Major Milestone Reached! First Payments Made via WorkChain.io
We reached a huge milestone this week. One that’s been more than a year in the making. We’ve successfully made the first salary payments on the WorkChain.io platform.
The successful payments — made with TrueUSD — are the first examples of real-time payroll on the blockchain. They demonstrate how, with WorkChain.io, a worker can get paid the moment they clock out, instead of waiting weeks to get paid.
The live payments took place at the offices of Humanity, the company I previously founded. Humanity is a market-leading employee scheduling software — one of two upcoming integrations with WorkChain.io that will onboard one million users.
Typically, after the clocking out process the time would be tallied and processed weeks later and then paid into a worker’s account. But, through the integrations between WorkChain.io and workforce management systems like Humanity, users can get paid in real-time based on data and records already available.
The first real-time payments were made by connecting with Humanity’s established time and attendance tracking system. As soon as a worker clocks out, the work record is sent to WorkChain.io to enable instant payment. This is a major feature of WorkChain.io: seamlessly integrating with existing HR systems.
Once the work record has been added and verified via WorkChain.io and payment made, the record shows the transaction ID on the public chain, employer, work record validator and details of shift.
Our utility token, WATT tokens, are used to access WorkChain.io. The payments themselves are made in TrueUSD, a stablecoin that protects users and employers from the volatility of cryptocurrency, while maintaining speed, security and decentralization.
At this stage, TrueUSD can’t be withdrawn directly but can easily be converted to Ethereum before being withdrawn in the currency of choice via a cryptocurrency debit card such as Wirex or SpectroCoin. In the not-too-distant-future, this extra step won’t be needed when it becomes possible to convert TrueUSD directly.
The test payments were made based on shift work. But in future will be applicable for any kind of work: salaries, part-time, multiple employers.
These first payments are incredibly exciting. They prove not just the concept of real-time payroll and instant paychecks — which just about everyone would agree on — but WorkChain.io’s real-world use case of blockchain to make it possible. It also validates our product-first focus.
In just seconds, I went from clocking out to having my earnings. And minutes later had the money in my hand. Compare this to how long it takes for a worker to typically see their hard-earned money — and all the bills and expenses that fall in between.
Our WorkChain.io Wallet is a Dapp running on the Ethereum mainnet. Our first payments with the Dapp follow on from the success of our first product, workID which now has 40,000 users.
Integrations with Humanity and WorkPuls will put WorkChain.io in the hands of more than a million users later this year. And more businesses will be able to start using our real-time payroll solution soon.
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