The cryptocurrency revolution has made contact with the recruitment industry! Thanks to ChronoBank, the Australian cryptocurrency startup, companies and businesses from across the world will soon be able to access a huge talent pool of candidates. The time-based, multi-blockchain cryptocurrency platform is working on disrupting the recruitment sector with its solution for freelancing and short term recruitments.
The blockchain solution combined with its time-based cryptocurrency – Labor Hour is developed in association with one of the leading names in the recruitment industry, Edway Group Limited; the platform brings in over 100 years of experience in the industry to change the way people find work, and are rewarded for their labor. Chronobank’s model is ideal for the present day scenario where the requirement for both physical as well as high skilled work is increasingly being filled by individuals — either as part-time or freelance employees. The deviation from full-time employees to short-term ones is brought about by the increasing versatility of the organizations’ needs. Also, the costs involved in maintaining a full-time workforce is much higher than opting for short-term and remote hiring.
With the manpower distributed across the world, finding candidates with the right skill set and experience is hard. ChronoBank solves this problem by allowing individuals to create their profiles on the platform, which will be verified and then assigned a reputation score. The reputation score increases with successful projects, making it easier for the employers to pick the perfect candidate for the right price.
At the same time, the Labor Hour tokens, the currency of ChronoBank platform is a representation of the man-hours spent by the employees. Being a cryptocurrency, it inherits some of the properties of Bitcoin which makes it universal and can be sent to anyone located virtually anywhere in the world within minutes. Using the LH tokens as the mode of payment, employers can instantly pay the employees, irrespective of their geographical location without worrying about the transaction costs and delays. These tokens can be exchanged to other cryptocurrencies or fiat currency of the receiver’s choice on LaborXexchange platform. It can also be directly spent through the LH debit cards at any PoS terminal or online payment platforms.
ChronoBank is soon launching an ICO to raise the necessary funds for the completion of the project. Investors can buy into ChronoBank by buying LH tokens during the upcoming pre-sale. The complete roadmap of the project is available on the platform’s website.