The process of moving data centers, applications, and other IT resources to the cloud is referred to as cloud migration. Cloud Computing is not a new concept and dates back to the 1950s when mainframes having superb compute capacity and storage ability were made available to multiple organizations that could access the mainframe's storage and computing ability.The practice arose because the organizations couldn't afford to have mainframes with superfast computing and storage. In the 1970s, IBM took this practice forward by launching operating systems called VMs (Virtual Machines) which could run on a single physical node. Then, there was no looking back. From the 1970s till date, cloud migration has jumped multiple times, with organizations getting multiple advantages.The Major Advantages of Cloud Migration? Scalability- You can scale up and down resources as per the demands? Cost-Effectiveness- With cloud migration, you shift from CAPEX to OPEX model of costs i... e you need not invest in creating an inventory of IT assets and components to meet current and future forecasted demands. Often the resources brought in anticipation of high traffic surge or increase in demand lies idle, creating the extra cost of depreciation of assets and vital hardware components after periods of time when they are no longer viable. With the pay-as-you-go model on the cloud, your cost goes down radically as you pay for only what you use.? Disaster recovery and backup- You can use cloud-based backup and recovery solutions that save your investment and time and leverage the cloud providers' state-of-the-art backup and recovery capabilities that organizations can seldom afford.? Task automation- Many orchestrations and automation of tasks like automatic updation in the cloud environment reduce the chances of errors and save time.<figure class="kg-card kg-image-card"><img src="file:///C:/Users/Rashmi/AppData/Local/Temp/msohtmlclip1/01/clip_image002.jpg" class="kg-image" alt="Top 11 Advantages of Cloud Computing in 2020 - CloudKatha" loading="lazy"></figure>These are the primary benefits. Though there are numerous others, let's not delve more profound into it as the primary focus is to know the process of cloud migration. The overview provided is to justify the organizations? migrating to the cloud.The entire process of cloud migration has been detailed out from scratch1. Planning For MigrationThere are various company-specific objectives for migrating to the cloud. The various use cases of migrating to the cloud can be? The urgent need to reduce IT costs as a supplement to cost-cutting for the entire organization? Improve the security of the organization IT assets? Induce agility in the process and speed up workflow? Improve productivity and availability of resources? Have better incident management? Accelerate the growth of the organizationAnd others?Generally, the proposal for migrating to cloud comes from the CTO or the CIO of the organization, after they have been apprised by different department and business units of challenges to be resolved. In most cases, CCOE teams are involved.2. Forming the CCOE (Cloud Centre of Excellence Team)The team should be built by drawing in stakeholders in cloud migration from different departments and teams. It should always have top management inclusions or people from leadership like the CTO, CIO, CFO, and VP, which would provide the team the authority for getting sponsorship. The other team members must be chosen from operations, infrastructure management, security management, and application management.Note: Most of the time, the CCOE leader tries to select versatile people in all areas of the cloud. That perfect team never exists, and the CCOE may go on hiring people with all the cloud skills. This bears a huge cost for the organization without assurance that these people would truly deliver for the company-specific uses cases. The best way is to select specialists in their domain and having the necessary cloud skills to implement the minimum necessary quality environments on the cloud. And in the process of migration and planning, selective cloud experts can be hired to train and upskill as and when required. During the selection of CCOE, try to pull together diverse professionals excelling in different domains so that you are assured of the best frameworks, guidelines of operation, and reference architectures that may be required. Define the team's responsibilities.Major functions of CCOE<figure class="kg-card kg-image-card"><img src="file:///C:/Users/Rashmi/AppData/Local/Temp/msohtmlclip1/01/clip_image004.jpg" class="kg-image" alt loading="lazy"></figure>( Reference image; It needs to be changed)The CCOE acts as a pivot for all activities pre, during, and post-migration. The team is responsible for? Onboarding of cloud providers? Framing the cloud computing policies? Selecting the technology and tool stack for reducing costs on cloud and governing in a better manner? Architect cloud solutions and ensure migration to the cloud successfully? Optimize the cost and risk aspects of cloud migration? Evaluate, assess, negotiate and select vendors who can deliver