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MIS611 Information Systems Capstone Report Sample

Task Summary

For this assessment, you as a group is entering the second phase of your assessment process - Assessment 2, where your key output will be a Solution Prototype Document. By now your team would have completed the first phase via the delivery of the Stakeholder Requirements Document - the key output of Assessment 1. It is important to note that consistency and continuity from one assessment to the next are vital in this project.

You will need to ensure that you use the project approach as advised in Assessment 1. This means that your solution needs to address the requirements documented in
Assessment 1 Stakeholder Requirements Document.

For Assessment 2 - Solution Prototype Document, you as a team is required to complete a 4000-words report outlining the various aspects of your solution. It is expected that you will demonstrate how the solution addresses the requirements outline in Assessment 1. A variety of prototyping tools are available to you. However, will need to discuss your selection with your learning facilitator to establish feasibility of the team’s approach. The Solution Prototype Document should describe elements of the Solution Prototype using the appropriate tools for processes, data and interfaces.

Context

In the previous assessment, you demonstrated your proficiency in the requirements analysis and
documentation process in alignment with the project framework that you selected. In this phase of the assessment cycle, you will design and develop your solution prototype in alignment with your selected project approach in response to the requirements elicited and documented. As outlined in Assessment 1, this will reflect your professional capability to demonstrate continuity of practice, progressive use of project frameworks and their appropriately aligned methods, tools and techniques.

Task Instructions

1. Review your subject notes to establish the relevant area of investigation that applies to the case. Re- read any relevant readings for this subject.

2. Plan how you will structure your ideas for your report and write a report plan before you start writing. Graphical representation of ideas and diagrams are encouraged but must be anchored in the context of the material, explained, and justified for inclusion. No Executive Summary is required.

3. Write a 4000 words Solution Prototype Document outlining the various aspects of your solution that addresses the requirements outline in Assessment 1.

4. The stakeholder requirements document should consist of the following structure:

A title page with the subject code and subject name, assignment title, case organisation/client’s name, student’s names and numbers and lecturer’s name

Solution

Solution 1: Token Based System

Payment systems could be account-based as well as token-based. By subtracting the payer's balance and crediting the recipient's institution in an account-based billing system, a transaction is completed and completed (Allcock, 2017). For Assignment Help, This means that the transaction must always be documented and the people involved recognised. Payment is accomplished by transferring a token that is equivalent to a certain amount of money in a system based on this principle. When it comes to currency, coins and banknotes are the most obvious examples. It is better to have a token-based system where another CBDC token is like banknotes as well as referred to as "coins." Trying to withdraw money from a bank account, users load coins into their computer or smartphone and have that amount debited from their savings account by their bank. Unlike other digital bearer instruments that are held in a central database, the CBDC would be cached on the user's computer or mobile device. A record of the owner's name is likewise missing from the CBDC's database.

Blind signatures, a cryptographic method, are used to ensure privacy. A blinding operation conducted locally mostly on user's device conceals the numeric value indicating a coin again from central bank beforehand seeking the signature without interacting with the central bank to receive a cryptographically signed coin. This numerical number is a public key under GNU Taler, and only the coin's owner has access to its corresponding private key. Also on public key of the coin, the federal bank's signature is what gives the currency its worth. The central bank uses its very own private key to sign the document. If a retailer or payee has access to the central bank's "public key," they could use it to confirm the signature's validity and that of the CBDC. (Fatima, 2018).

Users don't have to rely on the central bank or perhaps the financial institution to protect their private spending record since the blind signatures being performed out by the users themselves. Just the entire amount of digital currency withdrawn and the actual sum spent are known to the central bank. There is no way for commercial banks to know how much digital currency their customers have spent or in which they have spent it. As a result, secrecy is not an issue when it comes to maintaining privacy in this system because anonymity is cryptographically ensured.

Solution 2 - Non-DLT Based Approach

Distributed ledger technology (also known as DLT) is being tested among most central banks (DLT). In the absence of a centralised authority, a blockchain or distributed ledger technology (DLT) may be an attractive design option. However, in the event of a retail CBDC issued from a reputable central bank, it is not necessary. When the central bank's registry is dispersed, it only raises transaction costs; there are no practical benefits to this practise.

Improved extensibility is a major advantage of not utilising DLT. Our suggested technology would be scalable as well as cost-effective, just like modern RTGS platforms used mostly by central banks today. As many as 100,000 transactions per second may be handled by GNU Taler. Secure storage of about 1-10 kilobytes every transaction is the most expensive part of the platform's cost structure. GNU Taler's memory, connectivity, and computing costs at scale will be less than 0.0001 USD each transaction, according to studies with an earlier prototype.

Furthermore, since DLT is indeed an account-based system, establishing anonymity is an issue. A decentralised append-only database is used instead of a central database to store the accounts, which is the sole distinction from a standard account-based system. Zero-knowledge proofs (ZKP) and other privacy-enhancing crypto methods are viable but computationally intensive in a DLT setting, hence their deployment on mobile devices is impracticable. This doesn't really pertain to GNU Taler's Chaum-style signature verification system, which is fast and reliable (Gupta et al., 2019).

Solution 3 - Regulatory Design

Central banks would not be privy to the names or financial transactions of customers or merchants under the proposed system. Only when digital currencies are withdrawn as well as redeemed awhen the central banks are able to track them (Kaponda, 2018). Commercial banks could restrict the amount of CBDC a particular retailer can get per transaction if necessary. Whereas the buyer's identity remains anonymous, the seller's operations and contractual responsibilities are made public upon inquiry by the appropriate authorities (Kaponda, 2018). The financial institution, tax authorities, as well as law enforcement can seek and review the commercial contracts underpinning the payments to establish if the suspected behaviour is criminal if they identify odd tendencies of merchant income. As mandated by that of the Europe's General Data Protection Regulation (GDPR), the system uses privacy-by-design plus privacy-by-default techniques. Neither merchants nor banks have an intrinsic understanding of the identities of their clients, and central banks remain blissfully unaware of the actions of their population (Kirkby, 2018).

Disintermediation of the banking system is a common problem with retail CBDCs. Even though it would be a severe issue with account-based CBDCs, token-based CBDCs ought to be less of an impediment (Oni, 2021). Comparable to hoarding cash, the danger of theft or loss associated with a token-based CBDC would be the same. Withdrawal limitations and negative interest might be implemented by central banks if hoarding or huge transfers of money from bank accounts to CBDC become an issue (Kadyrov & Prokhorov, 2018).

Central banks, businesses, and individuals might all profit from the proposed architecture. Because of its cost savings, this system is supposed to be the first to handle long-envisioned micropayments digitally. Smart contracts would also be possible if digital currency was used to ratify electronic contracts (Sapkota & Grobys, 2019).

Using a newly developed plugin for GNU Taler, parents or guardians can restrict the use of money supplied to their wards to make digital transactions, while still maintaining their anonymity. To keep the name and exact age hidden, merchants would simply know that the consumer is of legal age to purchase the things they are selling. For instance, central banks may use it to create programmable currency like this.

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