Crypto-currency Project Plan: Financial Technologies and Innovation

This project plan explores the significance of crypto-currency, particularly Bitcoin, in the marketplace and its future role in business organizations. It highlights the importance of crypto-currency in blockchain technologies and its evolution as a mixed technical and monetary tool. The project aims to identify the usage of crypto-currency in the digital world, understand its associated challenges, and develop advanced tools and strategies for mitigation. The methodology involves both agile and dynamic system development methods, with a mixed data collection approach. The project plan includes a detailed work breakdown structure, risk analysis, and a Gantt chart to ensure timely and within-budget project completion. The conclusion emphasizes the transformative impact of crypto-currency on traditional financial transactions and recommends training, proper scheduling, and post-project reviews for stakeholders to understand challenges and mitigation strategies. The project plan is designed to provide a comprehensive understanding of crypto-currency and its implications.

Running head: CRYPTO-CURRENCY
Emerging Technologies and Innovation: Crypto-Currency
Name of the student:
Name of the university:

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Table of Contents
1. Introduction..................................................................................................................................3
2. Rationale......................................................................................................................................3
2.1 Problem domain.....................................................................................................................3
2.2 Purpose and justification........................................................................................................4
3. Sponsor and supervisor recommendation....................................................................................4
4. Research question........................................................................................................................4
5. Conceptual and theoretical framework........................................................................................5
6. Methodology................................................................................................................................5
6.1 Research and system development methods..........................................................................5
6.2 Data collection or system design methods.............................................................................6
6.3 Ethical issues.........................................................................................................................6
6.4 Compliances requirement......................................................................................................6
6.5 Data analysis..........................................................................................................................6
7. Project plan..................................................................................................................................7
7.1 Project deliverable.................................................................................................................7
7.1.1 Conclusion......................................................................................................................7
7.1.2 Recommendation............................................................................................................8
7.2 Work breakdown structure....................................................................................................9
7.3 Risk analysis..........................................................................................................................9
7.4 Duration...............................................................................................................................10
7.5 Gantt chart...........................................................................................................................12
8. Bibliography..............................................................................................................................13

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1. Introduction
This project plan depicts the importance of Crypto-currency rather bit coins in the
marketplace and the future of Crypto-currency in the business organizations for effective revenue
model. In the current trends of technology Crypto-currency plays effective roles and it is very
much important for the blockchain technologies. However Crypto-currency is neither fiat money
nor not even commodity money. In order to raise the economic questionnaires Crypto-currency
are the not the ultimate mode of success rather, it serves a mixed technical as well as monetary
features to the users.
Based on the current trends and technology it has been found that, due to rapid
development in technology the world is becoming digitized day by day. For the financial
channels, systems and instrument currently the new paradigm has been created by the technical
developers in terms of bit coins or Crypto-currency. The challenges that users are facing due to
implementing the wide usage of Crypto-currency could be minimized with the help of certain
tools and technologies. The project aim, objective, scope, methodologies and project plan and
timelines are developed in this project.
2. Rationale
2.1 Problem domain
The main aim of the project is to identify the usage of Crypto-currency in the digital
world of technical application. Crypto-currency has provided a new way to future economic
towards measurable success. It could be used as a real currency those could be saved
electronically in the websites and computers also. After identifying the issues and challenges

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different issues mitigation strategies, are needed to be adopted by the organizations and
individuals also.
2.2 Purpose and justification
 To understand the role of Crypto-currency in current digital world
 To identify the challenges associated to Crypto-currency
 To develop certain advanced tools and strategies
3. Sponsor and supervisor recommendation
The supervisors have recommended for analyzing the followings:
 The role of Crypto-currency in the current digital world and the way through it is
referred to as beneficial
 The main issues related to Crypto-currency
 Different tools those might mitigate the challenges
However, specific users of Crypto-currency, the origin of Crypto-currency and the rate of
exchange of Crypto-currency are not analyzed in this project. Even all the necessary tools cannot
be determined easily. Thus, in order to mitigate the technical issues proper techniques and tools
are required to be adopted by the individual users and organizations as well. However these
specifications could not be determined in this project.
4. Research question
 What are the benefits of using crypto currency?
 What are the issues associated to crypto currency?

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 Through innovation how the issues of Cryptocurrency could be mitigated?
5. Conceptual and theoretical framework
Figure 1: conceptual framework for Cryptocurrency usability
(Source: Herbert& Litchfield, 2015, pp-30)
6. Methodology
6.1 Research and system development methods
In order to evaluate the Crypto-currency project it is very much necessary to consider all
the necessary project management aspects. For developing the project both agile and dynamic
system development methods are used.

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6.2 Data collection or system design methods
Mixed data collection approach including primary and secondary data collection
approaches are being used for collecting information from different resources. For developing
the system bottom up design method is adopted.
6.3 Ethical issues
If proper security aspects are not used y the project development team then the collected
data might be hijacked by the external attackers easily and those could be misused at the same
time.
6.4 Compliances requirement
Appointment to the sponsor
Statutory audit for accounts
Filling the financial statement
Documentation of project manager’s report
Post project meeting
6.5 Data analysis
According to the information selected it has been found that both the survey
questionnaires, book and journal consideration are important for developing the project on
Cryptocurrency. For this particular project instead of quantitative data qualitative data are
collected for understanding the role of Cryptocurrency in current and future and its security
designing.