according to the company objectives? Ensure steady communication of all the cloud activities to stakeholdersNote: The CCOE shouldn't try to enforce all the cloud activities collectively in one go. Enforcing these activities means changes in workflow, and the person in the organization heading the workflow may resist such change. They may feel that they are being forced to make changes. So, it is essential to partner with the concerned department head or the person entrusted with the workflow and communicate how the changes would benefit the process. Make small, incremental changes at first and then slowly scale up the changes.3. RFP for vendorsOne of the significant functions during cloud migration is selecting the cloud vendor. For this, a proper RFP with all the essential questions that can address the concerns of the stakeholders and can meet the company objectives must be framed.<figure class="kg-card kg-image-card"><img src="file:///C:/Users/Rashmi/AppData/Local/Temp/msohtmlclip1/01/clip_image006.jpg" class="kg-image" alt loading="lazy"></figure>What is RFP for cloud vendors?The RFP for the cloud vendor is the request for proposal. This document enlists all the business requirements from the cloud vendor that would be required for cloud migration. For example, it may include questions like whether the vendor can make the cloud services compliant with necessary standards. The RFP is generally meant to check whether the cloud vendor can suffice all the company objectives of migration and operation on cloud.Specific questions that you can ask in the RPFDetailed Requirements? What if any capabilities do you have to provide Professional Services to build our Infrastructure in your Cloud? Is this offered directly or through a 3rd party and please provide details.? What capabilities do you have to provide Managed Services for our Infrastructure/Applications hosted in your Cloud? Is this offered direct or through a 3rd party and please provide details.? How would you help us mature our COE practice to keep up with your Cloud's changes / new features?? What Licensing, if any, I can bring along to optimize my cost running in your Cloud?? What integration capabilities do you provide to integrate with my existing on-prem IAM (AD) solution? Will I have to rewrite my security posture related to IAM? Or will we be able to reuse the existing? Explain.? Are there any additional network costs that you have outside of what would be considered dedicated links (e.g., direct connect, express route, inter-region)?? What capabilities do you have to help reduce our bubble cost in migrating to the cloud?? What Cloud Training Curriculum do you have available that could be utilized to train our staff with your technologies and possibly integrate with our training platform Cornerstone?? What if any credits can be applied to our corporate cloud account to help facilitate our migration and real-time training using your technologies?RFP Activities? Creating the RFP, taking stakeholders on board while framing the questions? Inform vendors that the RFP is being submitted? Issue the RFP with all the sets of questions and scale for ranking the answers? Provide a duration to the vendor to submit the proposal duly completed? Screen out the vendor's responses and shortlist vendors? Hold discussions, negotiations and others with the shortlisted candidate? Award the contract, set up the SLA, sign contracts4. Forming the Cloud Service Level Agreement<figure class="kg-card kg-image-card"><img src="file:///C:/Users/Rashmi/AppData/Local/Temp/msohtmlclip1/01/clip_image008.jpg" class="kg-image" alt="Figure 4 from SLA in cloud computing: Improving SLA&amp;#39;s life cycle applying six sigma | Semantic Scholar" loading="lazy"></figure>(Reference image- needs to be recreated)The SLA should contain? Statement of objectives (the purpose, goal and the objectives)? Information about the stakeholder's involved? Scope and phases of cloud services to be covered by the vendor? The specifications of the cloud services to be provided by the vendor? Performance metrics- both resource and composite metrics (Response Time, Downtime/uptime, resolution time) and KPIs? Compliance and security considerations? Penalties if any of the party breaches the contract? Supporting processes, exclusions, limitations? Responsibilities etc? Reporting processes, indemnification clauses etcFew examples of SLA which may help you outline your cloud provider SLA are provided below1. SLA by Aruba Cloud (<a href="https://www.arubacloud.com/documents/tc-files/en/3_servicelevelagreement.pdf">https://www.arubacloud.com/documents/tc-files/en/3_servicelevelagreement.pdf</a>)2. SLA CUIT Converged Infrastructure (<a href="https://docplayer.net/14472142-Service-level-agreement-cuit-converged-infrastructure-infrastructure-services-for-vm-hosting.html">https://docplayer.net/14472142-Service-level-agreement-cuit-converged-infrastructure-infrastructure-services-for-vm-hosting.html</a>)The Core Activities for MigrationOnce the SLA is mutually agreed upon, the cloud provider undertakes the following activities? It undertakes detailed audit of the IT infrastructure, including