• Blockchain

Blockchain Based Payroll System

Blockchain-based systems can have an effect on payrolls especially businesses working across other countries. This can help to standardize payments in different currencies. A good example of this blockchain-based payroll system is from "Workchain".

WorkChain.io is a decentralized protocol which ensures that all nodes are on the same page. These protocols are public and open source. This means any developer can build a decentralized application (dApps) off of them. Workchain services the work economy. The protocol allows workers to receive their pay as soon as they have completed their work. For example, if a worker works for a few hours, he normally needs to get paid cash or wait for his payment. This leaves people unpaid for weeks. With this new blockchain technology, there is no waiting time needed. This makes it possible for instant access to earnings, their paycheck on demand. This type of payment ends the reliance on third-party processors and banks (intermediates).

The traditional payroll model is a problem because it is centralized and that means time-consuming. It involves fees at multiple steps and you need to rely on third parties. This all leaves the employer and employee with delays and additional fees.

What the cryptocurrency paychecks do, is to remove significant barriers and replaces the vital final payout stage of payrolls. These payments are no more manual and is now fully automated and hands-off, and eliminates manual work.

The WorkChain protocol builds verified work records on the blockchain through integrations with "Work Validators" - WorkChain says in their white paper, a working validator provides validated worker data such as time clocks and attendance against which real-time payments are made. This system will be able to do real-time payments when the work is done, also on an interval basis as well as for future work that is to be delivered.

Their mission is to give workers instant access to their paychecks, the moment when they have completed their work. WorkChain gives full financial control for everyone. This will free employees and processing time and costs.

 

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