Name of the day: The fourth pension pillar on the blockchain
The 4th Pillar team with the blockchain technology develops an employee’s passport. The purchase and storage of crypto-tokens will also be possible.
The 4th Pillar team has designed the concept of a platform, that will work on blockchain technology, and companies will get information on employees from previous years or a kind of employee history booklet.
Employee information will be sorted according to various criteria, such as working hours, attendance at work, experience, education, additional knowledge, language skills, diligence and performance at work. The final product will be an empoyee’s passport that will enable easier, faster and cheaper transactions and administrative processes.
Designers expect the 4th Pillar platform to use recruiters, headhunters and employees themselves, in addition to companies and agencies looking for employees. Employees will be able to download and dispose of their ratings — either offer it on the market or transfer it to another employer. But they will not be able to directly influence it, as the assessment will be based on data from their work history.
External users of the platform will be able to browse the database and discover individuals anonymously according to their location, age, work knowledge, long experience and employment status. The system will provide automatic non-discriminatory individual evaluation based on imported data, making employment easier and more transparent, as the 4th Pillar team promises.
Investment for the future
The team also announces that 4th Pillar can become the fourth pension pillar holding crypto-tokens, which employees would get from the company, such as performance bonuses, jubilee awards, part of variable wages, annual bonus. Employees could also buy tokens as an investment for the future, for the period when they will retire.
The system will allow the purchase and storage of tokens, but not trading with it. Employees will be able to control their own cryptography, rewards and earnings by themselves. The rewarding of employees will be in line with legislation that varies from country to country.
“As an organization, we designed the system so that we try to minimize the fluctuation of the value of our FOUR tokens as much as possible. Of course, we are not immune to the cryptomarket”, they answer the question about the risk of investment in the 4th Pillar.
Beta version available in April
The platform beta version will be available since 2d of April and will already support the distribution of FOUR tokens from the employer to the employees, who will begin to build the 4th Pillar. In the second phase, which is planned for this autumn, the distribution of data from the employer to employees will take place (for example payroll, contracts).
This way, employees will already build a professional digital identity, which will be accessible only by them. These data will then be shared with potential employers.
Through blockchain technology, employees’ data, such as payroll, contracts, medical certificates, certificates of additional education, other certificates, scans, etc., will come to the employee’s account, into his digital wallet, and thus build his employment digital identity.
In the third phase, by summer of next year, individuals data will be synchronized with organizations which will synchronize databases themselves and partly move them to blockchain technology. “This will be synchronized to a higher level — non-discriminatory criteria will be added, which will not be based on race, gender, age, but on measurable parameters such as working hours, education, professional achievements” they promise in 4th Pillar.
To the data with the cryptographic key
The system will evaluate the employees from their data. Each involved employer will access their data with a cryptographic key, so there will be no possibility of data hacking. The organizations that will participate in the project and will have FOUR tokens on their accounts will be able to research among the anonymous codes of individuals and thus get in touch with them. An individual will then decide whether to respond to the offer or not.
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