A non-custodial wallet for digital currency: Design challenges and opportunities
Abstract
Digital currency is a novel form of money that could be issued and regulated by central banks or other actors, offering benefits such as programmability, security and privacy. However, the design of a digital currency system, including but not limited to central bank digital currency, presents numerous technical and social challenges. This paper presents the design and prototype of a non-custodial wallet; a device that enables users to store and spend digital currency in various contexts. To address the challenges of designing a digital currency system, we conducted a series of workshops with internal and external stakeholders, using methods such as storytelling, metaphors and ‘provotypes’ to communicate digital currency concepts, elicit user feedback and incorporate normative values into the technical design. We derived basic guidelines for designing digital currency systems that balance technical and social aspects and reflect user needs and values. Our work contributes to the digital currency discourse by demonstrating a practical example of how digital currency could be used in everyday life and by highlighting the importance of a user-centred approach. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business.
The full article is available to subscribers to the journal.
Author's Biography
Gabriel R. Bizama is a researcher from the University of Bern. Before this, he led the financial inclusion agenda at the Ministry of Treasury in Argentina, where he designed and implemented the National Financial Inclusion Strategy, the National Plan for Financial Education and Micro, Small, and Medium Enterprise Finance Policy Framework. He has also consulted for the World Bank and United Nations Development Programme on financial inclusion and innovation. In the private sector, he supported the design and implementation of blockchain-based payment solutions, including cash-transfers, cross-border payments, domestic fast payment systems and central bank digital currencies at the Stellar Development Foundation.
Geoffrey Goodell is a lecturer in financial computing at University College London, and leader of the UCL Future of Money Initiative. His work focuses on socio-technical systems in financial services. He is a member of the Bank of England Central Bank Digital Currency Technology Forum and an associate of the Systemic Risk Centre at the London School of Economics. He serves on the steering committee of the All-Party Parliamentary Group on Digital Markets and Digital Money as well as the product advisory committee of the Digital Token Identifier Foundation. He convenes three ISO working groups in areas related to digital currency and advises two European industry groups that focus on digital assets. Dr Goodell is a CFA charterholder with roughly a decade of experience in the financial industry, first as a strategist at Goldman, Sachs & Co and later as a partner and chief investment officer at a boutique asset management firm. His research contributes to knowledge and policy at the intersection of finance, technology and regulation.
Chris Speed is Professor of Design for Regenerative Futures at Royal Melbourne Institute of Technology (RMIT). He has an established track record in directing large complex grants and educational programmes that apply design and data methods to social, environmental and economic challenges. Prior to joining RMIT, Chris was Director for the Edinburgh Futures Institute, involved in the transformation of the Old Royal Infirmary of Edinburgh into a world-leading centre for interdisciplinary teaching, research and innovation. He also led the development and leadership of the Institute for Design Informatics. His publications span such sectors as design research, the digital economy, creative industries and human—computer interaction.
Joe Revans is an interdisciplinary designer specialising in the use of participatory design methodologies to support the understanding and development of emerging technologies. Prior to co-founding the research and design studio Fallow Earth, Joe worked as a design research developer at the Institute for Design Informatics and the Institute for Education, Community and Society (University of Edinburgh) and as a visiting researcher at the Centre for Blockchain Technologies (University College London).
Ryan David Bowler is an advocate for choice in how people receive and use money. His research examines how payment choice should be considered alongside narratives of social inclusion. He believes that a lack of payment choice creates barriers to financial inclusion, as seen with the unbanked population and the digitally excluded. He continues his work as a researcher, helping to build a payments platform for the Scottish government. Part of his role involves exploring inclusive payments.
