WorkChain.io is a blockchain powered and innovative cloud software company revolutionizing the job industry by creating an automated and instant payroll on the blockchain for Workers and Employers. Behind Workchain is a diverse and distributed team of entrepreneurs headed by Ryan Fyfe, the CEO and co-founder, who will be discussing the Workchain project with us in this interview;
1) Please tell us your name, about yourself and your previous experience before WorkChain.io.
I’m Ryan Fyfe, CEO and co-founder of WorkChain.io. I’ve spent the past ten years in the heart of Silicon Valley as founder and CEO of Humanity.com, a leading workforce management software solution used by places like Nike, Lyft and CNN.
It was an amazing decade at Humanity.com. The company grew from a gritty startup to a profitable multimillion dollar VC-funded company with 150 employees globally, used by 40,000 companies and more than one million employees worldwide.
2) What is WorkChain.io?
In short, WorkChain.io is automated, real-time payroll on the blockchain.
If you think about it, the way we get paid today is still stuck in the Industrial Age. A worker completes their job, hours or shift and then waits 2-4 weeks to get paid. This outdated way of getting paid is why 78% of American workers live paycheck to paycheck.
It’s totally out of sync with the way the world works. We do everything else on-demand – eat, watch TV, grab a ride – and WorkChain.io gives you your paycheck on-demand.
For employees, it’s instant access to their earnings. For employers, it lets them automate payroll on the blockchain using cryptocurrency without the typical admin, fees or delays.
3) How excited are you to join the Workchain.io team as the new CEO and what benefits will your expertise bring to the business?
Extremely excited. What’s great is I’m stepping into a world-class team of 20 already working on the project and releasing products.
After bootstrapping Humanity.com from zero to initial revenue before taking on VC-funding, I know the product rollout and growth path we need to go on with WorkChain.io. I’ll take everything I’ve learned in Silicon Valley over the past decade — from building the tech, managing a team, to working with investors — and apply it at WorkChain.io. Plus, I’ll bring with me, connections in the HR, workforce management and payroll worlds that’ll really propel early growth at WorkChain.io.
From a more personal perspective, I’m excited to get back the startup life, having spent the recent years leading an established company. It feels like getting back to my entrepreneurial roots.
4) What are the major features and services provided by Workchain.io?
Number one is providing workers instant access to their earnings, the moment they clock out or finish a job. This is instead of them waiting 2-4 weeks for a paycheck.
The other side of it is automating payroll for employers. So, rather them than having to do all the usual tracking of work, laborious payroll processing and then instructing a bank to make a payment, it can all be done automatically via WorkChain.io.
With their work and payment records verified on the blockchain, users can also access advances on their paycheck when they have extra expenses they need to cover, without resorting to risky payday loans or racking up credit card debt.
5) Could you give us a walkthrough of how the WorkChain.io platform works?
First, users are given a workID, which is an immutable blockchain-based professional profile. This workID connects with employers’ HR or workforce management systems to build verified, time-stamped work records on WorkChain.io based on a workers work schedule.
With the proof of work these validated work records provide, the platform can trigger auto-payments that have been encoded in smart contracts based on the work agreed to between worker and employer. Payments are then made instantly via cryptocurrency – and withdrawn in the currency of choice – once the work has been done.
And what’s great is an employer doesn’t even need to be on the WorkChain.io for a worker to get paid instantly. The platform can advance pay and recoup it from their future earnings.
Our native WorkChain.io App Token (WATT) is what gives users access to the platform and power the WorkChain.io ecosystem.
6) Tell us more about the Workchain.io Work records services.
Work records are central to the entire WorkChain.io ecosystem. They’re what tells the platform, through our protocol, that someone has completed the work they’ve agreed to and can receive payment. WorkChain.io builds these validated, time-stamped work records by integrating with just about any HR or workforce management system employers use today to securely access work histories and schedules.
You can think of it like this: instead of an employee clocking in and out or submitting a timesheet then wait for a manager to manually verify their work, by integrating directly with an HR system, work records create this same proof of work. Evidence the job has been done, which triggers the payment.
There’s also a big shift underway in the working world toward objectives, results or task-based work; rather than hours or a shift. And our work records will be a part of this because a work record doesn’t have to be hours or a shift. It could, for instance, connect with JIRA or Trello and, as soon as a task is marked complete on these platforms, make a payout.
7) What is the nature of the Workchain.io Payment Records?
As a worker’s work records are connected with their workID, and they get paid for their work, payment records are also added to their workID. Over time, what this does is build a clear, verified financial snapshot for workers. They can then use this to get an advance or apply for a microloan on the platform.
Essentially, instead of relying on an inaccurate credit score or resorting to a risky payday loan, using verified payment records the WorkChain.io platform lets people access capital safely, proportional to past and forecast earnings.
8) Do you have any current opportunities for investors?
We have an upcoming private token sale that investors can apply for by visiting our whitelist application page.
9) What is your plan for the WorkChain.io business within the next 2 years?
Our goal is to change the way the world gets paid. Nearly all blockchain projects are focusing on how to spend crypto; We want to make earning crypto possible for anyone who gets a paycheck.
Now, we know this isn’t going to happen entirely in just two years. But, we already have our platform and products built and we’re beginning to onboard more than one million users through integration partners.
Integrations are key to our growth strategy. Rather than trying to individually sign up users – which is a slow, inefficient way of doing things – we’ll integrate with established partners, starting with my previous company Humanity.com and WorkPuls, which our COO Ivan Petrovic founded.
10) Could you tell us about your team and customer support?
We’re a growing team of 20. Between us, we founded seven successful companies, so there’s a real knowledge of what it takes to build from the ground up.
The team is made up of technologists, data scientists, developers, designers, and marketers. We’ve got extremely talented folks working on the project, which is why we’ve already launched our platform and products and we’re not simply talking about concepts and a whitepaper.
Our customer support team is always available through live chat, email and social channels, in particular telegram.
11) How Safe is Workchain.io, would you like to talk about your legal and security measures?
Security is a central part of everything we do at WorkChain.io. At a user level, accounts are protected with safety features such as 2FA and data encryption. And the way we manage data is entirely GDPR Compliant.
The work and payment record the platform uses are hashed on the blockchain so they’re secure, as well as immutable and trustable.
12) Do you have more information for our readers?
I’d also suggest people check out our site workchain.io where they can find all our info, our whitepaper and also get free access to our first product workID and a demo of workPAY.