INTRODUCTION TO WORKCHAIN : Make Every Day Payday

Good day everyone,i would be writing about this intereting platform called WORKCHAIN,WorkChain.io puts your earnings in your pocket the moment you clock out, not weeks later. Automated, instant payroll on the blockchain. Why wait to get paid? Today i would be writing about the following;
A) WHAT IS WORKCHAIN ?
B) PROBLEMS

WHAT IS WORKCHAIN ?

The way the world works is rapidly evolving. Millions upon millions of people work hourly. The on-demand, independent and gig economy work economies are growing at ever-increasing speed. Yet, despite this huge shift, payroll is still stuck in the Industrial Age. Much of the working world still gets paid weekly, bi-weekly or monthly – an outdated method that’s heavily out of touch with the way we work. Simply, we work on-demand and in real-time, but payroll hasn’t kept up.

The slow traditional payroll model is problematic for workers and employers. For workers, it leaves them unpaid for weeks. They lack even the most basic financial control – the ability to access their earnings when they’re needed most for important expenses like rent, bills and repayments. Processing payroll is also a significant burden for employers. While centralized systems of today have streamlined aspects of the process, the core payroll paradigm remains. Not only is this process inefficient and time-consuming, it involves fees at multiple steps and, due to reliance on third-parties, is susceptible to delays.

WorkChain.io aims to bring payroll into real-time, in synch with the way the world works. Using blockchain technology and verified work identities and records, the platform automates payroll for employers and allows workers to get paid as soon as they complete their work. In the process, ending the reliance on third-parties and removing fees and delays, and opening up more accessible lending opportunities.

PROBLEMS
WorkChain.io addresses three core segments of the work economy: identity, payroll and lending. Before discussing how the platform does so, it’s important to first understand the problems of these three segments today:

Identity
In today’s disconnected landscape, obtaining a trustworthy work and payment identity for workers is next to impossible. For professional profiles, there is a reliance on resumes or LinkedIn profiles, but these contain only user-supplied information that call for laborious and often inconclusive background checks. Similarly, gaining an accurate financial snapshot is difficult. Payment records are often spread across countless employers and, so, unreliable, centralized credit checks must be depended on. A lack of a conclusive, verifiable identity for individuals strips them of ownership of their work and payment histories, and is what leads to costly, risky payday lending.

Payroll
In an era where a worker can be hired in an instant and complete the job in hours, slow traditional payroll cycles are unable to keep pace. The working world has become on-demand and task-based, yet workers are subject to an outdated payroll process that’s out of sync with how we now work. Workers can be left without earnings for jobs completed weeks or even months earlier, and employers still rely on laborious, time-consuming payroll processing that’s susceptible to payroll system and bank delays.

The antiquated payroll cycle model is particularly ineffective for independent, on-demand and hourly workers who make up a significant – and ever-growing – percentage of the workforce. For example, in the U.S. alone, there are 53 million independent workers and 78 million hourly wage employees.

Lending
Accessing capital is a lengthy process that is controlled by large banks and lenders that dictate the rules for borrowing and investing. With an individual’s payment history spread across countless third-party systems, these institutions rely on the single credit scores provided by a handful of centralized credit bureaus to determine whether an individual qualifies for a loan and, if so, at what interest rate.

This current credit score system is weighed down by data inaccuracy, unresolved disputes, and lack of data oversight. In short, without the transparency of a verified, trusted payment record, assessing an individual’s financial position and issuing loans is a troublesome and risky job for lenders, and limits opportunities for capital for consumers. As a result, tens of millions of people in the U.S. alone are left with poor or no credit -- many of whom possess a good payment history and are in good standing -- which locks them out of lending opportunities or forces them to turn to risky, high-interest payday loans.

THANKS FOR READING.
To know more about workchain platform;
visit the website: https://workchain.io/
join the telegram group: https://t.me/workchainio
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