What is 4th Pillar?

The 4th Pillar platform empowers people to make a verified skilled identity and a localized personal crypto savings fund. At the same time, it allows organizations to recruit supported automated and verified employment information as well as digitally transfer multiple cross-border payments and work-related documentation. The FOUR token is the main value which connects and provisions the 4th Pillar scheme.

The 4th Pillar project could be partially in private and partially public sale contribution-funded blockchain human resources and finance connecting platform for people and organizations. It supports the Ethereum blockchain and conveyance service, the platform can exploit smart contracts, wallets, and IPFS protocol to unravel regular issues seasoned by employees and their employers.

The Underlying Problems

The first downside is the use of the centralized economic system that follows the normal delaying and costly payment processes. Corporations have their wealth, in fact, the money, controlled by centralized entities like banks, which implies the banks manage the cash and data on their own terms to not mention the very fact that nobody is aware of what could possibly happen to the banks in future. Then once creating transfers from any bank, the transaction fees are charged per account and are extraordinarily high. And in cases wherever across border transfers are the case, the group action fees are abundant higher, can be delayed for many days and sometimes rigorous method before the transfer is established.

4th Pillar proposes to resolve this drawback by planning a localized wallet on the blockchain whereby users are in total management of their digital assets, eliminating the requirement for intermediaries. Though there are various blockchain wallets are available, 4th Pillar stands out and prides itself on being the primary crypto wallet that is ready to do numerous borderless transfers at a similar time, so minimizing time wasted and at the lowest possible fees.

The second drawback is that of protected and quick sending of sensitive knowledge and documentation. Distribution of personal documentation in each little and enormous organizations are faced similar problems once it comes with delivery service. Things like payroll slips, CVs, medical reports, work history reports and alternatively connected documents are typically delivered to staff once weekly or monthly using physical paper and wrap. There is a higher possibility for errors to take place which may cause misplacement of important documents either from the organization, delivery service or maybe from the worker.

The 4th Pillar addresses this issue by using the utilization of blockchain technology to deliver sensitive documents and data. Here, the organization sends the specified documents on to the wallet of the worker wherever the worker will safely store them in a single location for future use. This way, the user can continually have his work connected documents perpetually able to get in his smartphone, thus whenever the requirement arises, he will merely recall them from the wallet. The verified work history and alternative documents sent from the organization to the user’s wallet provides a lot of valid and verified data that another organization could realize helpful particularly throughout accomplishment.

Thirdly, there’s a niche between recruiters and also the pool of possible candidates out there. Recruiters typically spend countless workforce and monetary resources researching various CVs on recruitment platforms once checking out the correct candidate to fill out a vacant position. Most of the times, CVs aren't the simplest sources of data and doesn't extremely provide the recruiter an unbiased insight into the candidate’s quality.

The 4th Pillar provides an automatic skilled identity analysis using verified identity generation tool for people and conjointly provides an inquiry tool for recruiters which may be fine-tuned to look at the individuals’ information.

The 4th Pillar Eco-System

• FOUR TOKEN - FOUR token delivers access to the digital professional identity and works as the main value.
• P2P DISTRIBUTION - Peer-to-peer (P2P) allows the user to make transactions as well as to send and receive documents
• BLOCKCHAIN TECHNOLOGY - Blockchain technology guarantees a transparent and protected peer-to-peer transactions
• IPFS - Inter-Planetary File System (IPFS) safeguards and protects the way of storing information.

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Author's Details:

Bountyhive Username: Rajivw