530: ChronoBank (Time) Launches LaborX, a Blockchain Based Job Platform

May 24, 2018
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http://paperbookintensive.org/?Paper 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.

The HR Startup is now launching LaborX which 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 immutable 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.

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I wanted to find out more about how LaborX is integrated into ChronoBank’s multi-currency wallet (ChronoMint) and crypto exchange (TimeX) so I invited Sergei Sergienko, CEO, and founder of ChronoBank onto the show.

It is both invigorating and exciting to be a part of the blockchain revolution. We are all living in a world that is changing faster than ever before. Traditional ways of doing things are fast becoming obsolete, including the way we work and earn a living.  

I and our stellar team at ChronoBank have risen to the challenge of creating a fairer, more sustainable and better system for anyone to work, get paid and trade their only valuable resource, their Time.
We believe that people should have better choices in their work/life balance, be paid according to their skills, receive pensions and pay taxes effortlessly. – Sergei Sergienko

We discuss LaborX features such as:

  • 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.
  • 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.

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