Emparta: Infrastructure for Employment on the Blockchain

Hiring employees is time-consuming and expensive. It takes an average of 27 days for a restaurant to onboard a new employee in the United States and 33 days for a retailer to do the same.¹ It also costs about $4,000 per hire.² Meanwhile, prospective employees are burdened with filling out the same inefficient, bureaucratic paperwork each time they secure a job, even though their employment details rarely change.

Using the world’s first smart employment contract on the blockchain, Emparta provides the infrastructure for instant employee onboarding and payment in cryptocurrency, which third parties can also use in their own platforms. Employers can identify, select, and onboard employees in a matter of minutes, rather than weeks. It simplifies the hiring process for everyone, providing a clear, compliant, and efficient way for two parties to engage in employment — effectively removing paperwork and administration for employers and employees. By cutting out inefficient intermediaries such as labor-hire agencies and gig-economy platforms, Emparta creates an efficient, trustless, digital environment that brings employers and job-seekers together and elevates the hiring process to a smart new art.

Why It Matters

1. Emparta Employment:

2. Emparta Identity:

3. Emparta Payments:

Each module can be used on its own or as a collection. For example, an individual may choose to use the Emparta Payments platform to be paid in cryptocurrency without being a user of the Identity and Employment features.

The suite of smart contracts and APIs within the Emparta infrastructure will be made available to partner platforms (e.g., jobs marketplaces, recruitment platforms, rostering and HR applications) so their users can access smart employment contract, instant employee onboarding, identity, and payments functionality through the Emparta network.

Market Opportunity

Employment is also shifting to temporary engagements, which requires more frequent onboarding. Over 40% of the U.S. workforce is currently classified as contingent — a category that includes freelancers, contractors, consultants, and other non-permanent workers — and is forecast to grow to more than 50% by 2020.³ This trend is reflected across all Western labor markets. In Australia, nearly 90% of all the jobs created in 2016 were part-time or casual,⁴ and the number of zero-hour casual contracts in the United Kingdom has grown to nearly one million.⁵

Emparta is uniquely staged to be at the leading edge of this evolving global job market, because it introduces the concept of a freelance employee with a portable employment passport. In other words, it allows employers to engage individuals for short-term needs as employees as easily as engaging an independent contractor or hiring agency — all while maintaining compliance with local labor laws.

How It Works

Emparta exists on the Ethereum public blockchain, which makes it possible to create a tokenized economy within the network that meaningfully rewards users for stimulating its growth through use, contributions, and referrals.

The blockchain allows Emparta to provide employees the ability to be paid in cryptocurrency without needing a bank. It also creates an immutable and easily verifiable record of their own work history and identity that employees can safely monetize and transfer between employers’ existing HR and payroll systems with the click of a button.

Here are the four parts of the Emparta infrastructure that make it work:

Emparta Employment

After a job offer is accepted by an employee, the newly formed smart employment contract immediately transmits the employee’s onboarding data to the employer’s accounting system through an API or CSV output that can be easily uploaded — instantly onboarding the new employee in accordance with local labor laws.

Emparta Identity

To enhance their profile, individuals can also request validation of claims relating to employment history, qualifications, certifications, licenses, and other information that may only be attestable off the blockchain. To achieve this, Emparta will establish a network of reputable, insured, and trusted third- party validators that will guarantee screening information in exchange for a tokenized fee from users requesting their services. All attestations will be recorded securely on the blockchain and serve as an immutable record for the user to share with prospective employers at their discretion.

Emparta Payments

Emparta Tokens

The Stablecoin

There are many use cases in which third parties can utilize this stablecoin infrastructure to remove barriers and encourage adoption of their platforms and the use of cryptocurrency in general commercial transactions. A key to the design of this infrastructure is essentially the delivery of a fiat on and off ramp mechanism. Not restricted to exchanges as a means for traders to manage their exposure to volatility, this unique infrastructure serves as a very simple fiat on and off ramp bridge that will enable broader adoption of dapps and payments platforms that use it.

The first treasury will be based in Australia to support the first partner platforms — Bit Trade and Emparta Payments — and deliver the first Australian Dollar backed stablecoin. However, the infrastructure can be deployed into any market to collateralize and mint stablecoins backed by any currency, and Emparta is planning a rapid expansion into other major markets.

For more information visit www.emparta.io


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