Blockchain-Powered HR Ecosystem LaborX Launches to Disrupt Global Hiring
Originally published on: CoinSpeaker
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May 24, 2018
ChronoBank, a cutting-edge global HR startup, announces the launch of LaborX, the first complete blockchain-based job platform in the world. A key part of ChronoBank’s HR ecosystem, LaborX gives job seekers and companies the tools they need to transact quickly, safely, and easily in crypto. With its sleek design and integrations with ChronoBank’s multi-currency wallet (ChronoMint) and decentralized exchange (TimeX), LaborX becomes one of the first blockchain apps ready today for mass adoption.
LaborX will immediately revolutionize hiring. Using an immutable reputation system, smart contracts, and a transparent token marketplace, job seekers will increase their hourly rate and avoid the payment delays and disputes that they’ve long suffered. Companies benefit from an exciting new talent pool of global workers, digital nomads, and crypto enthusiasts that they can trust without having to invest in expensive and slow screening systems. Both parties enjoy substantial cost savings: LaborX’s technology lets it charge only a 1% platform fee, compared to the 5-20% fees that other products today charge.
“Over the last 12 months, our team of industry veterans set out to create the world’s most complete, blockchain-powered HR ecosystem,” says Sergei Sergienko, ChronoBank CEO, “LaborX is a key part of that promise. It has all the advantages of blockchain technology, but can be used by anyone, regardless of technical expertise. We project 1,000 companies and 100,000 users will sign up for LaborX by year’s end, saving them approximately $45 million per month.”
LaborX is used today by established companies like Edway Training and DGTek with many more in the pipeline.
LaborX introduces many industry-first features like continuous payments, an immutable reputation system, and the ability to hire from groups that are traditionally unavailable, like digital nomads, crypto enthusiasts, and the unbanked.
- Much (much) lower platform fees. Because of blockchain efficiencies, LaborX only takes a 1% commission on all hires. Compare this to the 5-20% commissions other freelancer portals take.
- Through a proprietary reputation system that factors in dozens of candidate data points stored on an immutable ledger, companies can trust the candidates they hire. This saves them time and money on expensive and unreliable screening processes.
- LaborX tokenizes work hours, meaning you can sell your time at the best possible market rate and decide how many hours you wish to work every week, to create a perfect work-life balance.
- LaborX makes it easy for companies to pay job seekers in crypto, which opens up the hiring pool globally, to the new-generation of crypto digital nomads, and to the unbanked in the developing world.
- Using smart contracts and built-in dispute resolution, job seekers are guaranteed to receive the payment they were promised at their work’s completion. This is critical because 58% of freelancers have experienced non-payment in the past (PayPal survey). Funds appear instantly in wallets instead of taking days to clear in the bank. Freelancers can also get paid in crypto by the hours, receiving tokens as they work. We call it “continuous payment”.
- With LaborX’s built-in exchange and wallet, companies and job seekers can instantly cash-in or trade their cryptocurrency without having to sign up for any outside platforms; this fixes a major pain point for people new to cryptocurrency.
- Payments will be processed with stable LH token in order to avoid the volatility and fluctuations of cryptocurrencies.
- Slick and easy-to-use interface. LaborX was developed over a 12-month period by one of the best technical and design teams in the industry. LaborX doesn’t require blockchain expertise to use and launches with a consumer-grade website and mobile app.
ChronoBank is reimagining hiring for the blockchain age. Founded and based in Australia following its successful token sale of 5,400 BTC in February 2017, the company has developed the most sophisticated blockchain-based hiring ecosystem in the world. ChronoBank is led by a seasoned executive team with deep domain experience in HR, banking, and fintech. It boasts one of the strongest technical and design teams in the blockchain world and is well-funded to innovate in all sectors of HR, from hiring to workers compensation to lending to insurance.
LaborX is the leading blockchain-based recruitment marketplace. It is a complete platform that connects companies and job seekers and lets them transact quickly, safely, and easily in crypto. Using LaborX, job seekers can maximize their hourly rate, avoid payment delays and disputes, and work from anywhere in the world. Companies benefit because of LaborX’s proprietary reputation system, which grades and immutably records freelancer performance on the blockchain, saving them from a costly screening process. Companies also get access to new types of workers: digital nomads, crypto evangelists, and the unbanked. LaborX offers dramatically lower platform fees (1% vs. 5-20% from traditional platforms), resulting in a savings of $450 per month per freelancer. LaborX is projected to reach 1,000 companies and 100,000 users by year’s end.