DEFI billing - an untapped market?

Initial Thoughts
Draw on Cardano smart contract development (Plutus) with possible links to oracle network like Chainlink (if needed). Propose to develop a proof of concept initially, along with an enrolment plan, marketing plan and development plan. Propose to also find a willing partner in the utility or local council domain to show how a blockchain solution can provide a cheaper easier platform for them, while providing a capability for customers to take advantage of Defi, paying with tokens (possibly with swapping between Ada and other popular tokens all hosted on the Cardano network. I feel this is a massively untapped potential - and really just a mindset difference between normal one on one smart contract and payment solutions. But with a Dapp overarching the capability to link the chain with the real world organisations data (AR/AP solutions). I have access to utilities to work with if necessary.
Initial High Level Roadmap
1 month - Stage 1 - Overall Conceptualisation
Identify and engage with customer partner
Identify and on board technical partners
High level concept design
Visual design options
3 months - Stage 2 - Solutioning, Technical Modelling, Conceptualise the solution in detail
Concept solution options.
Test concept with partners, make modifications and refinements.
Descriptor video that demonstrates the problem and the solution and the benefits of a Defi solution.
6 months - Stage 3 - Development, Prototype, Adoption Planning
Prototype solution, demonstrate and refine solution with partner.
Development marketing and uptake plan.
12 Months - Stage 4 - Release 1 Stage
First go live and working solution for at least 1 customer.
How Will It Work
I certainly expect to engage Ada solution architects and engineers to assist with this aspect. I cant pretend to understand the full details of this as yet and there are no doubt many options that can be explored.
I expect there would be an off-chain component to generate the account payable part based on the organisation's own solutions. The strength here will be in creating the APIs necessary to both seek the input from the business and then create a series of accounts payable transactions I expect in the block chain - essentially promises to pay. A native Oracle API is preferred over any external non Ada native oracle - the general idea is to be total Ada / Cardano native.
The payment part should be really be a series of individual payment transactions with options of part payments, payment plans etc as you'd expect with any current payment process. It may be at first necessary to use a crypto friendly Payments portal/processor such as NowPayments.io to demonstrate the concept to the customer and how this may act when a more native processing, later changing this to pure native processing.
Bills could be issued with a QR Code to take the user to an appropriate page that will allow the user to select what cypto coin they wish to us to make the payment, and will have the embedded destination address built into the page to allow the transaction to be logged. Once the election is made, the transaction will then need to check there are available funds before the transaction is posted on the Ada blockchain. (I do expect advice on exactly how this would be executed with the advice of a project solution architect - so I am seeking assistance to help develop out this idea in more detail.
This is aiming to be a major accounts payable capability running on native Ada blockchain. Its goal is to attract major Government customers and as such will need to be enterprise ready, secure and professional, adaptable and robust. I envisage this project as just the start of bigger smart contract based capability that could grow to be a world-wide solution showing off the capability of the Cardano eco system and the advantage of a decentralised solution for what has been dominated by high fee / licensed centralised untrustworthy players in this software space. It will require expansive thinking and experience in major enterprise software to gain the attention of the target customers and the confidence to execute the target use cases.
How It Addresses The Challenge Metrics and Question
Moving a Cardano based solution into the everyday finance space (AR/AP) - adding Cardano as a Defi solution en masse.
Assuming growing adoption, and growing trust in a highly scalable solution in the Government and utility space, should see mass adoption and awareness across not just this specific use case, but in general with the broadest community acceptance.
The idea also allows the realisation of Charles's own stated vision of how this space could revolutionise how and with what we pay for everyday goods and services.
Except for buying goods and services over the counter, the next most popular use of payments, and billing is for everyday services like water, electricity, gas etc. Not only that, it's possible to use this the process to fund carbon offsets or clean energy rebates/electricity back into the grid rebates using blockchain - which is another avenue of scaling up Cardano.
Relevant Challenge Metrics…
How many DeFi protocols were launched on Cardano mainnet within 6 months from this DeFi focused community challenge?
Response: In terms of this one a concept should be running within 6 months. Its a complex problem space that requires a high level of accuracy and confidence by the customer - this should be introduced carefully.
How many daily active users are the DeFi protocols funded in this cohort attracting?
Response: Once adoption starts and features and utility start increasing this solution could literally attract billions of Defi users.
How many DeFi developers did this community focused challenge bring into the Cardano ecosystem? How many FinTech/DeFi development firms did this community focused challenge bring into the Cardano ecosystem?
Response: This is a complex area that must grow and develop over time. Integrations with a large range of existing AR/AP solution will be required. This opens up the Cardano ecosystem and Defi to a large range of very large developers working in the FInance and CRM space who are not on-boarded into the Defi space as yet. The potential to make Defi mainstream is huge. Initially I expect a lot of solution help and developer support from the Cardano development community with the SME skills needed to delve deep into how this solution could work.
Resource / Budget Planning
Month 1
Resources cost
Month 1 - Assume max 32 hour week spent on project
Crypto Soln Architect - $100 / hr - 2 * 32 * 100 = $6,400 (assume works half month - 2 weeks - on design and refinement of design)
UX Designer - $60 / hr - 2 * 32 * 60 = $3,840 (assume works half month - 2 weeks - on design and refinement of design)
Team Lead - $100 / hr - 2 * 32 * 100 = $6,400 (assume effort 2 weeks )
Graphic Design - $50/hr - 15 hours total effort - $750
Business Lead - $100 / hr - 3 * 32 * 100 = $9,600 (assume effort 3 weeks engaging with business partner(s) , directing overall concept with tech & design team )
Dev - $100 / hr - 3 *32 * 100 = $9600 (to commence developing out initial concept for demos) - 3 weeks effort over the first month
Month 1 Team Costs: $36,590
Infrastructure / Other Costs: $2500 (cloud servers, workspaces, virtual team SaaS tools etc)
Month 1 total cost - $39,090
Months 2-3 - Virtual Agile Team develops out solution concepts with Architect, UX designer. Engage with Partner(s).
As for months 1 but with addition of another developer – and working all 4 weeks. - $25,600 instead of $9600
Month 2, and 3 Resource Costs - $52,590 (per month)
Infrastructure / Other Costs: $2500 (cloud servers, workspaces, virtual team SaaS tools etc) / month
Months 2- 3 total costs - $55,460 / month
Months 2, 3 Total Costs - $110,920
Months 4-6 – Add additional developer, testers for 1 month
Business Lead - $100 /hr = $12,800 / mth
Teams Lead - $100/hr = $12,800 / mth
Developers * 3 – $12,800 / mth each => $38,400 / mth for 3
Testers - $60/hour 32 hours, 4 weeks only – x 2 = $15,360 (1 month)
Graphic Design - $1500
Total Resources cost = $55,260 / month => $165,780
Infrastructure - $2500 / month => $7500
Months 4-6 total costs - $ 173,280
Total $323,290
This should support the introduction of a first working solution ready for further development, refinement, and testing. I would hope to work with a partner or series of partners who may co-fund the development work . Although issues with IP may come into play. Seeking additional funding/investors is probably a better strategy. This proposal will seek half of this with additional funding to obtained through other funding means.
I expect to develop an ICO during this 6 month period - with a first alpha release within 12 months of funding. The first 6 months I expect that we would have a working demonstrable concept from which we will be to engage and encourage business, development and customer partners. I expect that a proposed token would be a Governance token so that the eco system can vote on capability to add and manage the solution over time, making the solution truely decentralised. and to encourage standardisation - especially for integration with internal CRM's and systems that are used to calculate and track the use of the service being billed.