ChronoBank is a wide-ranging blockchain project with the ambition to disrupt HR/recruitment/finance industries in a way similar to that of Uber in taxi business and UpWork in freelancing.
The blockchain platform utilizing time-based cryptocurrency for short-term labor hire market, ChronoBank, is introducing LaborX exchange to connect workers and businesses on a peer-to-peer basis.
The platform is backed by Australia’s leading labor hire company Edway Group Limited.
The ChronoBank blockchain initiative makes it possible for the employers to avoid the intermediaries when looking for prospective employees. It creates decentralized mechanisms for the employers to access and rank them. The initiative is especially useful in the case of freelance or contract work, where the intermediaries make the process prohibitively expensive.
LaborX exchange lets the employers directly hire workforce without having to go through all the usual hassles which have currently become the industry standard.
LaborX is based on Ethereum smart contracts platform, enabling workers and businesses to connect on a peer-to-peer basis. The employees get rewarded in accordance with their talent and experience rather than the one-size-fits-all approach as LaborX has an inbuilt decentralized reputation system.
A significant portion of the work on LaborX has already been completed even before the end of the ChronoBank crowd sale. The progress so far with LaborX exchange includes the development of rewards contract that handles automatic payment of dividends to token-holders and the exchange contract that allows trading between different token types.
The exchange contract code has already been implemented within the GUI of ChronoWallet, enabling users to view offered rates and execute quick and easy trades. It is also possible to see the number of Labour Hour (LH) tokens that need to be transferred in fiat equivalents and switch between different currencies.
The ChronoBank platform has certainly achieved most of what it had planned so far. It has also managed to successfully raise 1200 BTCs along with significant investment in other cryptocurrencies (LTC, ETH, ETC, WAVES, and NEM. The project has also received venture capital funding of $1.1 million from AXL Strategic Partners and backed by Edway, a major labor hire organization based in Australia.
ChronoBank has entered the second month of its ICO offering and interested investors can still take part in it on the platform’s website.
Source: Bitcoin PR Buzz
