Cryptocurrency Exchange App Development: A Solution To Secure Financial Transactions

Problem domain

The tile of the project is to develop Cryptocurrency exchange app.

Problem domain

It is identified that earlier when transaction was done by using debit or credit card, then an individual need to provide access of full credit or debit line as they generally operate on pull basis where the stores generally initiates the entire payment and then pulls designated amount from the account. This process of payment that is used is not appropriate as it can create number of security as well as ethical issues.

The Cryptocurrency Exchange App Development generally resolves the issues and challenges. It is found that cryptocurrency exchange app utilizes Push mechanism that helps in allowing the holder of cryptocurrency to send exactly he or she wants with no further information. In addition to this, it is found that utilization of cryptocurrency helps in identity theft and immediate settlement.

The supervisor or the sponsor provides recommendation for completing development of Cryptocurrency within the budget that is approved. It is necessary to finish the project within the approved budget otherwise the project manager can face issues related to project.

The research questions are provided below:

• What are the issues that is faced during the use of cryptocurrency exchange app?
• What are the benefits of cryptocurrency exchange app?
• How cryptocurrency exchange app provides more security as compared to other payment methods?

According to Narayanan et al. (2016), cryptocurrency is defined as one of the digital asset that is mainly designed for working as a proper medium of exchange that utilizes strong cryptography for securing financial transactions, for controlling the development of extra units as well as for verifying the transfer of assets.

 It is stated by Delmolino et al. (2016) that due to data security as well as political interdependence, the users of cryptocurrency enjoys benefit that is available to the users of flat currencies. It is found that the government can be able to easily freeze a bank account that is mainly located within its jurisdiction. It is very much difficult to do the same with the funds that is held in cryptocurrency.

It is opined by Hayes (2017) that both technical controls as well as source codes helps in supporting as well as securing the cryptocurrencies that are very much complex. Functionally it is found that most of the variations of cryptocurrencies are Bitcoin. It is found that there are number of concept that helps in governing the value, security as well as integrity of cryptocurrency.

Blockchain: Cryptocurrency blockchain is considered as the master ledger that helps in recording as well as storing all prior transactions by validating all ownership of the currencies at a particular time.

Purpose and justification

Private keys: It is found that every holder of cryptocurrency has a private key that helps in authenticating their identity and helps in allowing them for exchanging the units (Li & Wang, 2017).

Wallets: It is found that the assets of cryptocurrency have wallet that contain unique information that helps in confirming them as the temporary owners of the units.

Miners: Miners generally serve as record keepers for the cryptocurrency communities as well as indirect arbiters of the various value of the currencies (Narayanan et al., 2016)

Research and Systems Development method

The project utilizes Rapid application design method is mainly used for developing Cryptocurrency exchange App (Liu et al. 2016) It is identified that the utilization of this method assists in giving rebuilt programming, advanced tools and object-oriented technologies.

It is found that secondary data collection method is mainly used for collecting information about Cryptocurrency and its use. In addition to this, it is identified that primary data collection method is also used in order to interview the project managers as well as IT managers who have experience in the development of cryptocurrency exchange app development.

 It is found that detailed system design method is mainly utilized in the project as it is helpful in giving overview of each of the tasks that needs to be executed in order to develop the Cryptocurrency exchange app (Yang et al., 2014).

The ethical issues are as follows:

• The staffs do not follow security steps during the development of cryptocurrency exchange app.
• The workers are pressurized for working after their schedule shift hour

It is important to follow safety rules and regulations for the safety of the staffs and for avoiding accidents as well as injuries. The compliance requirements are quite essential for the caring about the health and safety of the employees.

 It is found that due to the development of Cryptocurrency exchange app the chance of fraud reduces as with the help of this app, identity of an individual can be determined. In addition to this it is found that this app work of Push mechanism that is quite safe as compared to the mechanism that is utilized in credit card.

Deliverables

 It can be concluded from the entire assignment that development of cryptocurrency exchange app is quite helpful in resolving the challenges and problems that are associated with other exchange app. It is identified that this app helps in securing financial transactions, for controlling the development of extra units as well as for verifying the transfer of assets.

 The work breakdown structure is provided below:

Figure 1: WBS

(Source: Created by Author)

The table that is provided below reflects on the duration of the project.

Figure 2: Gantt chart

(Source: Created by Author)

References

Delmolino, K., Arnett, M., Kosba, A., Miller, A., & Shi, E. (2016, February). Step by step towards creating a safe smart contract: Lessons and insights from a cryptocurrency lab. In International Conference on Financial Cryptography and Data Security (pp. 79-94). Springer, Berlin, Heidelberg.

Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308-1321.

Joslin, R., & Müller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts. International Journal of Project Management, 33(6), 1377-1392.

Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.

Li, X., & Wang, C. A. (2017). The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin. Decision Support Systems, 95, 49-60.

Liu, Y., Zhan, L., Zhang, Y., Markham, P. N., Zhou, D., Guo, J., … & Liu, Y. (2016). Wide-area-measurement system development at the distribution level: An FNET/GridEye example. IEEE Trans. Power Del, 31(2), 721-731.

Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: a comprehensive introduction. Princeton University Press.

Yang, T., Zhu, J., Hou, W., & Jin, G. (2014). Design method of freeform off-axis reflective imaging systems with a direct construction process. Optics express, 22(8), 9193-9205.

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