Testing the Hypothesis

Information System Needed for Crypto Currency Firms

Opportunity- The need for crypto firms to have a secure information system capable of transmitting protected information securely and in a understandable format.

Who- Crypto Currency Firms

What- They currently do not have an existing technology or service to securely transmit customer data which is now being required by law.

Why- The technology does not currently exist. There was a recent implementation requiring the firms to include customer data associated with their transactions. They also do not have an existing technology or official method to improve from.

Testing the who: There could be more groups associated with this problem besides the current crypto firms. This problem is going to extend to all current and future crypto firms. They will all end up sharing this need since it has become a legal requirement. This technology is also going to affect banks that will be dealing with these transactions. The consumers that need to make the transaction are also affected because the transfer of information can take time to process and runs a risk of being compromised.

Testing the what: To emphasize the problems boundaries this information system must include all information required by law. Banks will be included because funds associated with current clients will be affected and must be documented by their respective institutions accordingly. As long as the system is capable of maintaining security, clarity, and all required information, it could potentially become a staple among all crypto currency firms. Firms will have to design an effective system in order to avoid legal consequences. Trading platforms are influenced by their jurisdiction considering tariffs and other taxes associated with that trading.

Testing the why: This problem definitely exists for current crypto firms. The requirements have been listed in the new regulations. Many people or other organizations may not see this problem because they may have no association with crypto currencies. This opportunity is forming from a requirement by law and a necessity for banks and crypto firms to have an information system that will work across many institutions in a format that will be easily and quickly decipherable. 

Interview Results- The results of my interviews concluded that the individual trying to make the transfer is also being affected by this opportunity because this process of sending customer information could be dangerous and a lengthy process considering a lack of a structured system existing. Places a weight on customer in the uncertainty of personal information being transferred securely. May prevent frequent transactions because of the lack of a system and risk of compromising private information. An individual considering the use of crypto firms needs to considering these barriers that are forming between their transactions. Crypto currencies were ideally created to have a stronger emphasis on user privacy than traditional online transactions. Government may be seeking a way to tax these currency transfers. Another obstacle identified in the interview was the fact that there must be a strong foundation of credibility before an organization may even consider implementation. This is something that I had not considered before my interviews. For institutions to use this across the world, innovators will need to prove credibility before they may even considering implementing a new system.