An Australian startup has decided to offer blockchain based solution for the recruitment industry. The distributed ledger platform, ChronoBank is built around a time-based cryptocurrency, and is set to revolutionize the HR, recruitment, and financial industries. ChronoBank considers itself as an equivalent of Uber in taxi business and Upwork in freelancing when it comes to disruption of the recruitment industry.
Based on a well-known concept of time-based currencies, which has been in use for the past 200 years, the ChronoBank cryptocurrency solution is tailor-made to address the needs of short-term recruitment solutions: be it freelancers or contract workers in a company. The main goal behind the creation of ChronoBank is to ensure that people are properly and efficiently remunerated for their work. The cryptocurrency economy on the platform will be powered by its Labor Hour (LH) crypto-tokens, backed by real labor companies. These tokens are inflation proof with zero volatility.
In order to make blockchain based recruitment solutions mainstream, ChronoBank is currently invested in awareness campaigns. Through these campaigns, the platform will be educating people with the importance of time-based cryptocurrencies, their advantages over traditional time banking, and how it can benefit both the employees and employers when it comes to short-term employment.
“Over the coming month, we’ll be building awareness, not just around ChronoBank and its crowdfund but more broadly about the idea and advantages of time-based currencies. We want people to understand that we’re serious, we’re experienced in blockchain and the recruitment sectors, and we have the talent and backing to make this happen in a big way,” says the CEO, Alexander Rugaev.
ChronoBank is backed by some of the knowledgeable cryptocurrency experts and developers. With Edway Group Ltd as one of the founders, ChronoBank benefits from the expertise of a company which has been around for years catering to manpower and recruitment sector.
The awareness campaign will be followed by a crowdfund ICO, which is expected to go live sometime in December 2016. Preparing for the ICO, ChronoBank has already launched a new website with an option for the investors to pre-register for the crowdfunding campaign. Investors will be able to take part in the ICO over multiple blockchain platforms including Ethereum, Ethereum Classic, Waves, Lisk and of course, Bitcoin.