The job industry has been around for ages. And it has gone through various stages, reinventing how people found jobs, from newspaper advertisement to online Job platforms. The global online job industry is estimated to grow to $20 Billion by end of 2017. And with the advent of cryptocurrency, the online job market is now ready for a revolutionizing change.

“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation.” - Dean Kamen

While the concept is novel with a lot of potential, Jobstoday is the first international job platform to be on the blockchain. Launched in 2014 in Switzerland, Jobstoday has seen a growth of over 500% in the last year. Expanding their operations to Germany, Austria and Poland, Jobstoday has become one of the leading Job platforms in Europe. With ambitions to grow all over the world, they could be the next Monster in online recruitment world.

Jobstoday will soon be launching their own crypto-currency: Global Jobcoin (GJC) on the Ethereum blockchain. The GJC will be a decentralized token to pay for services related to employment on Jobstoday platforms, which are currently present in four European countries: Switzerland, Germany, Austria and Poland.

Job markets and blockchain

Traditional blockchain technology allows digital information to be shared and distributed but not copied or modified, sanctioning the information to be verifiable and permanent. The reason why unknown people trust exchanging Bitcoin is because blockchain is essentially incorruptible. Newer blockchains like Ethereum have added advanced functionality with features like Smart Contracts, which can act like an online contract between parties sans middlemen and other contract fees.

With the ability to use Global Jobcoins on all Jobstoday platforms, there will be several benefits that the industry will see. For one, the international employers will save currency conversion costs along with having secure trustworthy dealings. Additionally, there will be reward systems in place to attract the best talent. For candidates, employers will offer various bounties in Jobcoins while applying for job positions and also to users recommending potential candidates. This would serve as a win-win for all parties.

Usage of blockchains in job markets would be very beneficial to freelancers and clients hiring them. It may actually encourage more freelancing jobs since there would more security and less risk thereby shifting the paradigm from traditional jobs to freelancing. Blockchain would add a lot of trust in the manner in which companies hire freelancers and everything will be transparent and open to all. Dispute resolution will also be quicker where clients and freelancers will be able to sort their disputes using smart contracts. This would eliminate the need of middlemen or third parties. Companies like Jobstoday dealing in GJCs will streamline freelancer hiring through smart contract, where clients will secure their funds using Ethereum Smart Contracts with escrow function. Payments would be released only after the milestones defined in the smart contracts are met by the freelancers.

As Jobstoday expands their operations worldwide, GJC will become the essential choice of payment on all their platforms worldwide to pay for job postings, freelancer services and to offer bounty rewards to platform users. Jobstoday will also be offering an open API to all their partner job platforms across the globe so that they can implement GJC easily on their platforms. The aim would be to make Global Jobcoin a preferred cryptocurrency for employment services worldwide.

More about the Global Jobcoin ICO

The ICO Crowd sale will start on 28th October 2017 at 15:00 UTC. The Presale will start on 20.September 2017. Various cryptocurrencies like Bitcoin, Ethereum, Ripple and Litecoin can be used to buy Global Jobcoin tokens during the presale. The total token circulating supply will be 100 million, 10 million of which will be offered during the presale and 60 million during the Crowd Sale. After the ICO Crowd sale, Global Jobcoin will be available on various crypto exchanges around the world.

What makes Global Jobcoin ICO unique, is the fact that they are already established company with a strong product on the market. Besides that, Jobstoday is one of the few companies on the blockchain which is offering 20% of their global profits in dividends to all token holders every quarter.

Is block chain the future of the job markets?

While Jobstoday has a lot planned for the near future, this could just be the tip of an iceberg in revolutionizing the job industry. Innovation coupled with block chain technology can definitely bring a breakthrough in the way people and employers approach jobs and candidates respectively. As more and more people would be involved in the whole process, blockchain has the power to incentivize everyone’s contribution.