Analysis of ICO BIDIPASS
BIDIPASS is a system of personal identification using two-dimensional code and encryption based on public key. This technology is an alternative to digital signature. Smartphone is used as a personal security token.
This technology can be applied for a variety of purposes:
- Safety compliance in socially important facilities (airports, railway stations, etc.)
- Authentication in ATMs without a Bank card
- Signing of documents.
The system uses blockchain technology.
BIDIPASS is designed to facilitate interaction between service providers and consumers. This technology will improve business processes related to fund flows and user authentication.
The product is very interesting and based on a rather complex technology. But we assume that this is not the only development of this kind in the market.
Market launch of BIDIPASS will take place in Europe in November 2018.
The founders of the project plan to connect partner services that provide KYC process and certification to the platform.
Tokens will be used as a means of payment within the platform.
BIDIPASS revenue will come from B2B customers buying tokens and using the BIDIPASS services.
The project goes to the ICO, in which, as a rule, people participate, not organizations. Why would individuals purchase tokens that are needed to pay for B2B services? And the tokens have no other functionality. They don't give either the right to receive income or the right to own shares of the project.
In this case, ICO is not an appropriate way to raise funds for such a project.
The marketing strategy of the project is missed, despite the fact that the project team has several marketing specialists. Or the founders of the project keep it in secret from the general public.
The team members have experience in managing technology companies (telecommunications, private equity, and ecommerce), entrepreneurship, software and application development, blockchain technology, finance, cryptography engineering, marketing and PR. The team includes 15 people.
The experience of the team members is described in sufficient detail and is quite relevant to the project.
The Vision of the Market
The founders of the BIDIPASS project didn't conduct market analysis.
According to the project team, BIDIPASS competitors are companies in the banking and financial sectors that have their own user authentication systems, as well as other companies that have user identification systems. But these companies are not competitors, but potential customers. Companies developing different systems of biometric authentication and encryption-based authentication, etc., should be considered as competitors.
Thus, the project team has no market vision.
Understanding of the Target Audience
BIDIPASS is designed for B2B segment: banks and financial organizations, government organizations, insurance companies, mobile operators, e-commerce industry, crypto currency industry etc. Project geography is Asia, Russia and Latin America. We can say that the project team understands its target audience in the most general terms. But to promote a B2B product, they need to research the companies ' needs for the product very carefully, not just to have a general idea.
BIDIPASS technology is safe and inexpensive, applicable to identification either on-site or on-line.
The founders of the project claim that BIDIPASS technology is unique and has an international patent. However, the patent is not represented either on the company's website or in the White Paper.
it is difficult to judge whether the product is unique and competitive, because the analysis of the competitive environment wasn't carried out.
The project has two strong features:
- High-tech product
- Team with relevant experience.
But the project has many significant drawbacks:
- No market vision;
- Contradictory business plan;
- Lack of marketing strategy.