In the 21st century, we’ve already seen a lot of changes. The evolution of work is one of the most illustrative examples of how humans can adapt to different circumstances. We started with traditional office spaces that are still popular. But more and more employees choose flexible hours and remote collaboration instead of offices. Millennials and Zoomers opt for part-time freelancing, become digital nomads, travel and work simultaneously.
Sadly, adepts of remote face a few critical challenges today:
- Communication issues, misunderstandings.
- Lack of trust in remote workers.
- Recruitment barriers and bureaucracy.
- Unequal access to work.
Since the emergence of Bitcoin in 2009, the global work landscape relies on this concept, partially. Cryptocurrencies enable instant, cheap, and cross-border payments that can’t be blocked by national regulators. Remote workers and employers can work together virtually regardless of their locations. Blockchain features like programmable smart contracts and immutable transactions build trust between participants and reduce fraud.
Of course, now, the situation is a bit different. Due to global travel restrictions, digital nomads have to stay in one place. However, they continue working remotely, as well as traditional office employees do now. The threat of the global financial crisis boosts the popularity of cryptocurrencies. People start using them to hedge risks, protect from inflation. In this case, traditional labor markets become outdated.
The Mission of LaborX
To meet the demand for next-gen employment services, the LaborX team designed its prominent project. The development of LaborX started long before the coronavirus outbreak. Today, it’s in the open beta but its values and goals align with the modern challenges perfectly. Its core mission is to facilitate and optimize the global labor market relationships.
More precisely, the company wants to solve the problems we listed above. For this, LaborX encourages part-time and full-time freelancers, remote workers, and crypto-friendly companies to join the platform. Consider it as an innovative LinkedIn for the crypto space. It’s quickly moving towards the number one global recruitment platform.
Talking about unique offers provided by LaborX, let’s focus on functional modules. The developers integrated them into the main platform so all users can access these features. Here they are:
- Contract module. On LaborX, workers and employers don’t have to rely on words or vague guarantees. Instead, they agree on all terms using smart contracts. Set deadlines, specify requirements, choose payment terms, and activate the contract. Based on the blockchain code, it will automate payments based on the preset conditions.
- Reputation module. Traditional feedback ideas are revolutionized, too. Users can leave reviews using the blockchain basis to make information transparent and immutable. The system analyzes these reviews, experience and education of members, completed contracts. As a result, LaborX forms the most unbiased user ratings.
- Dispute module. Sometimes, parties can’t agree on the work quality or results. In this case, both employees and customers can launch the dispute resolution feature. Either with your own mediator or with a third-party expert, it will be much easier to reach an agreement and complete the contract without hurdles.
Apart from the aforementioned functions, LaborX has a few smaller yet essential benefits. Evidently, it supports payments in crypto, including ETH, USDT, USDC, AUDT, and TIME. Using the system, you can forget about fiat money. What’s more important, it establishes a trustless environment where parties don’t have to test each other’s fairness. Smart contracts provide for strict agreements with unbiased execution.
Other Blockchain HR Benefits
LaborX is a highly promising solution but it isn’t alone. Launched by Chrono.tech, it’s a part of a large X ecosystem. In addition to this marketplace, the FinTech company has developed a crypto payroll solution PaymentX, a hybrid exchange TimeX, and a stablecoin backed by Australian dollars. Hence, there’s no surprise that LaborX supports both this stablecoin called AUDT and the native Chrono.tech’s token TIME.
And there are more cases! Distributed ledgers and, particularly, blockchains help businesses around the world. They enable more efficient coordination, commitment, and control. For HR, decentralized services prove the identity and qualifications of employees, verify brands, improve privacy and engagement. In times of pandemic, these benefits become indispensable for the majority of remote organizations and freelancers.
The Future of Work
We face a tough global challenge now. COVID-19 ruins entire industries like airlines or hospitality services. It forces people to work from home even if they don’t want to. It cuts revenue and destroys supply chains. But let’s stay brave. Examples of China and Italy show that it’s definitely possible to combat the virus and prevent its spread.
What we know for sure is that the pandemic will have a long-lasting impact. Most likely, we will become more tolerant to remote work. More employees will realize its benefits, as well as the benefits of cryptocurrencies. In this new post-coronavirus economy, blockchain-based solutions for HR will be highly demanded, we assume.