The American Ministry of Finance has published recommendations for cryptocurrency startups. According to the website of the Bureau of the fiscal service these tips are based on the experience that the representatives of the Ministry of Finance received last fall while working
on the «proof of concept» of the blockchain to account for physical assets. Here are some of the issues that the Ministry of Finance recommends to ask yourself the creators of blockchain-projects to determine suitability of technology for their ideas:
You need a structured Central repository of information?
More than one entity need simultaneous access to read and write transactions to the database?
Are there trust issues between the parties/departments? (for example, one user will not accept on faith the words of another user)?
Do the controllers of the gateways of the Commission for verification of the transaction (for example, manual verification)?
Are there any normal or logical relationships that can be programmed for independent performance (e.g., smart contracts)?
If the answer to several of these questions is Yes, then the next step may be to survey the various stakeholders to understand their needs and problems, according to the Ministry of Finance. The Ministry also recommends the establishment of a diverse team and document the entire process to help identify weaknesses and opportunities. Representative of the Ministry warns:
«Include in the team those who are skeptical over the blockchain and those who are not versed in the technical side of the issue. The team, consisting only of the blockchain enthusiasts can be dazzled by the hype and try to create something that really nobody needs».
The article ends with advice for entrepreneurs to find time to explain the basics of the blockchain, everyone, from investors to lawyers. It will help to look at technology from a practical point of view, not only based on its popularity.
«This process can be time-consuming,» notes
on the website of the Ministry of Finance. «However, if you spend enough time to introduce and explain the technology of the blockchain in clear language to different stakeholder groups, it will help you better understand what you want and carefully plan to develop.»