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 execute transactions in cryptocurrency. The project presentation was held on Tuesday at the block show conference in Berlin, Germany.
As reported by chronoBank, LaborX is set to transform the hiring industry with its intuitive design and integration with Chrono mint, the startup’s multi-coin wallet and TimeX, the company’s decentralized exchange.
The platform rotates around smart contracts, a fair reputation system, and a token marketplace. These key elements will make sure that potential remote employees can manage their hourly rates and receive timely payments. Also, the platform has an attractive fee of only 1% which isn’t common 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, block chain-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 enforced 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
Labor’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 represents a great opportunity for blockchain and cryptocurrency buffers and experts to find their dream job. Last year, Freelancer.com announced that Bitcoin-related jobs rose 82% in the third quarter of 2017.