Hi Steemians, I found a great project with huge potential to enter the world of workforce using the blockchain technology. This article will discuss all about workchain.io including their technology, solution, team strategic partnership as well as the details of their token.

In the world of work economy, the main problem lies on the payroll system. Employees work 8 hours without getting paid at end of the day and usually takes about a week for some company but most likely every 15 days of a month. Aside from it, there are also delays in the payroll system that creates more problem in the work economy.

By using the blockchain technology, workchain.io replaces the slow traditional payroll system with real-time cryptocurrency payroll. It creates the building block of a simple and efficient process of work to payout and employees will have intant access to their salaries based on the amount of working hours they have completed. It's like working 8 hours a day with instant payout. And for the employers, workchain.io will have a big impact on the efficiency of the payroll system because it lessens the process time with cost-effective and will no longer relies on the bank's process.

Traditional Payroll System vs. Workchain

https://medium.com/workchain-io/a-look-inside-the-workchain-io-protocol-286225e13f69

Workchain.io address the following issues in the work economy and translate it to their application:

Identity ---> workID
Payroll ---> workPAY
Lending ---> workPAY Advance

How It Works

An employee’s hours, shift or attendance is verified through the WorkChain.io app.
Each time they clock out, the earned funds become available for instant withdrawal.
WorkChain.io pays workers what they’ve earned in cryptocurrency.
https://medium.com/workchain-io/introducing-workchain-io-the-blockchain-solution-for-the-future-of-work-89df3ba9e2ea

Technology

Workchain has two components in their platform:
https://workchain.io/whitepaper/platform

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.

How WorkChain.io Protocol Uses Blockchain Technology

https://medium.com/workchain-io/a-look-inside-the-workchain-io-protocol-286225e13f69
To automate payroll and make it instant and in real-time, we need certain things:
(Note. The bracketed text is what this step traditionally involves.)

Work records linked to individual employees (An employee clocking in/out, or submitting a time/attendance sheet)
A way to validate work records to create “proof of work” (A manager manually verifying an employee has worked)
The ability to trigger payments based on this proof of work (HR or Payroll processing time and attendance weekly, bi-weekly or monthly)
A decentralized, frictionless mode of payment (Banks processing payments)

Token details

WorkChain.io App Tokens (WATT).

The main role of the WATT token is to empower the transactions of workID and workPAY. This needs a service provider (AKA bonding) Worchain creates a token model wherein a service provider stakes (AKA bonding or more like Masternode for some blockchain applications. ) WATT tokens to earn the right to perform work for the network.

Token Information:

Supply: 1,000,000,000
Symbol: WATT
Decimals: 18
Type: ERC20
Address: 0x829a4ca1303383f1082b6b1fb937116e4b3b5605

Staking Tokens

as indicated in their website
https://workchain.io/watt
WATT Is used as a Staking token as:

Membership for employees - they need to own one to have access to platform.
Replacement for subscription for employers - employers are currently paying subscription to use payroll software. We are changing this model to staking.
Acces to work for validators - Workforce managemnt softwares like Humanity.com and WorkPuls.com will need to stake WATT proportional to number of Proof of Work records they want to provide.
First in line for lenders - if there is more funds available on the network than there is demand, funds from lenders that are staking more tokens are going to be used first.

Core Team Members

Ryan Fyfe

Co-Founder & CEO
Ryan Fyfe is the Founder and Former CEO of Humanity.com, a global leader in employee scheduling software and brings close to 10 years of experience in the workforce management sector. Ryan successfully bootstrapped Humanity.com to initial revenues and has since raised more than $13M to scale Humanity to over 150 staff globally.

Ivan Petrovic

Co-Founder & 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.