Blockchains are secured continuously growing a list of Blocks. These blocks are made up of records which are then linked using cryptography. Blockchains are typically managed by a peer to peer network if used as a distributed ledger.
Once data has been recorded in any given block, that data can no longer be modified or altered without alteration of all the subsequent blocks. This means that by design, blockchains are inherently resistant to modification of data. Every new block also has to be validated.
Blockchain technology has been applied in a lot of fields like Identity Management, Provenance, Food traceability, records management, etc. A notable example is in Bitcoin where it serves as the public ledger for all the transactions.
Now Chronobank.io, a platform designed by professionals with great experience in the recruitment industry aims to use this Blockchain technology to change the current face of Short-term recruitment.
Conceived in 2016, LaborX is the second part of the Chronobank project. It is scheduled to launch in the first quarter of this year and will enable Employers and Employees to connect on a peer to peer basis.
Using LaborX, employers and businesses can buy labor directly. It will also have a decentralized reputation which will allow workers to be “rewarded in line” with their talent and experience. Employees will be able to access jobs from any part of the world round the clock including nights and weekends.
What's In It For Employees?
As has been already stated, jobs will be posted on the platform by companies and employers, and job seekers can find them from anywhere in the world at all times. Every hiring system will be fair, as newcomers will first receive a neutral rating which is subject to feedback from the employers.
The more positive ratings you get, the better your access to higher paying jobs. Bad ratings lower your chances, and you will only receive offers from low paying jobs. There is also no fear of delayed payment, as the payments will have already been put down as part of the registration terms set to the Employers. They can even be processed to deliver on a time basis, i.e., Per-second or Per-hour if you wish.
What's In It For Employers?
With a platform such as this, as an employer, you can sure that your jobs will be handle by the most qualified and competent people to handle them. The rating systems will ensure that they are experienced, tested and found capable of doing the job. It is also quite cost-effective compared to other traditional hiring means because the commission fees are just 1% of the jobs overall pay.
In conclusion, LaborX is a great way for anyone to work, get paid and engage in the trade of resources and time. It can be likened to other high tech revolutions like Uber in the way that it will connect employers and employees directly and efficiently. Let's not also forget that all this will take place from a simple to understand and use application which can be installed on any device. This Great Innovation from Chronobank is one to look forward to.