Opportunity
This
opportunity arose with the new anti-money laundering act for cryptocurrency.
This called for a necessity for personal information to be associated with each
trade between currencies. It was noted that this technology does not yet exist.
This problem is going to directly affect the bitcoin firms and other
cryptocurrency traders. This act calls for the legal requirements of the firms
and trader to reveal personal information between the trading platforms. Based
on my research, this market is all over the world. Cryptocurrency firms are
found throughout the world and I noticed a cluster of them in South Florida.
This is where we intend to begin operations. They are currently satisfying
their needs by the traditional trading methods. This can now cause legal
repercussions, but anonymity has been huge in these trades. This is a big
opportunity to provide a service directly to the government and local business
in Florida. This window of opportunity will only be around until someone
designs an information system capable of transmitting the information. I
believe that even if someone else creates it, we can still develop one that
will function more efficiently and safely.
Innovation
We
have begun creating an information system that will use unique uuids from the
servers to attach the personal information encryptions. An informational video
will be used to demonstrate how to use and navigate our platform. We are
planning to use fingerprints to generate the uuids and keep this methodology as
a safety mechanism. This will allow users to trade by scanning their
fingerprint and their personal information will be sent encrypted with the
trade information. This information system will communicate with your existing
servers to send and receive the data. We are hoping this will be our secret
sauce because the complexity of this system and the exclusive knowledge of its
functions with my software developer and me. We want to keep safety a priority
and we plan to create or recommend our own security software or one that will
work with the information system. We plan to charge a percentage of the transactions
in the form of a transaction fee. Starting at a 5% fee of the transaction
volume, we plan to use this money to fuel our innovation and development for
further improvements and fixes that may arise.
Venture Concept
This
information system is designed to transmit your information safely when
trading. It was the norm to keep anonymity when trading currencies, but legal
repercussions may follow if changes aren’t implemented. I think it will cause
users to consider our product because of the legal repercussions that maybe
facing if they have not already found a solution. The biggest concern I have is
establishing credibility among investors and prospective customers. Our
competitors could be the existing cryptocurrency firms. If they are trying to
develop the information system themselves then we are directly competing with
them. Their weakness comes from the fact that this technology did not already
exist in their current operations. We have also decided to put a strong
emphasis on the customer support will we provide. Problems may arise and we
want to be there to troubleshoot and listen to the feedback so we can make
better decisions with further development. I plan to start operations in South
Florida. Targeting the existing firms there will give us useful information and
feedback we will use to tailor our next steps. I plan to keep the business
small to start. The software developer and I will launch the idea ourselves. My
role will be in negotiations and arranging contacts. I also intend to provide
support to the customers along with the software developer. We won’t need an
office right away and already have begun development from home. From here, we
hope to expand throughout Florida and continue development for the country
potentially with the assistance from the government. In the next five years, I
would see myself constantly traveling and visiting different countries to share
this information system. This venture will provide a foundation for me to build
off of and continue to expand my and the company’s horizons.
Summary of feedback and changes: My previous venture concept
post did not receive any feedback from my assigned group. Based on some of the
interviews I had, I have decided to create an informative video to explain how
to use or platform and possibly include some information on how to do some
basic troubleshooting. We have also decided to keep our business small in the
beginning and start off with what we have right now. We agreed that finding
another person at this time would be expensive and unnecessary until we have
more demand for services. We were told to keep it as simple and easy to use as
possible and we will do our best to make sure it is easy to use and
troubleshoot. It will be a lot easier for us to start with what we have right
now than to try and receive funding from external sources. Our main concern was
establishing credibility and we do not want something like that to hold us back
from development.
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