My former boss asked me how can crypto tech help him

[coinwizard_]

He could find people that would work for crypto currencies rather than cash. As an energy company they can have cheap energy to mine some coins which they can then use to pay people with

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[dikiz]

He could find people that would work for crypto currencies rather than cash. As an energy company they can have cheap energy to mine some coins which they can then use to pay people with

Such strategic decisions would be made at the board of directors level. Way beyond his capacities.

He is just Head of IT looking forward new options to manage his system.

[lrvjvt]

It depends on whether your company really wants to use crypto-related technology instead of speculating it. If your company develops crypto for the purpose of issuing an ico, then this is completely meaningless to you.

[KingScorpio]

He's head of IT in a big company (Energy Industry), "B", and I'm in company "C". We met 3 years ago in company "A" which was also a huge energy company.

In his scope there are internal financial apps, I suppose they are doing more or less doing the same thing as in company A, meaning:

• Manage bills of expenses / expense accounts
• Manage and monitor corporate budgets (by departement / or projects / or directors)
• Manage workflow of validation processes for corporate investments
• Manage property portfolio of the group

He said "hey I remember you were into BTC, do you know how these technologies could help my business?" But there is a big difference between holding a couple of btc and alts and being a fintech crypto consultant!

I don't know much about his needs or problem he's trying to solve, we barely talked, he just mentionned the fact "I'd like to innovate"...
So can you guys think of some specific crypto technology or blockchain services designed for companies? Any hint would be welcome.

tell your boss how to create an ico and then pay you his employee with his own cryptotoken then lol  

i want to see your face, when your boss pays your next salary in his private token...

[eternalgloom]

Look, if you yourself have to ask here how he can use crypto, you shouldn't be advising him in the first place.
I know that might sound harsh, but you're going to save yourself from a whole world of trouble if things don't work out.

Let's look at the easiest and most straightforward suggestion you can make: accepting Bitcoin/cryptocurrency as payments from customers.

Now imagine your boss allocates resources into making this happen.
Then it doesn't bring in as much revenue as he'd hoped
Who is he going to blame, you think?

Same with running an ICO or investing into creating a blockchain.
If the results aren't good, you're going to be the one who's held responsible.

Again, the fact that you have to ask here, in a way that's so vague, tells me that you definitely aren't the person who should be giving advice on this.

Don't listen to anyone in this thread who's advising you otherwise, they're not in a position to be advising you, they're only here because they earn a couple of dollars each month for posting.
They're probably somewhere in a 3rd world county in some internet café, putting in the hours to make ridiculously low amounts of money by spamming this forum.

[otong]

I am sure that there are many benefits for companies, for example, managing the whole workflow.

this is an interesting question for me because your boss's ideas are the same as mine and I am in line with your boss how bitcoin is used as a business or entrepreneurial control in my daily life. great later

[ongkok87]

I am sure that there are many benefits for companies, for example, managing the whole workflow.

of course, because you introduce blockchain and crypto technology will definitely help your boss to make payment more easily but by using crypto coins

[dikiz]

Don't listen to anyone in this thread who's advising you otherwise, they're not in a position to be advising you, they're only here because they earn a couple of dollars each month for posting.
They're probably somewhere in a 3rd world county in some internet café, putting in the hours to make ridiculously low amounts of money by spamming this forum.

Yes. I've found out about that a while ago. Everybody's supporting BTC to do death and think it's going to change to world, but when asked concretely how, it is more difficult to get answers.

But look, I didn't say I'm going to be the futurist, or innovation manager of the group, not even initiate the blockchain transformation of the company!
My ex-boss is just looking for some insights of this technology. What it has to offer, and possibly solve its problems. It is some kind of pre-market research.
He asked me because I'm the only he heard talking about cyrpto around him. He has no other entry point to this day. I'm just supposed to make a little paper or a presentation. I guess that putting him in company with the right people is part of my job (even if he didn't state it, it seems logical).

