WORKCHAIN.IO; Easier payroll system on the blockchain technology

cryptoboss12 (40)in #payroll • 6 years ago (edited)

The world payment system has improved tremendously with the integration of banking system which makes payroll easier to accomplish unlike paying workers individually with cash which can be both strenuous and very untransparent. Using the recent financial banking system has helped move the economical sector of the society forward.

However despite this, the financial services provided by different banking platforms are faulty as they pay workers long after they have worked for it, sometimes the paychecks come even later than usual thereby allowing workers to incure debts and be unable to manage cases of extra expenses and also stressing out the employers.
There is therefore an urgent need for this system to be checked to alleviate these issues and what better way to do it than through blockchain that is why the workchain.io was created which will through Blockchain make payments automatic, instantaneous upon completion of Jobs and create a completely transparent environment.

What is the Workchain.io Platform?

This is a decentralized blockchain based payroll ledger that was created with the aim of overtaking the conventional payroll system used currently in the work force that is essentially slow through the use of cryptocurrencies, tamper proof and standardized work and payment records which will create an environment where workers are paid instantly upon completion of their work daily.

How Workchain.io platform functions?

This platform operates by firstly giving the users i.e. workers of a company or organization a workID which is a special kind of professional profile that cannot be tampered with which is then connected to the company’s overall management systems where it will create a proven, real time stamped work records which will function based on the working schedule of all the workers.

These work records then provides the proof of work for all workers as their working activities has been recorded to it which can then be used to trigger automatic payments of funds to the workers through a smart contract enabled channel that has been previously agreed upon by the employer and the employee. These payments are done through the use of cryptocurrency and can be retrieved using any currency the worker prefers.

Since the process is automated, the platform efficiently handles all the payment issues without the need of external help from the employers and also the workers are able to see transparently their paycheck journey i.e. the records of all their pays are also added to their workID which can be used in the future for loan acquisition.

Benefit of Workchain.io platform

Workers that are users of this platform enjoy instantaneous collection of their pay upon completion of the required work rather than waiting for a month before collecting their pay.
Users also have the opportunity of getting early payments or advances whenever an emergency or extra expense surface which is made possible with their verified work and payment records.
Employers also enjoy ease of conducting work proved verified payment transactions to their workers as payments are automatic upon proof that the employees worked according to their work schedules.

Token information
The token of this platform is known as WATT which is the native currency of the platform and is a utility token to be used as a means of gaining access to the ecosystem as well as in paying workers and supporting the creation of Decentralized applications (DApps).

In conclusion, the workchain.io platform will in totality solve a real life economic problem that will help people pay up their bills on time, avoid various debt cases and reduce operational cost of organizations in paying their workers.