Idea Napkin

1. About me: I am Matthew Shim. I am the co-founder of the anti-money laundering information transfer system. I am working closely with a software developer to create this information system and then sell it to cryptocurrency firms and banking institutions. The main skills I will apply will include system development and communication. I plan to start in South Florida and expand throughout Florida. Specifically targeting crypto exchange and banking institutions in Miami first. This business idea will be a starting point for many more innovations and systems my firm will develop.

2. Service Offered: My organization will provide customers with a secure and efficient information transfer system. This information system will allow individuals to transfer cryptocurrencies to their respective banking institutions safely in compliance with the anti-money laundering laws. This system will be in place to prevent illegal transactions that were resulting from criminal endeavors. This will create a structured platform that will work across different institutions and prevent criminals from trying to legitimize funds earned unlawfully. This will also provide an incentive for cryptocurrency users to use their respective cryptocurrency exchanges with our information system.

3. Service Offered to: Our services will be offered to banking institutions and cryptocurrency firms and exchanges. We intend to focus on development in South Florida before we expand our services throughout Florida. 55 cryptocurrency institutions in Miami, FL will become our target segment for our initial development. Despite the scarred reputation of Bitcoin in Miami, our organization seeks to bring a clean service to introduce to the market.

4. Why do they care? These organizations care because this information system does not exist yet. The new anti-money laundering law suggests that a change must occur for practices to remain in the boundaries of the law. There is personal information that now must be tied to each transaction and interpreted by both sides of the transaction. With differences in technology, our system will connect them and allow transactions to be made within the confines of the law. These organizations will have to create their own information system, search for others, or use ours.

5. What sets us apart? My organization has already developed a plan and a prototype system that we are still testing and developing. With the help of my software developer, we have already begun developing a system that will use fingerprints and unique ids that are already being created by the servers' encryption language. We are still in the process of stringing the hashes to match both institutions' generated ids.

Summary: I believe that this information system will provide us with a competitive advantage. My software developer explained that each identity had to be generated for each user. This is what led us to design our information system using the unique ids that are already generated from the transactions. This may sound very complex and that is because it is. I would not be able to design this information system without the help of my software developer. Our weakness is coming from the challenge we are facing that arises from the complexity in decryption and hash comparison among the institutions.