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7. Project plan
With the help of the certain tools and technologies the bit coins rather Crypto-currency
can be used by the users in an advanced way. In order to trade the bit coins it is necessary to
consider appropriate tools and technologies. In order to reduce the work burden for the project it
is necessary to divide the entire work load in different segments. Critical path analysis, resource
histogram, and Gantt chart are the tools those are required to be used by the project management
tea for delivering the accurate deliverable in time within the estimated project budget. Not only
this but also a project budget is required to be prepared to measure that whether the project
outcome is beneficial at all or not.
7.1 Project deliverable
7.1.1 Conclusion
From the overall discussion it can be concluded that, the traditional financial transaction
approaches are completely changed after the implementation of usage of Crypto-currency. For
this project, a project team is being selected, including experts from different domain. Through
this approach the user will be able to transact online currency. Crypto-currency is referred to as
one of the most impressive technical achievements nowadays. After understanding the roles and
responsibilities of the stakeholders it is very much important to implement proper open
communication approaches so that all the project team members could effectively communicate
with the project chief or project manager.
In order to mitigate the issues, proper encryption technologies are required to be adopted.
With the help of this approach the transaction channel and all other domain will be secured from
the external attackers. For successful completion of the project, different cybercash operating

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tools and technologies are selected. It is expected that, after successful completion of the project
the stakeholders will be able to meet the project aim and objectives. The project should be
completed within the estimated budget and allotted time as well.
7.1.2 Recommendation
Training and development: For this particular project, appropriate project initiation and
project planning is needed to be deployed. After studying the project background it is determined
that the project will be completed within 5 months with a least number of team members.
However, all the project team members are required to play their job roles accurately and that
could be served with proper training and development proram.
Proper Scheduling: For reducing the project work load the entire project plan is divided
in small segments and based on the technical knowledge of the experts the project segments are
served to the project team members.
Post project review: After successful completion of the project, the users of Crypto-
Currency will be able to know about its challenges. Not only this but also the users will be able
to know about all the different mitigation strategies of Crypto-currency issues.

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7.2 Work breakdown structure
Figure 2: Work Breakdown Structure
(Source: created by author)
7.3 Risk analysis
Risk is referred to as one of the most important factors that is strictly required to be
considered by the project management authority so that at the project ongoing phase no such
issues occurs.
The risks should be ranked based on their priority and responsibilities of every individual
must be identified through regular risk audit. Apart from this the significance and consequences
of every risk are identified. In order to complete the project, ideal project charter and Work

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Breakdown Structure (WBS) are prepared including the milestones. The different kinds of tools
those are used for this particular project are Gantt chart, different software, critical path analysis
and resource sheet along with proper budget sheet. With the help of critical path analysis
approach the relationship between the tasks and activities could be determined. In order to
receive Crypto-currency certain tolls are available however those are directly not needed for
implementing this project.
7.4 Duration
Task Name Duration Start Finish
Schedule development for Crypto-
currency project
59 days Tue 7/25/17 Fri 10/13/17
Project initiation 24 days Tue 7/25/17 Fri 8/25/17
Understanding development on
crypto-currency
3 days Tue 7/25/17 Thu 7/27/17
Project feasibility study 1 day Fri 7/28/17 Fri 7/28/17
Risk assessment 7 days Mon 7/31/17 Tue 8/8/17
Literature review 3 days Wed 8/9/17 Fri 8/11/17
Project team development 3 days Mon 8/14/17 Wed 8/16/17
Implementing risk management
plan
4 days Thu 8/17/17 Fri 8/25/17

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Project planning phase 15 days Thu 8/17/17 Wed 9/6/17
Analyzing crypto-currency
oriented challenges
1 day Thu 8/17/17 Thu 8/17/17
Considering possible input 2 days Fri 8/18/17 Mon 8/21/17
Collision resistance adoption 1 day Tue 8/22/17 Tue 8/22/17
Selection of software 3 days Wed 8/23/17 Fri 8/25/17
Selection of other tools 2 days Mon 8/28/17 Tue 8/29/17
Understanding benefits of crypto-
currency
3 days Wed 8/30/17 Fri 9/1/17
Understanding blockchain
technology
3 days Mon 9/4/17 Wed 9/6/17
Project execution phase 24 days Thu 9/7/17 Tue 10/10/17
Development of project outcome 3 days Thu 9/7/17 Mon 9/11/17
Collection of primary data 2 days Tue 9/12/17 Wed 9/13/17
Collection of secondary data 7 days Thu 9/14/17 Fri 9/22/17
Data verification 8 days Mon 9/25/17 Wed 10/4/17
Documentation 4 days Thu 10/5/17 Tue 10/10/17

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Project closure 3 days Wed 10/11/17 Fri 10/13/17
Post project evaluation 1 day Wed 10/11/17 Wed 10/11/17
Stakeholder signoff 2 days Thu 10/12/17 Fri 10/13/17
7.5 Gantt chart
Figure 3: Gantt chart for Crypto-Currency project
(Source: created by author)