When a CEO gets the blame for a company’s financial woes
- by admin
The company that built the internet has lost millions of dollars.
But the financial data that was built to help the company’s executives avoid losses was still valuable to the company, and a CEO’s ability to manage the data is what led to its demise.
In an interview with Business Insider, CEO Steve Jurvetson explained why that is, in a nutshell, how a CEO can lose control of a company and what he or she can do to prevent it from happening again.
We built this system of financial data into the internet that, in the past, we used to get the most out of the web, but it’s gone, so we’ve got to re-imagine it,” Jurvettson said.”
The first thing that we have to do is figure out how to make it as easy as possible to do business on a secure platform that is secure from hackers, where there is no third party.
“Jurvetsons point to the recent case of Uber, which was rocked by a breach of a massive amount of data after the company used its UberPOWER platform, which enables customers to make payments on their phones in exchange for access to their data.
Uber CEO Travis Kalanick, in turn, was accused of having failed to take the necessary steps to ensure that Uber data was secure.
A new approach to data protection in the tech industry could help companies survive a similar fate.
In the past few years, several startups have started to look at how they can create an even more secure way to store data on their platforms, like using blockchain, a blockchain-based network of computers and data that can be used to make smart contracts.
The idea is that companies could build smart contracts on top of the blockchain that allow them to transfer money from one person to another without the need for a third party.”
This technology could be very beneficial for companies that want to be able use the blockchain for transactions that can’t be done with traditional bank accounts, or for businesses that want a system that will not only allow them, but also their employees, to access their company’s data.”
It’s a way to transfer value from one entity to another entity.”
This technology could be very beneficial for companies that want to be able use the blockchain for transactions that can’t be done with traditional bank accounts, or for businesses that want a system that will not only allow them, but also their employees, to access their company’s data.
However, while the technology is already being used by a number of companies, it has yet to reach a wide audience.
In addition to the startup, Jurvestson’s company is also working on a new technology to manage data that is stored on third-party systems like cloud services and mobile devices.
“If we can take the data out of our own cloud infrastructure, we can actually be able get the data back into our own system,” he said.
“And that’s a huge advantage for us.”
Jurgvesons company, Data-Ops Labs, has already seen significant growth, with more than $100 million raised and a team of 100 people working on the product.
It is currently focused on creating the first version of a data analytics system that could be used by the tech community.
While the technology could become a huge revenue driver for a startup, it would likely have to be built on top the blockchain in order to get it to work, said Jurvestson.
“It’s going to be very, very, hard,” he added.
“But it’s a really cool technology.”
Follow Brian Anderson on Twitter: @BrianAndersonReuters
The company that built the internet has lost millions of dollars.But the financial data that was built to help the…
- Which of the big US financial companies can you get your hands on?
- What you need to know about APEX Financial’s new AMP-backed products
- Why you should be more invested in Haverdink
- Financial managers are more likely to take their own money
- How to Secure Financial Management Companies Without Going to Jail (PDF)