applications and its dependencies? Creates the list of VMs, applications and other assets to be migrated to cloud? Use proprietary tools and other technology solutions for orchestrating and automating the process.The entire cloud migration occurs in various stages? Deciding the objectives for migration (as has been discussed earlier)? Deciding the cloud migration strategyThe different cloud migration strategies that can be employed are? Rehosting (lift and shift)- It involves shifting your stack from on-premises to cloud.Consider lift and shift hosting when you need to move to the cloud quickly, when the complexity of migration is less, when your critical apps are already operating in the cloud and you have defined migration pathways? Replatforming- Replatforming involves making few modifications for cloud adjustment of applications. The application core architecture remains the same.? Repurchasing- It involves moving applications to new, cloud native product (ex: moving CRM to Salesforce)? Refactoring- It involves modifying or rebuilding your applications from scratch to leverage the cloud capabilities.? Retiring- While assessing your application portfolio for migrating to the cloud, you may identify some applications which are not viable for use on cloud. You retire such applications.Note: As a best practice, keep the dynamic data close to compute facility and the static data close to the user? Deciding the cloud model for migrationYou can either migrate to private cloud, public cloud, hybrid cloud or multi-cloud, depending on the requirements for migration.? Listing the VMs, applications or workloads to be migrated to cloud? ContainerizationA container is a software unit that packages up codes of the application and its dependencies. This package can run independently with all its dependencies. This OS level virtualization helps in distributed running of applications without deployment of the entire VM.For containerization? You need to have the source codes of the application from repository? Install the tools, employ configurations for communications across applications? Ensure that the command lines of the codes could run with all its essentials independentlyThe live migration process using containers<figure class="kg-card kg-image-card"><img src="file:///C:/Users/Rashmi/AppData/Local/Temp/msohtmlclip1/01/clip_image010.jpg" class="kg-image" alt loading="lazy"></figure>( The image needs to be recreated)Before live migration, the container is placed at the source node. After the migration, the container is placed at the destination node. To enable migration, the container is freezed at the source node by the platform locking up memories, systems, network connections and file systems. At the destination platform the container is unfreezed and the live state of container is restored.? Refactoring of applications to make them cloud nativeRefactoring requires deeper cloud skills. You can go in for many types of refactoring like(a) Complete Refactoring- Here 50% of the application codes are changed to have maximum cloud native leverage(b) Minimum Viable refactoring- It involves minimum changes in applications so that they are compatible for running on the cloud(c) Containerization refactoring- Here, the applications are made into containers with minimal modifications to improve portability that helps in cloud migration(d) Serverless refactoring- Here the applications are modified so that they can work excellent with the serverless systems on the cloud? Creating the cloud pilot project for migrationThis is the test project where few workloads are established on the cloud, which acts as a proof of concept. The execution of pilot project helps identify gaps and issues that can arise in migrating all the workloads. The candidate is selected for the pilot project based on the assessment of the application or system's usage of resources, connectivity, architecture's compatibility with cloud, topology and others. You build the foundation cloud for pilot project, test the selected candidate. The pilot workloads are then migrated and serve as representative use cases. Migration scripts are formed for automation of the process. The model is then verified economically against the entire application portfolio of the organization.? Executing the migration of workloadsHere the landing zone for the workloads are established, right sizing of instances are done, configuration set-ups are enabled for migration.<figure class="kg-card kg-image-card"><img src="file:///C:/Users/Rashmi/AppData/Local/Temp/msohtmlclip1/01/clip_image012.jpg" class="kg-image" alt="Tips for Implementing a Cloud Migration Strategy | Analytics8" loading="lazy"></figure>(Reference image- Needs to be recreated)? Testing, pre, during and post migrationTesting pre, during and post migration with a shift left approach helps to mitigate challenges before time and reduce cost and time involved in resolution solutions? Configurations set up and enablementAll the necessary configurations set up for network, storage, compute, monitoring and others must be done to ensure that your systems run at peak performance levels on clouds without any downtime or disruptions.? MonitoringNote: You shouldn't wait at add monitoring services until migration completes. Put in place a solution that can define the pre-migration baseline, provide insights during migration and post migration. The solution should be able to collect all log files of the cloud provider and dish out the vulnerabilities and threats proactively. This enables end to end operational visibility and eliminates conflict on missing of the KPIs. The monitoring solution's alerts and dashboards shall quickly identify and inform the issues before production

