The job industry has been around for ages. And it has gone from stages, reinventing how people found jobs. In the initial days, word-of-mouth served the purpose and later there were newspapers publishing open positions. Then emerged the online job portals, where everything could be achieved by the click of a few buttons. In fact, interviews became simpler too, happening over Skype and other online meeting tools. However, the online job industry hasn’t changed much since its inception in the last 20 years or so. And with the advent of cryptocurrency, the online job industry 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 blockchain. They will soon be launching their own crypto-currency: Global Jobcoin (GJC) on Ethereum blockchain. The Initial Coin Offering (ICO) goes live in October 2017 and presale is on too. The GJC will be a decentralized token to pay for services related to employment on Jobstoday which is 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 an incorruptible currency. 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 GJC 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. 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 bring their disputes to the cryptocurrency token holders. This would eliminate the need of middlemen or third parties. Companies like Jobstoday dealing in GJCs will streamline freelancer hiring through smart contracts where clients will secure their funds using Ethereum Smart Contracts with escrow function. Payments would be released after the milestones are met by the freelancers.

As Jobstoday would set to expand 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 Jobstoday users. The other way investors would be benefitted is by a steady stream of dividends that Jobstoday has set in place for them. To know more about this, Whitepaper on our Globaljobcoin page.

More about the Jobstoday ICO

The ICO Crowd sale would be in October 2017 and you can apply for the presale now. Various cryptocurrencies like Bitcoin, Ethereum, Ripple and Litecoin can be used to buy tokens from Jobstoday. The total token supply will be 100 million, 10 million of which will be offered during the presale. After the ICO Crowd sale, Global Jobcoin will be available on various crypto exchanges. The aim would be to make Global Jobcoin a preferred cryptocurrency for employment services worldwide. They have also announced an integrated iOS and Android wallet for seamless transfer of funds. Jobstodway 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.

Is blockchain 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 blockchain 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.