by Nuno Menezes
Every now and then, a new and remarkable technology emerges giving rise to a big transformation at all levels. We have seen this with the combustion engine, the telephone, computers, and the internet. Now, another one of these breakthroughs is about to completely transform the way we live. That technology is the Blockchain. This technology has enormous versatility and can be applied as a solution to various problems.
Blockchain technology has been the cradle for a lot of innovation, however, there are currently only a few blockchain apps poised for mainstream market adoption. With the potential of disrupting every working industry in the economy, there have been many new companies presenting revolutionary ideas. One of these companies is Chronobank.
ChronoBank is an ambitious blockchain project, whose mission is to disrupt the human resources, recruitment and finance industries in a similar way to how Uber disrupted the taxi business and how Upwork represented an evolution in freelancing.
Uber revolutionized the taxi business by allowing anyone to freely become a taxi driver. Drivers cash in their spare time for extra money and customers get a cheaper ride. Similarly, Chronobank wants to connect real-world professionals without them having to rely on traditional outsourcing human resources and recruitment agencies.
A New Approach to Time-based Currencies
This alternative is a new generation of time-based currencies utilizing the latest developments in blockchain technology. ChronoBank has been designed by a consortium of professionals with over 100 years of combined recruitment experience, in consultation with experts who can create the software to leverage blockchain technology to solve real-world business problems.
Chronobank Chief Executive Officer Sergei Sergienko comments:
“Chronobank offers a totally new economy of sorts; we offer an economy that is based on something that generally always appreciates (labour cost) thereby, that economy would not be affected by inflation and will not look too much like a traditional economy. We would lend in Labor Hours (LH), spend in LH and earn in LH, bringing all the transactional savings and benefits of the new system back to its users.”
The company’s goal is to make a difference to the way people find work and are rewarded for their labour. And by doing so, it introduces a decentralized framework that works without the involvement of traditional financial institutions.
Previous to Chronobank, there have been other similar proposals focussed on the sharing economy concept, such as Ithaca Hours, which was launched in the 1990’s, and TimeRepublik, which was launched last year. In contrast to these companies, Sergienko told BTCMANAGER that:
“Chronobank is totally unique in the way it handles the hours itself. Traditional timebank applications, like Ithaca or Timerepublik equate different value of professions and skills into one common denominator, just one hour. We at Chronobank realise that this may seem a bit unfair for some, usually the professions that are in higher demand at the time. That’s why, we index all the professions according to their demand and current rates of pay."
"In other words, where in Timerepublik or Ithaca, an hour of dentist would equal to an hour of cleaner. In Chronobank, these two values may be totally different, where one hour of dentist would be 10xLH for example, and cleaner's hour may be 0.8xLH.”
Chronobank uses a system that guarantees that people will always get paid for their work according to their effort, as well as a system that provides the most sustainable stable token on Ethereum and other participating blockchains. Chronobank uses reputable human resource companies to guarantee the supply of labour hours that are issued, essentially creating an alternative to the traditional banks, which is much cheaper and more transparent.
Chronobank Eyes December ICO
The company’s primary target professions will be the e-commerce, cleaning, warehousing, industrial, building, and freelance industries.
Apart from LH which is “backed by real labour," the company’s platform will also allow multiple ways to trade LH, including the use of the Bitcoin, Ethereum, and NEM Blockchains.
Chronobank is launching an ICO crowdfunding campaign this year, starting in December, where Sergei Sergienko states:
“We have seen tremendous demand for our project for investors. We are aiming for 20,000 BTC, but we have use for the rest, should we collect it. We plan to create a security and liquidity fund from all the proceeds that we would collect above our desired target of 20,000 BTC.”
One of the most impressive novelties that Chronobank is introducing, according to the company, is the issuance of LH debit cards allowing direct exchange to AUD, USD, EUR, and GBP following the release of the platform.
Chronobank will be introducing time-based currencies to the recruitment world and might well be the first blockchain job market in the world. Bitcoin already allows freelancers and employers to send money across the world. With that advantage and a new payment system, can Chronobank overcome the competition?
Well, only time will tell. But it will surely be very interesting to follow up on the development of this new project.