Testing the Hypothesis Part 2

Who: There are a lot of organizations that fall outside of the boundary. These organizations include retail stores such as Walmart and Best Buy that do not accept crypto currency transactions for payment for products or services. This will also represent much of the market, but this opportunity is for a specific segment. This boundary will be more focused on crypto currency firms and banks dealing with the transactions.

What: This opportunity is more like a survival need. Organizations that wish to continue or start using crypto currencies will have to find a way to implement the law’s requirements securely and effectively in order to maintain sustainability. Furthermore, organizations that are a part of this transaction are going to have to make changes or find a solution to this dilemma if they plan on staying away from legal penalties.

Why: There is a difference in needs among people inside and outside the boundary. For people outside the boundary, the need to have a system to implement crypto currency transactions are not currently needed because of the nature of their transactions and the forms of payment already being accepted. In contrast, the organizations inside the boundary including crypto currency firms and banks must find a system that integrates the requirements listed by the law to prevent money laundering. In addition, they must have a strong security interface and effective system for high volume transactions.

Inside Boundary

In: Crypto Currency Firms and Banks

Need: To have a secure information transfer system that can transmit personal protected information associated with an individual’s crypto currency transaction between two institutions. (Example: Someone converting bitcoin to cash and needing funds deposited into personal account.)

Why Need Exists: New laws and regulations to prevent money laundering that require firms to have personal information transmitted along with each transaction that include user’s personal information that must be recognized by both sides of the transaction. There is not currently a system that exists that can do this. An obstacle is the need for this system to work across all institutions despite differences in technology.

Outside Boundary

Outside: Retailers, restaurants, and other institutions that do not use crypto currencies to pay for goods and services.

Not Needed: They do not need to use crypto currency transactions for payment because they already rely on other payment methods such as cash, checks, and other traditional payment services.

Alternatives- These organizations would use alternatives like counter trading before they may consider using crypto currencies. Cash has been one of the most accepted forms of payment for a long time and the need for these kinds of organizations to accept more types of payment may not exist. With recent additions to a lot of these organizations such as Apple and Samsung pay, they are probably not trying to spend more money to implement crypto payments any time soon.

Interviews

Julian: Agreed that the firms being affected are a specific to those that must deal with these types of transactions. Also pointed out that this does not affect everyone and focuses more on those that have invested in crypto currency.

Wendy: Explained that her organization would not and is not accepting payment from crypto currency firms for goods and services. They are content with cash, checks, and credit transactions.

Jasmin: Was not even aware of this issue. She also said she has not considered investing her money in crypto currency because of the fluctuating values. She said she does not need to rely on crypto currency because she pays for goods and services with cash or credit cards.

Andre: Pointed out that this product would have to target a very specific group that uses these transactions. Andre also said that he would be less likely to want to invest in crypto currencies considering the lack of a formal system.

Cameron: Warned me of the complexity this system will need to have to be able to work across all institutions and still be compatible with their technology. He was encouraging in the sense that he could see a clear demand for this need. He recommended that I seek advice from current firms to see what kind of technology restrictions we may encounter.

Summary: My interviews gave me more information about how others see this problem. Some of us may not be directly affected because we haven’t been using crypto currencies. Julian is a current user and feels uncertain about making any transactions because of this. They all gave me insight on who to target with this solution and to make sure that I am designing it in a way that will make it compatible for everyone. Not everyone will be using this product, but those who will, will need to have a strong sense of trust with the system before they consider implementing it.