ChronoBank, a blockchain initiative backed by Australian labour hire company Edway, has announced it is to launch LaborX exchange, which is built on Ethereum’s smart contracts platform, to enable workers and businesses to connect on a peer-to-peer basis.
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Sergei Sergienko, who is both co-founder of Edway and CEO of ChronoBank, commented on the need for the venture: “The recruitment industry is broken, with intermediaries charging high fees to introduce suitable employees to businesses seeking to fill vacancies. Whilst this is generally accepted as the price of doing business for long-term appointments, it can be prohibitively expensive for contract or freelance work. Organisations can spend more time and money securing an employee than they do on the work itself.”
He explains that using LaborX, organisations can buy labor directly – in much the same way that Uber connects drivers with those looking for a taxi, or Upwork allows freelancers to access work directly. Moreover, LaborX will include a decentralised reputation system that will enable workers to be rewarded in line with their talent and experience, instead of on a one-size-fits-all basis.
Although ChronoBank’s crowdfund is still under way, the developers say a significant proportion of the critical work has already been completed. The rewards contract, which handles automatic payment of dividends for token-holders, has been created, as has the exchange contract that will allow trading between different token types on LaborX. It is also possible to view amounts of Labour Hour (LH) tokens to be transferred in fiat equivalents, and to switch between different currencies.
ChronoBank is now into the second month of its crowdfund, having already raised around 1,200 bitcoins as well as other cryptocurrencies.