QBT to tokenize the corporate management system

QIWI Blockchain Technologies will enable its employees to manage the company by emitting digital tokens tied to its profit. Thus, all internal stakeholders of QBT projects will partake in managing key corporate projects, as well as in receiving rewards. With no Russian analogues, the Token Management project will become a full-fledged HR Tech product available for foreign markets.

When will the project go live? The program is expected to go live in Q3-Q4 2018. Only several dozen employees will get the first coins; however, this number will grow.

What kind of token is that? The ERC-721 based token will be built on the Masterchain platform launched by a group of banks and companies, including QIWI, around one year ago. QTB will allocate up to 50 percent of the net profit for the rewards program, with each token being worth around 0.001 percent of the net profit.

How will the reward program work? To decide how to distribute the reward tokens, a second token will be issued to assign voting rights. These voting tokens will be granted to heads of each department depending on the weight of their sector in the company. Then the chiefs will decide who gets the rewards. In the future, all company employees will be able to receive the second token and partake in key managerial decisions like hiring, firing, or rewarding the best co-workers with tokens. Although the tokens are not cashable at the moment (the company does not exclude this possibility in the future), the tokens can be exchanged for corporate bonuses.

Why is the project unique? Konstantine Koltsov, Director for Corporate Relations at QIWI and QBT Partner, said that the program would be more efficient than the KPI-based evaluation models exploited now by many corporations. Token Management is the first project of its kind in the Russian market. QBT plans to patent its program as a fully-fledged token management system and market it as a corporate management product.