We are talking about a company of about 10 000 000 000€ revenue, there's no way he's going to take courses about it as it was suggested, people have little information about how large compagnies work.

[franky1]

here goes

instead of needing a main bank account for business B and then having to pay out funds when requested by each department. and needing auditors to check the validity. and needing teams of staff communicate to ensure 2 decision makers dont both pay the same department(mistakes).. blockchains can help

1.imagine the company has $1m cashflow in its account. and say an R&D gets 10%. instead of handing out $100k and then need auditors to check that the R&D are using the funds wisely or check the department are not then later asking the saturday 'intern/temp" staff to wire more under a ruse that there was a mistake in getting $100k (thus R&D now get $200k). a blockchain can be used as the funds request/auditor and fund spending monitor system all in one.

imagine having a altcoin of 1m coins. the company can hand out the coins to departments. and then the departments then can 'claim' fiat using the coins given. where by a note is added to the transaction at exchange to show the purpose.

now each department can easily request funds without needing human decision makers(cost reduction: less staff)
(each quarter the R&D gets an automatic 100k coins tx sent to them)

now each department no longer has access to the main companies account (better security: less syphoning funds)
(R&D will not get $200k because its easier to spot that it already received 100k coin. and at exchange for fiat will also pick up if they are suddenly trying to get $200k where they should only have $100k)

now each department can easily show spending without needing human auditors(cost reduction: less staff)
(R&D at exchange 'spend' 2k coins with a note 'Jeff's monthly salary account xxxxxx bank branch yyyyy')

now the coins can be smart contracted needing 3 people to sign off on transactions, without needing to involve banks to set up special bank access stuff

the company can see exactly where funds went because they can trace transactions of a blockchain. where a department got 100k coins and how those 100k then moved around in the company

blockchains are in simple terms a relationship database. but made in such a way that no individual can just edit the data as their copy of the data is only editing their copy as there is no master copy.
the company has multiple copies which can all independently check that they are all holding the same data. and flag up any instances of malicious edits, knowing which department is editing it.

[dikiz]

You think that blockchain remove the need of auditors?
I don't know in other countries, but in mine it is a legal obligation: accounts have to be audited and certified

[Johnzky]

In general, if you can do something without a blockchain, you should do it without a blockchain.

Why?

Why would you use any "innovation" if you don't know what it can improve in your business?

If anything, they can start accepting Bitcoin for energy payments, but not many people will use it.

Yeah right,it dependson what region you are to use this for some kind of transactions like in my country our electric company provider accept bitcoin as a payments

And another right about the word INNOVATION since its hard to make trial and error when you are talking about company,better your boss learn it from himself,let him enter this forum and study the crypto world

[dikiz]

In general, if you can do something without a blockchain, you should do it without a blockchain.

Why?

Why would you use any "innovation" if you don't know what it can improve in your business?

If anything, they can start accepting Bitcoin for energy payments, but not many people will use it.

Yeah right,it dependson what region you are to use this for some kind of transactions like in my country our electric company provider accept bitcoin as a payments

And another right about the word INNOVATION since its hard to make trial and error when you are talking about company,better your boss learn it from himself,let him enter this forum and study the crypto world

As I said previously, he's never going to do that. Not the role of a Head of IT

[Andruha1993]

I think he needs experienced crypto-consultants who can explain to him what the blockchain is and how it works. And then, as your boss will represent what the blockchain is, it will already make a decision whether to introduce this innovation or not.

[samcrypto]

I’m not an expert in blockchain technology but I believe this technology is really meant to help businesses. Just like the coin XRP where a lot of banks adopted that technology and use it in their business, now they are having a good run with it and for sure many big companie will follow. Its good for your boss to look for a crypto company that is base on your place, its more safe to deal with the experts than to anyone.

[dikiz]

I am sure that today every businessman should know how to use crypto as it will help to manage company using blockchain

How?