In the event of a service failure, be it an online downtime, a power outage, or a flight delay, customers are often entitled to financial compensation from their service provider, thanks to a Service Level Agreement or SLA.
As highly competitive markets have a strong commercial incentive to use SLAs to acquire and retain customers, the existence of SLAs remains largely unknown, their terms and policies are often misunderstood, and even the savviest SLA policyholders struggle to reap their benefits.
Over the past 30 years of adoption in the Telecom industry, the sheer complexity of documenting, tracking and enforcing service commitments using SLAs has turned the framework into an elitist Governance tool for well-educated practitioners, often Big Tech and Fortune 500 companies.
It is easy to see how, as a legal answer to an engineering issue, the framework has been failing to fully enable service commitments to live up to customer expectations. Especially for individuals, and small businesses.
Fortunately, Stacktical, an IT Service Management and Governance startup from Paris, has a solution to better balance the downtime risk that customers are willing to bear, with the up-time and compensation capabilities of service providers.
Their newly released platform enables service providers to effortlessly turn SLAs into smart contracts on the blockchain, track the up-time of contracted services and automatically execute downtime compensation scenarios when agreed up-time levels are not met.
The DSLA Network is already compatible with any publicly reachable online service and operates on the
The team plans on enabling DSLA service credits in reward scenarios soon. They’re designed to boost employee morale and incentivize service level objectives.
Ultimately, customers and employees will be able to use their DSLA compensations and rewards to redeem service collectibles and company perks, courtesy of partnering providers.
Stacktical is hoping that by increasing the transparency and by automating the enforcement of SLAs, they will enable a wider range of individuals and business customers to reap their benefits, while also helping providers drive better Quality of Service and business results with the framework.
Wilhem Pujar, CEO and co-founder of Stacktical said,
“Recent studies have shown that a 5% increase in customer retention can increase profit by up to 100%. In the near future, beating your competition as a service provider will be more about service governance, than ad spendings.”
Stacktical has recently partnered with the XYO geospatial data network to introduce location-aware SLA to airports, airlines and other travel service providers.
In their press release, the company shares its ambition to tackle the 30 billion dollars yearly cost of flight delays and provide consumers with a better alternative than the existing European EC 261 Flight Compensation Regulation.
Recently, Stacktical has partnered with the p2pb2b cryptocurrency exchange to offer up-time, deposit and withdrawal delay guarantees to retail traders and institutional clients.
Interestingly, the DSLA token is also available for trading on the P2PB2B exchange, which demonstrates the team’s ability to be innovative in their partner pipeline development strategy.
Circle CEO draws YouTube-associated analogy to tackle cryptocurrency issues
The World Economic Forum in Davos, Switzerland is underway right now and some of the most prominent personalities in the world would be gathering at the event over the next three days, including many from the digital assets industry.
Jeremy Allaire, Co-Founder of Circle, is one of them, with Allaire taking the podium on the first day to discuss the issues facing cryptocurrencies within the wider financial ecosystem.
Speaking at a session with the agenda ‘Shaping the Future of Financial and Monetary Systems,’ the CEO of Circle stated that it is key that we think about the introduction of ‘digital disruption on an arc,’ and understand the current economic standpoint, while assessing the challenges. He said,
“For the financial system, we are at an inflection point and moving from the periphery to the core. [For example] moving away from the likes of just ‘making access better’ to finally visiting the core of the financial systems — such as the nature of
To drive his argument further, Allaire stated that the current situation can be assisted by the growth of cryptocurrencies, specifically highlighting sectors such as blockchain, cryptos, and stable value currency i.e stablecoins.
However, over the years, regulations and policies have posed hurdles to the rapid growth of digital assets. Allaire used an interesting analogy associated with video sharing platform, YouTube, to bolster his point, while also talking about the larger media and communications sector.
Raising the fact that people can communicate freely all over the world today, without any intervention, Allaire pointed out that there is no chance people around the world would go back to restricted access. He said,
“We have open communications but we also accept the fact that terrorists can recruit people on YouTube. We’re not saying shut down YouTube.”
While Allaire conceded that the communications landscape is different than the financial system, he stated that he believes that the solutions that solved the communications risk issues needed to be re-visited.
BlockFi CEO Predicts BTC To Be Much Higher In Value By Years End
- The bitcoin halving is one of the most important events to look forward to in 2020.
- Zac Prince commented on how the crypto market is going to be unravelled over the course of 2020.
The bitcoin halving is one of the most important events to look forward to in 2020. Investors and traders from everywhere in the space have got high expectations from this event and believe the price of bitcoin will see a massive recovery. There even some commentators who have made the prediction that it will break its previous all-time high on of $20k at the end of 2017 off the back of this event. But with the hype so big, there are some traders who think Bitcoin won’t be able to live up to the hype train, this is especially likely given the key factor of the last halving was missing the presence of the Futures market.
CEO of BlockFi, Zac Prince commented on how the crypto market is going to be unravelled over the course of 2020. Speaking
“So the CME recently launched options trading, fidelity is adding new features and functionality to their custodial platform. I think we’ll see a trend of other traditional institutional players building products for the crypto market this year.”
There are several exciting things happening to the industry too according to Prince. He says that traditional Fintech firms in the United States are adding support for crypto on their platforms is a very good thing and that crypto is being integrated with “traditional rewards constructs.”
“I think that those use cases are really exciting, really compelling from a consumer value proposition perspective and they’ll help to create this kind of constant buying pressure on the market, which will be one of the driving factors in the price performance, which I expect to be really great.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Watch Civic’s CEO Talk About His New Cross-Border Payment System
Civic’s Vinny Lingham joined us at the Digital Money Forum last week to talk about his new money transfer platform – a worldwide system that holds no funds but instead connects multiple money services businesses (MSBs) in a global network.
The product, called Civic Wallet, will let users carry cryptocurrencies and fiat currency on their own devices and uses Civic’s facial recognition systems to secure the system. Because Civic holds none of the keys or currencies, the clients and MSB endpoints will use the wallet as a sort of piping. Lingham said his product uses Civic’s Secure Identity
Because it uses facial recognition there are no seed phrases and restoring your wallet is as simple as looking at your phone. “It’s literally using your face as the key as opposed to anything else, so I don’t need to remember any passwords,” he said.
Lingham demonstrated the app to us at CES 2020 last week. He expects it to launch this spring.
“The app is launching to our private list with over 100,000 people on it worldwide at the end of February. We’ll start sending on invites aggressively, and then the public launch is gonna be in March,” he said.