The World Works in Real-Time. Payroll Should Too.
The Three Problematic Pillars of the Working World
WorkChain.io addresses three core segments of the work economy: identity, payroll and lending. Before discussing how the platform does so, it’s important to first understand the problems of these three segments today:
Identity
In today’s disconnected landscape, obtaining a trustworthy work and payment identity for workers is next to impossible. For professional profiles, there is a reliance on resumes or LinkedIn profiles, but these contain only user-supplied information that call for laborious and often inconclusive background checks. Similarly, gaining an accurate financial snapshot is difficult. Payment records are often spread across countless employers and, so, unreliable, centralized credit checks must be depended on. A lack of a conclusive, verifiable identity for individuals strips them of ownership of their work and payment histories, and is what leads to costly, risky payday lending.
Payroll
In an era where a worker can be hired in an instant and complete the job in hours, slow traditional payroll cycles are unable to keep pace. The working world has become on-demand and task-based, yet workers are subject to an outdated payroll process that’s out of sync with how we now work. Workers can be left without earnings for jobs completed weeks or even months earlier, and employers still rely on laborious, time-consuming payroll processing that’s susceptible to payroll system and bank delays.
The antiquated payroll cycle model is particularly ineffective for independent, on-demand and hourly workers who make up a significant – and ever-growing – percentage of the workforce. For example, in the U.S. alone, there are 53 million independent workers and 78 million hourly wage employees.
Lending
Accessing capital is a lengthy process that is controlled by large banks and lenders that dictate the rules for borrowing and investing. With an individual’s payment history spread across countless third-party systems, these institutions rely on the single credit scores provided by a handful of centralized credit bureaus to determine whether an individual qualifies for a loan and, if so, at what interest rate.
Platform Overview
WorkChain.io is a single, open blockchain-based platform that connects employees and work entities to create unified, immutable and verified work and payment records on a decentralized, distributed ledger.
WorkChain.io enables these entities to share their “trustworthy” data on the platform to form verified, searchable work profiles constructed using an individual’s verified work, and payment histories. It does this by integrating with existing trustworthy data sources. For example, HR, workforce management systems and payroll systems.
With work records permanently linked with an individual’s profile on WorkChain.io, workers can instantly access their earnings as work is completed and validated on the blockchain. It also allows employers to process payroll in real-time.
Work Records
Work entities and individuals share and verify records on WorkChain.io to create complete, trustworthy work histories for users, which can then be called upon instantly for streamlined, accurate recruitment.
Payment Records
WorkChain.io builds a financial profile of individuals based on the payment settlements of the verified work records stored on the platform. These payment records form an accurate, evolving financial position based on past and future earnings that can be used for accessing capital.
The WorkChain.io Founding Team –
A History of Building Companies and Shipping Product
Behind WorkChain.io is more than ten years of experience in the global workforce management sector. The problems WorkChain.io solves are those that team has faced first-hand.
Over the past decade, the team behind WorkChain.io has worked directly within the ‘proof of work’ side of workforce management with innovative and market-leading applications that have collectively helped one million-plus employees in more than 40,000 workplaces schedule, track time and productivity, and payroll around the globe.
“A lot of ICOs are all ideas and no execution. We’re a team of proven product
shippers with real revenues, customers, advisors and investors.
We don’t simply talk about the product; we bring it to life.”
Co-Founder, CEO and Lead Investor
Ryan Fyfe is the Founder and former CEO of Humanity.com, a global leader in employee scheduling software. He successfully bootstrapped Humanity.com to initial revenue before attracting more than $13M to scale the company to over 150 staff globally. The software he created is now used by more than 40,000 companies worldwide, including Nike, Lyft and CNN.
Ryan brings 10 years of experience in the workforce management and technology sectors to WorkChain.io. His established contacts with HR, workforce management and payroll market-leaders will help drive WorkChain.io’s strategy, growth and adoption.
Co-Founder and COO
Ivan Petrovic is a serial entrepreneur with a proven track record of turning product visions into market realities. Ivan previously founded WorkPuls, a company that focuses on driving productivity and tracking time on various work-related tasks for digital companies with a distributed workforce.
Since its launch in 2015, WorkPuls has received funding from two prominent European VC funds and has established itself as a market leader in employee productivity tracking and is a solution trusted by enterprises globally. Ivan is an early bitcoin enthusiast, miner, and developer.
The WorkChain.io Team’s Experience Includes:
Humanity
Humanity is a cloud-based workforce management software that brings together usability, smart design and custom features to help managers and employees better organize and stay connected through a suite of applications. With the backing of $13M in venture capital, Humanity has grown to 150 staff globally and today powers scheduling, time and attendance, and payroll in over 40,000 workplaces globally, including Nike, Lyft and CNN.
“Humanity reduces the administrative efforts associated with scheduling
and enables us to focus on the more pressing aspects of our jobs”
– CNN News [View Case Study]
WorkPuls
WorkPuls is a cloud software solution for employee monitoring and time tracking through proof of work. It is designed to help managers monitor their team’s productivity and encourages employees to keep track of the time they spend on tasks to help improve focus and productivity. Backed by prominent European venture capital funds, WorkPuls has grown to become a market leader trusted by enterprises globally.
“WorkPuls is the all-in-one application that streamlines
day-to-day operations in managing productivity better.”
– Noon Dalton
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