Blockchain Payroll: It Makes Zero Sense that You’re Still Living Paycheck to Paycheck (And You Don’t Need to Anymore)

Ivan Petrovic
Jul 9, 2018 · 8 min read
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What it feels like every time I finally get my paycheck… “Call a press conference, and bring out the oversized novelty check, I’m gettin’ paid!”

“Hooray, it’s finally payday!” — Anyone who’s ever got a regular paycheck.

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The Evolution of Payroll — How We Got into This Slow-Paying Mess

A quick look at the history of paychecks is important to understanding the issues of today (like your bank account isn’t already telling you, right?).

  • 19th Century — The birth of the modern payroll cycle during the Industrial Revolution.
  • 1890s — Jeweler William Le Grand Bundy invents the early payroll time-card machine. (Presumably, diamond encrusted).
  • 1920s-1940s — Employees manually submit their time cards to clerks and paid in envelopes filled with cash or a check.
  • 1950s — Computerization of payroll.
  • 1980s — Fax machines used to remotely lodge time-sheets, “Hang up the phone, it’s a fax!” becomes a catchphrase of a generation.
  • 1990s — Introduction of the personal computer, email and Excel for tracking and managing payroll. ALT + F4 strikes fear into payroll admins across the globe.
  • 2000s — Software systems used to track and process payroll online.
  • 2018-onward — Payroll moves into real-time on the blockchain.
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Ahh… we sure have come a long way.

The Simple Fact is, We Work in Real-Time and On-Demand but Payroll Doesn’t.

We do just about everything on-demand these days.

Show Me the Money… Sure Thing, Just Head Over to the Blockchain

Now, let’s reimagine the typical payroll scenario.

The First Step to Real-Time Payroll is Proof an Employee Has Done their Job

The first part to bringing payroll into real-time is obtaining proof of work. Kind of like a clock-card or logged hours — evidence someone’s done their job and needs to be paid.

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All your hours, earnings and forecast work in one place via your WorkChain.io calendar.
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Click on a particular shift to see every detail about it.
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workID: your unique user identifier used to accessyour pay in realtime.

The Paycheck of the Future Will Feature Cryptocurrency, Not Dollar Signs

According to some ancient “paychecks”, employees in Egypt and Mesopotamiawere paid in beer (that’s one way to cut out the middleman for some of us…).

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Now, how would you like to receive your pay? Lager, draft or IPA…?

Blockchain Can Change the Very Meaning of “Work”

There are 78 million hourly wage workers in the US. And plenty more people entering the gig or on-demand workforce daily that’ll make up more than half of American workers by 2020.

The Massive Potential of Real-Time Payroll for Employees and Employers

Getting access to your money instantly means more control and stability. Plus, no longer needing to attempt to budget each month to cover all of life’s expenses.

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Creating a workable budget can be a nightmare…

Believe it or Not, Most of the HR World is Already Setup and Ready for Real-time Payroll

I can hear all those payroll officers grumbling… “Yeah but we already have our systems in place…” *Taps on calculator, slurps coffee, looks dreamily at spreadsheets*

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Early integrations with Humanity and WorkPuls will bring a user-base of more than one million employees.

No More Waiting Weeks to Get Paid. Thanks Blockchain, You’re The Best

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What it feels like to get paid anytime you want.

WorkChain.io

The Blockchain Solution for the Future of Payroll

Ivan Petrovic

Written by

From the moment I was first introduced to technology, it became my passion | COO @ WorkChain.io, The Blockchain Solution for the Future of Payroll 👔🔗🚀

WorkChain.io

The Blockchain Solution for the Future of Payroll

Ivan Petrovic

Written by

From the moment I was first introduced to technology, it became my passion | COO @ WorkChain.io, The Blockchain Solution for the Future of Payroll 👔🔗🚀

WorkChain.io

The Blockchain Solution for the Future of Payroll

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