Blockchain-based HR and recruitment startup ChronoBank gave a presentation on LaborX, a job platform that leverages the distributed ledger technology (DLT) to help companies and job hunters carry out transactions in cryptocurrency. The project presentation was held on Tuesday at the BlockShow conference in Berlin, Germany.
According to ChronoBank, LaborX is poised to transform the hiring industry with its intuitive design and integration with ChronoMint, the startup’s multi-coin wallet, and TimeX, the company’s decentralized exchange.
The platform revolves around smart contracts, a fair reputation system, and a token marketplace. These key elements will ensure that potential remote employees can manage their hourly rates and receive timely payments. Also, the platform has an attractive fee of only 1%, which is highly unusual compared to the fees required by established online recruitment services. Some freelance job services charge a fifth of the total payment.
Sergei Sergienko, ChronoBank CEO, commented on the new product:
“Over the last 12 months, our team of industry veterans set out to create the world’s most complete, blockchain-powered HR ecosystem.”
“LaborX is a key part of that promise. It has all the advantages of blockchain technology, but can be used by anyone, regardless of technical expertise. We project 1,000 companies and 100,000 users will sign up for LaborX by year's end, saving them approximately $45 million per month,” he added.
LaborX is already applied by companies like DGTek and Edway Training among others.
Here are some of the features that the hiring platform provides:
- Low fees, which are fixed at 1% on all hires.
- An in-house reputation system that considers multiple factors and cannot be manipulated by any entity.
- The platform tokenizes the working hours, helping freelancers decide their rates and volume.
- LaborX allows employers pay in cryptocurrency.
- The platform will leverage smart contract features to ensure employees are paid on time
- LaborX’s built-in exchange and wallet will allow all users to trade their cryptocurrency in-house.
- Payments will be offered in stable LH token to avoid volatility.
LaborX will represent a great chance for blockchain and cryptocurrency enthusiasts and experts to find their dream job. Last year, Freelancer.com reported that Bitcoin-related jobs rose 82% in the third quarter of 2017.
This article appeared first on Cryptovest
