November 23, 2016

Smart IT Agreements

SMART IT AGREEMENTS

IT Financial Management Platform that enables transparent, real-time Accounting and Charging of IT Services using Smart Contracts technology, by implementing Smart Agreements between Service Providers and Consumers in a private blockchain, and provide Value-added Services to Contracting Parties

Mission:

Build an IT Financial Management Platform that enables transparent, real-time Accounting and Charging of IT Services using Smart Contracts technology, by implementing Smart Agreements between Service Providers and Consumers in a private blockchain, and provide Value-added Services to Contracting Parties.

Problem:

IT Financial Management is a set of processes to improve IT Services while Controlling costs. As services become more complex, ITFM has proven challenging. Many IT organizations a lack a clear view of their true Total Cost of Ownership (TCO) of IT Services, and how the actual Service Level achieved by the Provider are reflected in the charged services, making it s challenging keep realtime tracking of actual, detailed IT costs, vendor credits, and chargeback to business users, a high priority goal for the CIO and CFO.

Solution:

Using Smart Contracts technology to implement Smart Service Agreements between IT Service Providers (Internal or External/Managed) and their Services Consumers, each Service Request from the Consumer is recorded by the Smart Agreement, governed by the terms and conditions between the contracting parties, in addition to the specific SLA targets based on the Request. The Smart Agreement performs request cost based on actual Service Level Provided, including penalties to the provider if Service Level not Achieved. The Smart Agreement also performs Chargebacks to the requesting users, by paying for requested services from each users balance, using a virtual currency equal to the total value of the agreement, and allocated at the budgeting time for each user.