Research the depository inventory software and determine effort to add API integration with a blockchain.
Research Perth Mint Gold Tokens (PMGT) as they are the closest political fit to this project. PMGT is being shut down so there may be lessons to be learned.
Private gold-backed currencies demonstrated that Ethereum is an adequate choice but probably not optimal. Private currencies used Ethereum to establish credibility but a State depository is already credible and most clients probably prefer private transactions. Research into private blockchains is an action item.
Research into multi-signature security for administrative access to the blockchain.
Identify strategic goals.
- Do we want cash equivalency?
- Should it support a Region vs a State?
- Estimate peak users and transactions
- Estimate market - ($100-$10K transactions?)
Estimate project timeline. I'm pretty sure a prototype can be built in four months by a team of five professionals and be production ready in a year.