TL; DR:
Workchhain.io is an ecosystem that makes it possible for workers to get paid few minutes after they have completed the job, this is done by automating the payroll processing using blockchain technology which enables the delivery of paychecks in real-time. Firstly, workers’ personal information and work-related details are stored and verified on the immutable blockchain, this process of verifying workers against the work done allow workers paycheck to be processed automatically and be available to workers in few minutes (real-time on demand), rather a week or more.
Background: The Problem
It’s a known fact that we live in a fast-paced instant world, where we want everything automated and instant, helpfully many things are. The word that has been coin for this is “real-time”. We want to order a coffee and have it processed and delivered in real-time, we want to be able to slot in a tiny card into a machine and get cash in real-time, purchase and read books in real-time – Kindle, watch movies in real-time – Netflix, even travel in real-time; as much as possible. And we want it done as cheap, simple and effortlessly as possible.
Well, rightly so, a lot of things can really now be achieved in real-time. However, Payroll/Paycheck, one of the most crucial aspect is still left behind, and yet to catch up with the “real-time” fever, and I’m guessing it’s the most important aspect to many people, because it determines how well they can enjoy the “real-time” and “instantaneous” benefit of other things.
As thing stands, it still takes a week to a couple of weeks for paychecks to arrive, while payroll processing still involves a lot of work and cost employers a huge amount of money. But, wouldn’t it be super wonderful if paycheck to can be real-time, on demand? That is, you can get your paycheck immediately you clocked out or complete the job, if you so wish? On other hand, but about a system that take out most of the administrative task involved with payroll procession thereby eliminating the large part of the cost involved.
Having observed the above, Workchion.io, has developed a great ecosystem that is aimed at providing a solution to the above and many more problem face in paycheck/payroll processing.
What is Workchain.io?
Workchain.io is an ecosystem that makes it possible for workers to get paid few minutes after they have completed the job, this is done by automating the payroll processing using blockchain technology which enables the delivery of paychecks in real-time. Firstly, workers’ personal information and work-related details are stored and verified on the immutable blockchain, this process of verifying workers against the work done allow workers paycheck to be processed automatically and be available to workers in few minutes (real-time on demand), rather a week or more.
The process has been streamlined to take out most of the administrative task that makes payroll processing a herculean task, there removing eliminating the huge cost that is usually attached to payroll processing.
How it Works
The WorkChain.io Ecosystem
The workchain.io ecosystem consist of three components:
workID
With workID your CV is securely stored and verified on the blockchain which makes it immutable, durable and always easily accessible. workID integrate with workPAY to makes sure you get paid barely few minutes after you completed the task/job, it also works with workPAY advance to enable you to get a limited cash to meet basic needs that can’t wait till your next paycheck, which you can pay back by your next paycheck.workPAY
workPAY eliminates the long waiting time for paychecks, by implementing an automated pay system that let you get paid for your work just minutes after you have completed the job. It is built on top of workID to verify your personal information and the details of the work you have done, like attendance, hours worked, shift etc. Another cool aspect is that you are able to get cash advance to cover important needs before your paycheck arrives.WATT Token
WATT (WorkChain App Token) is the native digital currency for the workchain.io platform, in simple word, all transactions made through the workchain.io ecosystem will be done using the WATT Token. It’s a utility token, meaning it what gives you access to the workchoin.io platform. Initially, you will need just 1 Token to have access to workchain.io
TOKEN/COIN ICO
Token Symbol: WATT
Platform: Ethereum
ICO Period: Upcoming
Token Distribution
Team
Advisors
Conclusion
WorkChain.io has developed an amazing ecosystem that integrates every necessary component in the payroll/paycheck/HR workflow; from immutable CV (workers’ personal information), details of work done, on-demand automated pay in real-time, plus integration with reputable HR systems meant to cut out the tedious manual work. The result is a streamlined seamless process that makes the life of both the workers and the employers a lot easier.
More About WORKCHAIN.IO:
Website: https://workchain.io/
Whitepaper: https://workchain.io/whitepaper
Telegram: https://t.me/workchainio
Twitter: https://twitter.com/workchain_io
Medium: https://medium.com/workchain-io
Reddit: https://www.reddit.com/r/workchainio
Facebook: https://www.facebook.com/workchain.io
Instagram: https://www.instagram.com/foresting.io/
Linkedin: https://www.linkedin.com/company/workchain-io/
Youtube: https://www.youtube.com/channel/UCGgXs74rn_BuE90CH1qYBPA
Github: https://github.com/workchainio
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