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What's Workchain?

Workchain.io is another revolutionary blockchain project that provides a really good use-case for a cryptocurrency and the blockchain technology.

"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?" - https://workchain.io/

How Does it Help?

Most employed people are paid forthnightly or sometimes weekly, but it's all the same, they'll have to wait quite a while before they received their hard-earned cash. This is what Workchain aims to solve, they aim to provide:

Instant Payment

For most people, this would be really life changing. I remember, back when I was a Full Time employee as a Customer Service Representative and we were paid biweekly. I would have to work for a whole 2 weeks and make a budget for the same period and make sure I'd last that long before I get my next paycheck.

Getting instant payments for the work I did would be really helpful, that would mean lesser debt and better financial management on my part because I would have access to my finances faster than before.

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Imagine finally getting your salary in the form of cryptocurrency, that would also make things a bit easier in terms of trading or investing them elsewhere. No worries about fluctuation because Workchain plan on using a stablecoin for these cryptocurrency paychecks.

Minimizing Debt

Some people even resort to getting a loan just to cover some expenses or use it to pay bills that are already overdue but can't be paid because it isn't payday yet. Even I myself had an experience like this. Once, I had to pay my Internet and Mobile phone bills because they were already due but payday was still 4 days away, so I was urged by my colleague to take out a salary loan with him and so I did. I had no choice that time, that resulted in me having a debt and paying an interest of more than 30%!

With instant salary payments because of better systems like this, people could avoid debt and paying interest altogether because money will be easier to manage since it's going to become more accessible.

Problem with the Current Payroll System

The current system is somewhat outdated and had not keep up with the current fast-paced action of life, especially for a worker.

It's usually a tedious thing to organize for employers, not to mention costly; and for the employee's part, most systems are prone to mistakes that could sometime make unnecessary deductions or miscalculations that hurts them financially, something I have personally experienced.

When mistakes happen, since the current system is following a certain cycle, solutions are also provided on that same cycle and if something does happen - bad results usually add up.

How WorkChain provides a Solution?

Same as what was mentioned earlier:

"WorkChain.io has a singular aim: to make earning cryptocurrency possible for anyone who receives a paycheck." - Medium blog

WorkChain is providing a system to both employers and employees that would revolutionize the way they do payroll. This doesn't only help out the employees, but deals a big blow unto how employers does their current processes in a good way, I'm guessing it will be a big saving in terms of company spending if they'd use WorkChain instead of the current systems.

They are also providing dAPPs over the blockchain like workID, workPAY, and workPAY Advance that will greatly help the system.

For more information about this amazing project, you can head over to their Medium page or Click Here to Read the Introduction of Workchain.

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