Abhishek Mitra

Cloud Migration; From Planning to Execution

Industry 4.0

Ultra-Precision, Super-Speed, Zero-Error Inspection; Cognitive Visual Inspection in Manufacturing

<div>Why Should Businesses Consider Using Cryptocurrency? Cryptocurrency is a rage these days with 36% of small and medium US businesses accepting Bitcoin for financial and other transactions. What can provide more validity for the usage of bitcoins given the fact that AT&amp;T, Burger King, Subway, KFC, Microsoft and Wikipedia are accepting them? Given the surge of acceptance of cryptocurrency in businesses worldwide, we can rightly say that by the next decade cryptocurrency may cover the entire globe.<o:p></o:p>Recently, the financial transaction giant Paypal started offering the option to their customer to pay and accept through cryptocurrency. If bitcoin becomes the standard for 377 million active users of Paypal, the demand for cryptocurrency may see a huge hike.<o:p></o:p>The demand for cryptocurrency can see a maximum surge in the markets globally if all the financial transaction companies use it as a standard of payment. Out of all the industries, cryptocurrency demand can rise maximum with the financial transactions sector accepting its usage. With two of the biggest payment making platform VISA and Mastercard accepting cryptocurrency for payment transactions, the demand is rapidly rolling up.<o:p></o:p>Let's delve a little deeper into why the cryptocurrency is being widely accepted by industries<h5 style="margin: 12pt 0cm;">1.&nbsp;&nbsp;&nbsp;&nbsp; Immutable nature of transactions</h5>Transaction data can't be forged when cryptocurrency is used. As every change in data is replicated as a change in different blocks and needs to be validated at multiple ends before the change is accepted, tampering with transactions is almost not possible.2.&nbsp;&nbsp;&nbsp;&nbsp; Increased ease of paymentsBitcoin users can conduct payment transactions from their mobile phones from anywhere in the world just by being connected to the internet. Moreover, the customers making payments need not furnish their personal information every time as in the case of debit/credit cards<h5 style="margin: 12pt 0cm;">3.&nbsp;&nbsp;&nbsp;&nbsp; Greater benefits for merchants and vendors</h5>It is a common scenario where merchants and customers conflict over fraudulent payment disputes. Payments are stuck in the pipeline of transactions creating a headache for merchants and vendors. Bitcoin payments are irreversible. So, the merchants can rest assured that they would get the payment of their products or services. There are no chargeback risks or chances of fraudulent payment disputes with bitcoin. This provides greater confidence to clients and customers and greater peace of mind for merchants. Just between the years 2019 and 2020, Bitcoin users increased by 13 million users, owing to the benefits of the cryptocurrency&nbsp;<h5 style="margin: 12pt 0cm;">4.&nbsp;&nbsp;&nbsp;&nbsp; Lower transaction fees</h5>Transaction fees are much lower with cryptocurrency than credit/ debit cards<o:p></o:p><h4 style="margin: 12pt 0cm;">How To Use Crypto For Your Organization?</h4><h5 style="margin: 12pt 0cm;">Forming the cryptocurrency advisory group</h5>Even before an organization inducts crypto in its operations, an advisory group consisting of members from different departments must be formed. The CFO can be the most likely team leader. The group must be tasked with finding out<o:p></o:p><h5 style="margin: 12pt 0cm;">The current state of payment transactions in the organization</h5>This would include time taken for making payments, payment deadlines missed, revenue sharing time, accuracy and transparency of financial transactions and the desired gains through acceptance of cryptocurrency (One needs to remember that cryptocurrency enables real-time payments with minimum company-client disputes, accurate and real-time revenue sharing for the organization).<o:p></o:p>The crypto advisory group needs to find out is how much the company would benefit from that. They also need to understand the level of crypto awareness and the level of crypto skills within the organisation. The group also needs to find out how much increase in liquidity and new capital can be attained using crypto through tokenized traditional investments.