Ecash and Electronic transfer of title
Oakington plc implemented a novel method of registering the ownership of assets and the secure transfer of these between users of the service.
The system copes with multiple types of assets, including ecash, and limits risk to the value of the assets registers ( unlike account based systems that can have unlimited risk)
The system as implemented with several e-commerce partners, however, all of the partners failed due to the "Dot.Com Bust".
Without a launch customer and with e-commerce businesses effectively impossible to finance, we closed the business.
There is still no product on offer that does what Oakington did!
Lessons learnt:-
- Venture capitalists back over-optimistic CEOs ahead of cautious ones
- Either use off-the shelf software, or develop in-house, do not use software companies