The blockchain platform utilizing time-based cryptocurrency for short-term labor hire market, ChronoBank is soon launching its LaborX crypto-exchange. The platform, backed by Australia’s leading labor hire company Edway Group Limited is set to disrupt the recruitment sector the same way as Uber and UpWork did for taxi and freelancing services respectively.
The ChronoBank blockchain initiative creates decentralized mechanisms for the employers to access and rank prospective employees. The solution offered by ChronoBank eliminates the role of intermediaries in recruitment industry who usually charge huge fees to introduce suitable employees to businesses seeking to fill vacancies.
While such practice has become a norm in long-term appointments, it becomes prohibitively expensive for contract and freelance work. With LaborX exchange, employers can directly hire workforce without having to go through all the usual hassles which have currently become the industry standard.
LaborX exchange is built on Ethereum smart contracts platform, enabling workers and businesses to connect on a peer-to-peer basis. The inbuilt decentralized reputation system on LaborX will allow employees to get rewarded in line with their talent and experience instead of a one-size-fits-all approach.
ChronoBank and Smart Contracts
The LaborX exchange is built on Ethereum’s ground-breaking smart contracts capabilities. The ChronoBank team has already completed a significant portion of the critical work on LaborX even before the completion of the platform’s 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 needs to be transferred in fiat equivalents and switch between different currencies.
ChronoBank platform has entered the second month of its ICO offering, successfully raising around 1200 BTCs alongside 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. Interested investors can still take part in the ICO currently available on the platform’s website.
ChronoBank is an ambitious and wide-ranging blockchain project aimed at disrupting the HR/recruitment/finance industries in a way similar to that of Uber in taxi business and UpWork in freelancing. The project has Edway Group Ltd, a leading Australian industrial training, and labor supply company as one of its founders.
Learn more about ChronoBank at – https://chronobank.io
ChronoBank on YouTube – https://www.youtube.com/channel/UCTo65YisnLqmbDcCoWyktnQ
Learn more about Edway Group Ltd here – http://edwaygroup.com.au