<o:p></o:p>The group must find answers to the following questions<ol><li>The level of crypto awareness and the skills training required for the adoption of crypto in the business</li><li>How the customer and employee experience will change with crypto payments being the mode of transactions</li><li>The orientation levels of crypto in the business- whether cryptocurrency would be just used for making portion or whole of payments (payment level orientation) or whether the company can hold them on their balance sheet i.e., making crypto the means of assets, capitals, expenditures and other transactions of the company (complete financial orientation)</li></ol><h4 style="margin: 12pt 0cm;">Important Elements Of The Crypto Roadmap For The Organisation</h4>Once the following questions are addressed the company needs to create a roadmap for crypto induction in the organizations. The crypto induction should not be done for the whole organisation in one go.<o:p></o:p>A portion of the payment transactions of the organization must be changed to cryptocurrency first. Then the outcome must be assessed on the parameters like<ul><li>Increase in transparency</li><li>Improvement in payment time</li><li>Improvement in customer satisfaction</li><li>Cost of training the employees in the process for usage of crypto</li><li>Reduction in payment disputes and conflicts</li><li>Improvement in control of the process head over the financial operation</li><li>Improvement in control of the finance department over the capital involved in the process</li><li>Volatility risks of the crypto and how it is affecting the transactions and the revenue (measured over a period of time)</li></ul>Once the payment transactions are assessed on these parameters, one can slowly induct cryptocurrency for entire payment transactions in the organization.<o:p></o:p><h4 style="margin: 12pt 0cm;">The Volatility Risks of Cryptocurrency</h4>It has been found over the past few years that changes in market sentiment are hugely affecting cryptocurrency value. So, organisations need to be prepared for this.<o:p></o:p><h5 style="margin: 12pt 0cm;">What Organisations Can Possibly Do To Offset The Loss From Cryptocurrency?</h5>Consider cryptocurrency more as stocks.<o:p></o:p>Keep an equal volume of cryptocurrency as involved in the financial transactions of the organization as your asset. At times, when crypto is nosediving (of course that shouldn't be the case), hold your assets and carry your transactions as normal even if that means paying more than what you had invested earlier. When the right times come and crypto is sky rising, sell those assets to negate any loss suffered. So, the organization shouldn't just be involved in using cryptocurrency for their payment transactions (for attaining transparency, greater control over company capital, real-time payments and others), but should also invest in keeping cryptocurrency as some of their assets.<o:p></o:p>Well, what this means is that crypto would be entering your balance book.<o:p></o:p>Complete financial orientation is strategically more viable than payment level crypto orientation of the organization<o:p></o:p>Before going into complete financial orientation, few questions need to be answered:</div><ol><li>Should the crypto be outsourced to a third party or should it be maintained by the company?</li><li>Does the treasury have the necessary knowledge to monitor and manage crypto payments?</li><li>Is the treasury in complete agreement before crypto is accepted?</li></ol><div> While inducting crypto as a new asset class, it must be assessed<o:p></o:p><ol><li>Whether the institutional investors in the company are ready to accept it as a legitimate new asset class</li><li>How it correlates to other assets of the organization measured in terms of asset price inflation, volatility and performance history</li><li>What are the valuation methods for this asset as compared to other assets?</li><li>What would be the proportion of this digital asset as compared to other assets so that the balance sheet looks good?</li><li>How the financial policy for this new asset class would be framed?</li><li>What are the other measures that need to be put in place before accepting crypto as a hew asset class?&nbsp;</li></ol><h4 style="margin: 12pt 0cm;">Choosing A Third-Party Vendor to Manage Your Crypto</h4>While choosing a third-party vendor to manage cryptocurrency transactions one must assess The vendor's security protocol and control over the entire process<o:p></o:p>Below, I have mentioned certain essentials that the vendors must enforce at all cost<ul><li>The digital asset must be spread in more than one digital wallet</li><li>Proper security protocols for private keys must be there</li><li>Hot and cold wallets must be used</li><li>All the cybersecurity regulations and policies must be strictly enforced</li><li>Vendor's pricing conversions must be reliable and accurate</li><li>The vendor's previous performance and due diligence must be excellent</li><li>Appropriate licensing and compliance</li></ul>&nbsp;<h4 style="margin: 12pt 0cm;">Creating The SLA With Your Vendor</h4>While creating the SLA with your vendor, you need to ensure that all the above points have been addressed at a minimum.</div>

Premium reporting on technology, startups, VC funding, and software from Techfastly tagged with blockchain. Read about trends and strategies for blockchain.

