Smart contracts do not just create opportunities for regulating cryptocurrency, but will also allow to improvement the long-established and habitual mechanisms of interaction between people in various sectors of life.
We see a perspective in application of smart contracts for the conclusion of labor contracts and payment of salaries in cryptocurrency. Smart contracts will increase the employee’s guarantees in comparison with the usual employment contract.
In particular, the labor contract on a smart contract will allow:
- Transfer wages in cryptocurrency (at the request of the employee);
- Ensure that the employer fulfills all arrangements, since the change of the contract is impossible without the consent of the employee;
- Guarantee the transfer of wages in full and in pre-agreed amount, exactly in the period specified in the contract without a single delay.
Under the conditions prescribed in smart contract, the employer will not be able to evade fulfillment of its obligations. This will protect the employee from the company’s dishonest attitude.
The MyWish platform took the initiative to become a technical consultant on this issue at the state level and develop a universal kind of smart contract that will meet all the requirements of labor legislation.
We sent a letter to the Labor Department with a proposal to develop a prototype of the claimed contract, which can be used as soon as the cryptocurrency is legalized.
We plan to send this proposal to the ministries of technologically advanced countries. However, we hope that Russia will become the first state in the world to implement a blockchain to regulate labor relations.