Labor, whether it is white collared or blue collared is measured in terms of man-hours. However, the remuneration for employees in most of the cases is offered in fiat currency. The increasing popularity of cryptocurrencies, especially Bitcoin has opened up another mode of value transfer.
ChronoBank, the Australian cryptocurrency platform has now created a decentralized global recruitment network powered by time-based cryptocurrency. The platform, created by experts in the cryptocurrency and recruitment industry, is targeted towards short-term and freelance recruitment industry. Harnessing the power of blockchain technology with the expertise of Edway Group Limited – which also happens to be one of the co-founders -ChronoBank disrupts the short-term recruitment industry just like the way Uber did to taxi business and Upwork to freelancing.
The candidates’ profiles on ChronoBank is as good as having verified resumes on the blockchain. With relevant qualification and experience stored on the distributed ledger, users can’t fake their profiles for different employers. Also, each profile receives a reputation score that increases based on their performance. The reputation score plays an important part in the decision-making process of the potential employers as they can choose the right candidate to meet their requirements.
Time is money, and the time spent by the employee is represented by Labor Hour cryptocurrency. Based on the negotiated price, more time the employee puts into work, better he gets paid. The quality of work will reflect on the candidate’s profile as reputation score. The underlying distributed ledger ensures fairness for both the parties. The potential to include smart contracts and timekeeping mechanism offers a huge room for complete automation of ChronoBank platform for the short-term recruitment industry.
After the completion of work, when the question of payment arises, Labor Hour tokens make life much easier for both employees and employers by drastically reducing the time and cost of fund transfer. Moreover, the value of Labor Hour cryptocurrency is pegged to multiple fiat currencies, eliminating volatility like in the case of Bitcoin. The stable nature of Labor Hour tokens is an added advantage for the employees as they don’t have to worry about their hard-earned money losing its value due to market conditions.
ChronoBank is creating a perfect combination of conventional freelancing/short term recruitment platform and distributed ledger technology. It is just a matter of time before the industry starts witnessing the widespread adoption of revolutionary ChronoBank’s solutions.