Blockchain

Cryptocurrency For Business

With two of the biggest payment-making platforms VISA and Mastercard accepting cryptocurrency for payment transactions, the demand is rapidly rolling up.

Why Should Businesses Consider Using Cryptocurrency?

Cryptocurrency is a rage these days with 36% of small and medium US businesses accepting Bitcoin for financial and other transactions. What can provide more validity for the usage of bitcoins given the fact that AT&amp;T, Subway, KFC, Burger King, Microsoft and Wikipedia are accepting them? Given the surge of acceptance of cryptocurrency in businesses worldwide, we can rightly say that by the next decade cryptocurrency may cover the entire globe.Recently, the financial transaction giant Paypal started offering the option to their customer to pay and accept through cryptocurrency. If bitcoin becomes the standard for 377 million active users of Paypal, the demand for cryptocurrency may see a huge hike.The demand for cryptocurrency can see a maximum surge in the markets globally if all the financial transaction companies use it as a standard of payment. Out of all the industries, cryptocurrency demand can rise maximum with the financial transactions sector accepting its usage. With two of the biggest payment-making platforms VISA and Mastercard accepting cryptocurrency for payment transactions, the demand is rapidly rolling up.Let's delve a little deeper into why cryptocurrency is being widely accepted by industries.<ul><li>Immutable nature of transactions</li></ul>Transaction data can't be forged when cryptocurrency is used. As every change in data is replicated as a change in different blocks and needs to be validated at multiple ends before the change is accepted, tampering with transactions is almost not possible.<ul><li>Increased ease of payments</li></ul>Bitcoin users can conduct payment transactions from their mobile phones from anywhere in the world just by being connected to the internet. Moreover, the customers making payments need not furnish their personal information every time as in the case of debit/credit cards.<ul><li>Greater benefits for merchants and vendors</li></ul>It is a common scenario where merchants and customers conflict over fraudulent payment disputes. Payments are stuck in the pipeline of transactions creating a headache for merchants and vendors. Bitcoin payments are irreversible. So, the merchants can rest assured that they would get the payment of their products or services. There are no chargeback risks or chances of fraudulent payment disputes with bitcoin. This provides greater confidence to clients and customers and greater peace of mind for merchants. Just between the years 2019 and 2020, Bitcoin users increased by 13 million users, owing to the benefits of the cryptocurrency.<ul><li>Lower transaction fees</li></ul>Transaction fees are much lower with cryptocurrency than credit/ debit cards.<h2 id="how-to-use-crypto-for-your-organization">How To Use Crypto For Your Organization?</h2><ul><li>Forming the cryptocurrency advisory group</li></ul>Even before an organization inducts crypto in its operations, an advisory group consisting of members from different departments must be formed. The CFO can be the most likely team leader. The group must be tasked with finding out<ul><li>The current state of payment transactions in the organization</li></ul>This would include time taken for making payments, payment deadlines missed, revenue sharing time, accuracy and transparency of financial transactions and the desired gains through acceptance of <a href="https://techfastly.com/all-about-cryptocurrencies/">cryptocurrency</a> (One needs to remember that cryptocurrency enables real-time payments with minimum company-client disputes, accurate and real-time revenue sharing for the organization).The crypto advisory group needs to find out is how much the company would benefit from that. They also need to understand the level of crypto awareness and the level of crypto skills within the organization. The group also needs to find out how much increase in liquidity and new capital can be attained using crypto through tokenized traditional investments.The group must find answers to the following questions? The level of crypto awareness and the skills training required for the adoption of crypto in the business? How the customer and employee experience will change with crypto payments being the mode of transactions? The orientation levels of crypto in the business- whether cryptocurrency would be just used for making portion or whole of payments ( payment level orientation) or whether the company can hold them on their balance sheet i..e making crypto the means of assets, capitals, expenditures and other transactions of the company ( complete financial orientation)<h2 id="important-elements-of-the-crypto-roadmap-for-the-organisation">Important Elements of