Seven Twenty FourA hypothetical risk scenario
Cashless convenience stores that are open 7 days a week, 24 hours a day
You are the founder and CEO of “Seven Twenty Four,” a franchise of convenience stores that are built on the concept of the cashless economy. Seven Twenty Four stores allow customers to purchase goods using an app and an online account, but not cash or credit card. Because the system is cashless and web based, it is highly automated, allowing stores to operate around the clock, and without human store managers in some cases.
Customers use the stores by signing up with the Seven Twenty Four app, and simply scanning the products they want to purchase with their smartphone. RFID tags in the products allow their location and status to be recorded, ensuring high levels of security and reliability. Franchise stores primarily sell groceries, food, and essential electrical goods, and are designed to provide local communities with many of their needs. There is some discussion of enabling customers with implanted RFID chips to purchase items by linking their chip to their online account.
Critical Risk Dimensions
- Social Justice & Equity
- Social Trends
- Co-opted Tech
- Loss of Agency
- Governance & Regulation
- Organizational Values & Culture
- Reputation & Trust
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Key questions for identifying orphan risks
How could your business model lead to people in some communities being disadvantaged, and how might this affect your business?
In what ways could your collection and use of customer data threaten their privacy?
How might your technology reduce the ability of franchise owners and customers to have control over their businesses and lives?
In what ways could emerging practices undermine your reputation and the trust of investors, customers, and local communities?
What developments and changes in regulations might create barriers in the future?
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