ChronoBank, a time-based cryptocurrency initiative, has announced a forthcoming LaborX exchange: a blockchain-based initiative that will connect employers and workers directly, with the aim of disrupting and disintermediating the short-term recruitment sector. This is essentially an exchange on which buyers and sellers of work can trade skills for time and money.
The recruitment industry has many intermediaries charging high fees to introduce suitable employees to businesses seeking to fill vacancies. Although this is generally accepted as the price of business for long-term appointments, it can be prohibitively expensive for contract or freelance work. Organisations can spend more time and money securing an employee than they do on the work.