the Crypto Roadmap For The Organisation</h2>Once the following questions are addressed the company needs to create a roadmap for crypto induction in the organizations. The crypto induction should not be done for the whole organization in one go.A portion of the payment transactions of the organization must be changed to cryptocurrency first. Then the outcome must be assessed on the parameters like? Increase in transparency? Improvement in payment time? Improvement in customer satisfaction? Cost of training the employees in the process for usage of crypto? Reduction in payment disputes and conflicts? Improvement in control of the process head over the financial operation? Improvement in control of the finance department over the capital involved in the process? Volatility risks of the crypto and how it is affecting the transactions and the revenue (measured over a period of time)Once the payment transactions are assessed on these parameters, one can slowly induct cryptocurrency for entire payment transactions in the organization.<h3 id="the-volatility-risks-of-cryptocurrency">The Volatility Risks of Cryptocurrency</h3>It has been found over the past few years that changes in market sentiment are hugely affecting cryptocurrency value. So, organizations need to be prepared for this.<h2 id="what-organisations-can-possibly-do-to-offset-the-loss-from-cryptocurrency">What Organisations Can Possibly Do To Offset The Loss From Cryptocurrency?</h2>Consider cryptocurrency more as stocks.Keep an equal volume of cryptocurrency as involved in the financial transactions of the organization as your asset. At times, when crypto is nosediving (of course that shouldn't be the case), hold your assets and carry your transactions as normal even if that means paying more than what you had invested earlier. When the right times come and crypto is sky rising, sell those assets to negate any loss suffered. So, the organization shouldn't just be involved in using cryptocurrency for their payment transactions (for attaining transparency, greater control over company capital, real-time payments and others), but should also invest in keeping cryptocurrency as some of their assets.Well, what this means is that crypto would be entering your balance book.Complete financial orientation is strategically more viable than payment level crypto orientation of the organizationBefore going into complete financial orientation, a few questions need to be answered? Should the crypto be outsourced to a third party or should it be maintained by the company?? Does the treasury have the necessary knowledge to monitor and manage crypto payments?? Is the treasury in complete agreement before crypto is accepted?? While inducting crypto as a new asset class, it must be assessed(a) Whether the institutional investors in the company are ready to accept it as a legitimate new asset class(b) How it correlates to other assets of the organization measured in terms of asset price inflation, volatility and performance history(c) What are the valuation methods for this asset as compared to other assets?(d) What would be the proportion of this digital asset as compared to other assets so that the balance sheet looks good?(e) How the financial policy for this new asset class would be framed?(f) What are the other measures that need to be put in place before accepting crypto as a hew asset class?<h2 id="choosing-a-third-party-vendor-to-manage-your-crypto">Choosing A Third-party Vendor To Manage Your Crypto</h2>While choosing a third-party vendor to manage cryptocurrency transactions one must assess? The vendor's security protocol and control over the entire processBelow, I have mentioned certain essentials that the vendors must enforce at all cost? The digital asset must be spread in more than one digital wallet? Proper security protocols for private keys must be there? Hot and cold wallets must be used? All the cybersecurity regulations and policies must be strictly enforced? Vendor's pricing conversions must be reliable and accurate? The vendor's previous performance and due diligence must be excellent? Appropriate licensing and compliance<h2 id="creating-the-sla-with-your-vendor">Creating the SLA with Your Vendor</h2>While creating the SLA with your vendor, you need to ensure that all the above points have been addressed at a minimum.Implementing cryptocurrency in your organization process is easy if you have the required crypto skills and know-how. The profit that can be attained by inducting cryptocurrency into your organization is immense. Be it international transfers, speedier processing of payments, maintaining the integrity of payments, cryptocurrency can bring a turnaround on the entire payment process of your organizations.What are you waiting for? Start priming your organization for using cryptocurrency today!

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