Detreman

Decentralized Treasury Management

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Inspiration

Distributed Treasury Management (DTM)- Detreman

Today, cryptocurrencies are frequently discussed in the context of large investments – and the ensuing controversies – made by individuals such as Elon Musk. But bringing them back down to earth, and into the realm of corporate treasury, raises the question of how such a volatile currency fits with the risk-averse nature of corporate financial specialists.

Because crypto is a whole new manner of 'doing' business, it very likely necessitates a new way of 'thinking' about money. Without a doubt, the concept of cryptocurrency, and in particular the broader concept of blockchain-based decentralised finance, is fascinating (DeFi).

Alternative investments, such as Crypto Currency, are gaining popularity as a way to diversify a portfolio.

With DeFi and digital money enabling financial inclusion for the world's unbanked, and super-apps potentially eliminating demand for traditional bank accounts, treasury management for cryptos is becoming increasingly crucial.

The bottom line is that treasurers must adapt as the world of money and financial instruments becomes increasingly digitalized.

Bringing Distributed Treasury Management Platform - dApp for treasury functions of organizations supported by Filecoin based on Filecoin protocol with the above basis.

What it does

Key features include – State of the art User experience supporting multi channels and platforms (Web, mobility) Cash flows, Payroll management, Transaction activities Signup and login functionality

  • Integration to Filecoin supported wallet – Metamask and more Support capabilities for an individual, Company or DAO dApp Dashboard to show Name of account holder, total in and out data, recent transactions, notification activity Assets – Listing of all assets – supports multiple coins through Filecoin One Click Payments to people (individual or team) Add Team and people underneath each team to structure the payments (import through CSV) Transfer – Choose the from currency , select the team (select individual with in as needed), mass payment in single experience in different currency Multisig capability to have more than 1 approver for transfer Chatbot support – Help and Customer service automated through bot capability Transactions in Batch so as to save gas fees on transfers Configurations – to have new owners to be edited in platform on regulatory checks Support to switch between mainnets to support multiple networks over Filecoin.

Corporate treasurers are interested in activities all around the world. Organizations have indicated interest in cryptocurrencies as a speculative form of collection, a possible experiment for their foundations, and even as a way to dispose of excess funds.

I am confident that this platform will inspire new ideas in payment infrastructure, processing, and accounting, as well as its growing popularity as a store of value.

Rather than using the agent model, an escrow account is used, in which a trusted third-party retains deposits on behalf of the organization. When a client or customer pays the firm in bitcoin, the agent collects the funds and holds the private key on behalf of the company. The organization can either keep the cryptocurrency with the third party or request that it be converted to USD or another fiat money before being sent to a bank account. They have the option of leaving the crypto position in the agent's hands or requesting that the agent convert the crypto to USD or another fiat currency and then transfer the monies to a specified bank account.

The Detreman DApp enables a direct paradigm in which a corporation owns and controls its own private keys. They act as a direct participant with their own wallet, accepting cryptocurrency straight from the sender. A remitter can be a person, a wallet provider, an exchange, or the remitter's custodian. This strategy necessitates some accounting and treasury knowledge, especially if the corporation has elected to hold crypto on its balance sheet. The receiving entity usually does not convert the cryptocurrency to fiat currency. Instead, the corporation uses the private key as a crypto bearer instrument.

With Detreman one can represent an invoice as an NFT in the filecoin in such a way that you can prove that you own this invoice. Therefore, the invoice becomes a tradable asset, which is a game-changer for activities such as trade finance, supply chain finance. The NFT can carry a smart contract describing the terms and conditions of the invoice. In trade finance, you have a lot of conditions to trigger payments, such as the shipment of the goods and passing the border.

In today’s world, trade finance often lacks transparency and efficiency. Powered by filecoin, detreman addresses some pain points, which offers transparency, speed and increased efficiency in the financing process. With all the documentation and invoices accessible in a single place, we can have real-time review, such as anti money-laundering, and quicker access to financing, which could also be done through a decentralised financing platform.

All the static HTML pages are hosted on IPFS along with the images used in Detreman app.

How we built it

Outsystems Low code platform, nodejs, java script

Challenges we ran into

Cross chain and currency support

Accomplishments that we're proud of

With the help of Filecoin, treasury function users will have a next-generation user experience.

Another hot topic that may be deterring potential treasury investors is the current state of environmental, social, and governance (ESG) concerns surrounding certain cryptocurrencies. Many people are concerned about the recent issue around electricity use and cryptocurrency mining. The Filecoin blockchain uses proof of stake to validate new tokens, which is a considerably less energy-intensive protocol structure than the standard proof of work used by other major cryptocurrencies.

What we learned

Learned how to integrate other systems with a decentralized blockchain application. Tokens, NFTs, and smart contracts have all been mastered.

What's next for DeTreMan

Beyond established use cases, blockchain's impact on the future of work is rising. Industry experts speak on the gig economy market place on the future of voice and how the Detreman could be connected with conversational AI in order to grow the platform.

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