The U.S. Treasury Department has published recommendations for
cryptocurrency startups. According to the website of the fiscal service Bureau, these
the councils are based on the experience of representatives of the Ministry of Finance
got last fall, while working on "proof
the concept of the" blockchain to account for physical assets. Here are some of the
questions that the Ministry of Finance recommends to ask themselves the creators of the blockchain-
projects to determine whether the technology is suitable for their idea:
Do 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/entities?
(for example, one user will not accept the words of another
user's?)
Do the controllers of the gateways of the Commission for verification of transaction
(for example, manual verification)?
Are there any normal or logical interactions that can
to be programmed for self-execution (for example,
smart contracts)?
If the answer to several of these questions is positive, then the following
the step may consist in a survey of different stakeholders for
understanding their desires and problems, says the Ministry of Finance. The Ministry also
recommends the establishment of a diverse team and document all
a process to help identify weaknesses and opportunities. Representative's
the Ministry warned:
"Include in the team those who are skeptical about blockchain and those,
who is not versed in the technical side of the question. Team consisting of
only blockchain enthusiasts can be blinded by hype and
try to create something that no one really needs."
The article ends with the Council for entrepreneurs-find time to
explain the basics of blockchain to everyone, from investors to lawyers. This will help
look at the technology from a practical point of view, not just relying on
on her popularity.
"This process can be time - consuming," the Ministry of Finance notes.
"However, if you spend enough time to imagine and
to explain the technology of the blockchain understandable language different
interested groups, this will help you better understand what you are
you want to plan the development more carefully."