Blockchain DApp WorkChain Pays Workers In Real-Timebr>
Blockchain startup WorkChain.io unveiled its on-demand paycheck technology at the TechCrunch Disrupt Berlin conference. The system gives workers the flexibility to get paid in real-time instead of weeks later.
WorkChain.io demonstrated the ‘streaming money’ technology and the company was selected as a TechCrunch blockchain ‘Top Pick’ by event organizers.
Through the WorkChain.io Wallet app, workers can choose to have their earnings “streamed” directly to their smartphone. The tech is much like movies and songs can be streamed through popular platforms like Netflix and Spotify.
To receive their earnings in real-time, workers must sign into the WorkChain.io Wallet app and connect with their employer’s existing HR system. In doing so, the platform creates a payroll contract using smart contracts on the ethereum network. Earnings tick up in real-time as an individual works.
Instant paychecks through the WorkChain.io Wallet app are available to workers of all kinds – salaried, part-time, hourly and gig. Funds are either streamed directly from employers, or advanced by WorkChain.io and recouped when payroll is next processed.
WorkChain.io CEO Ryan Fyfe said getting paid in real-time is in step with the instantaneous and on-demand way most of the world now works.
“We live in a fast-paced, on-demand world. Yet we still get paid based on slow pay periods rooted in the Industrial Age, and pretty much just accept it despite the financial inflexibility it causes,” Fyfe said.
“WorkChain.io breaks down this old, outdated payroll model. By streaming earnings in real-time, we’re giving anyone who gets a paycheck more financial control. Instead of having to delay bills, rent, and life for payday, now earnings are available immediately for more flexibility.”
WorkChain.io pays earnings through its WorkChain.io Wallet app using stablecoin cryptocurrency to protect workers and employers from volatility. The app is compatible with all ERC-20 tokens.
Once paid, a user can choose to withdraw, exchange or save their earnings via the app. In future, WorkChain.io plans to partner with cryptocurrency-enabled debit and credit cards to further bridge the gap between cryptocurrency and fiat currencies.
WorkChain.io CEO and cofounder Fyfe is the founder, chairman and former CEO of Humanity.com, which has more than one million users across 40,000 companies, including Nike, Lyft and CNN. Fyfe’s cofounder and COO Ivan Petrovic is founder and CEO of WorkPuls.com, a leading workforce management software.
“Having worked with millions of employees through our previous companies, this disconnect between working and getting paid is a problem we’ve long wanted to solve,” Fyfe said. “And now, in blockchain, we finally have the technology to do it.”
The WorkChain.io Wallet app is available for download in the App Store and Play Store on iOS and Android.