Blockchain revolution for the recruitment industry
A search for short-term contractors can be as frustrating and time-consuming as the search for a job. But not with ChronoBank.
Problems in the recruitment industry flow both ways. On one side, finding short-term workers is difficult for employers. They often pay high fees to middlemen to solve this problem. On the other hand, job seekers have no payment guarantee for their work. This is a source of stress and headache for all parties.
Tokenization of Time
The value of hourly work varies from country to country. ChronoBank determines a country's average hourly pay and releases Labour-Hour (LH) tokens of the same value. If the average hourly pay in the U.S. is $10, 1 LH token will be equal to that amount.
LaborX helps users trade their skills for pay, and helps jobs locate short-term workers for low fees (Just 1% of the final payment). No middlemen necessary.
The exchange has an integrated reputation system. This evaluates worker productivity and fair hiring. New workers have a neutral ranking. Reviews left by hiring companies determine the future score of each worker. A worker who does their job well will get good reviews. Thus, their ranking will grow.
Potential employers are most likely to hire well-rated workers. They will probably pay them a higher wage as well. Vice versa, a low ranking assures lesser payments and fewer job offers.
Smart contracts eliminate trust problems found in traditional agreements. Employers get access to the best workers and assure them pay for their work. Workers receive automatic payment for completed jobs. Thanks to smart contracts, the days of payment delays and unfair employers are over.
Who needs this and why
The exchange's target audience consists of large companies and governments. It also comprises workers from many different industries. These include cleaning, e-commerce, warehousing, construction, and, of course, freelancing. With LaborX, reaching an agreement without mediation is an easy task. In turn, this saves both time and money.
The otherbenefits of Labour-Hour tokens and LaborX:
- Tokenization turns worker time into a liquid asset. Holders of the token use it to maximize their profit.
- LH tokens are available via debit card.
- LH tokens are not volatile. The average wage of each participating country determines their value. This helps to make them inflation-proof.
ChronoBank launched in Australia in 2016. In less than a year, they raised over 5,400 BTC; worth around $5,400,000 at the time of their token sale. The sale ran from December 14th, 2016 to February 14th, 2017.
ChronoBank released a special token called TIME during their ICO. They created this security token as an instrument of investment. TIME owners will receive part of the company’s profit once LaborX launches. These tokens also give holders the right to take part in company governance. Token sale contributions are what made the project's development possible.
Labour-Hour is a utility token. Unlike TIME, it is an internal currency that has nothing to do with investments or fundraising.
LaborX will launch their exchange in 2018. We have prepared four regional LH tokens for local markets: LHAU (Australia), LHUS (USA), LHUK (UK), and LHEU (European Union).
In January 2018, the Estonian government signed an agreement with ChronoBank. They agreed to cooperate in the management of human resources
The Role of Ambisafe
Ambisafe supported Chronobank from their earliest days. We prepared their white paper and provided consultations before and during their token sale.
Ambisafe developed ChronoBank's fundraising platform and released their MVP. This helped their company test all of their financial instruments before launch. We also created their TIME tokens using our EToken as the basis. Our smart contracts distributed these tokens during the ICO, and ensured future payments for TIME holders. These payments are set to occur once LaborX launches.