Cryptocurrency Enabled ChronoBank Blockchain Platform Prepares to Launch LaborX Exchange
Time-based cryptocurrency initiative, ChronoBank is introducing LaborX exchange to connect workers and businesses on a peer-to-peer basis.
January 20, 2017, Sydney, Australia – 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