The informal employment sector is full of options but lacks standardization. Recruiters have a tough time filtering through hundreds of profiles on various social network and freelance platforms, while looking for a short-term hire. At the same time, candidates have to compete with thousands of peers, irrespective of their experience; not to mention the hefty fees charged from both the employers and candidates by these platforms.
ChronoBank, a blockchain-based platform is on its way to revolutionizing the industry by creating a new standard. The platform intends to disrupt the short-term recruitment industry, just the way Uber did to taxi services and Upwork for freelancing (to an extent). The ChronoBank platform, powered by Labor Hour time-based cryptocurrency, promises to offer a secure, transparent platform to facilitate the recruitment process for various projects and companies but also makes payments much simpler and cost-effective.
The ChronoBank platform democratizes the short term hiring industry by offering a leveled playing field where the credentials of all the candidates are verified and assigned with reputation score. The reputation score automatically builds up as they execute projects for their employers satisfactorily. At the same time, the reputation score will be helpful for the employers to identify the right candidate for their job, based on experience levels and charges.
When it comes to hiring freelancers across geographic borders, the employees are left with few payment options. They have to either opt for traditional wire transfer, use PayPal or Bitcoin. International wire transfer takes anywhere between a couple of days to weeks and includes foreign exchange conversion fees. Even though money transfer is much faster with PayPal, the platform charges a hefty transaction fees and the quality of service varies from region to region. The Bitcoin option has so far been the most efficient method, albeit adoption and volatility issues.
ChronoBank offers a “fix-all” solution for these issues with its Labor Hour tokens. For starters, Labor Hour is a stable cryptocurrency pegged to the value of multiple major fiat currencies namely, US dollar, Australian dollar, UK pound sterling and the euro. It is a multi-blockchain cryptocurrency with all the capabilities of Bitcoin and much more; supported by Ethereum, NEM and Waves platforms. Employers can transfer funds in Labor Hour tokens to freelancers and short-term hires no matter in which part of the world they are, without worrying about the transaction costs. Recipients of Labor Hour tokens can either choose to spend it through their Labor Hour powered debit cards on any online payment gateway, PoSterminal or withdraw in fiat over any ATM. Labor Hour can also be exchanged to other cryptocurrencies over LaborX exchange platform.
As the development of ChronoBank platform continues, the team is organizing an ICO to raise funds for further development and marketing. This December, investors interested in being part of the new, revolutionary platform can buy Time tokens during the crowd sale and reap various benefits.