On the airwaves, your local radio station is blasting sweet nothings and 4/4 beats. In the cubicles, your co-workers are humming along to the DJ as they work. It has been a long day, and it is time to kick back, relax, and let the energy flow through your asses. You’re waiting for payday, and you’re not sure how long it will take to get there. It might be a while.
You check your emails every two days, hoping to see a simple deposit in your bank account. It is a grueling wait, and if you are lucky, you will get paid at the end of the month. If you are unlucky, your sojourn in the land of cat photos on Facebook and Reddit will continue. You will have to wait until you make it to the front page.
You will not be able to buy new clothing for the kids, or pay the rent. You may even have to ask God for help. But one day, it may not be like that.
Financial technologists and theoreticians today believe that digital currencies like Bitcoin are a great means of transferring money. In many ways, they are better than certain types of money. Bitcoin is a form of money that uses the blockchain, a distributed ledger, as a means to transmit value and data across borders. This means that you can make payments to whomever, whenever, and from wherever you want. You do not have to wait until payday to receive your money.
In fact, one of the most popular Bitcoin projects in the early days was an online creation community for cat memes. Many early bitcoiners believed that Bitcoin could change the lives of many people around the world, and it did. It was a testament to the fact that the world was ready for a sudden new technology undermines the ADP and allows workers to receive their wages in real-time. This is why remittances have become so popular in the world of Bitcoin, and why so many people are excited about it. But what about the world at work?
Let us do a thought experiment. Imagine if you could get paid every hour of the day, thanks to a new payroll technology company. Imagine that your paycheck comes in the form of a digital token that is pegged to the national market system. Your boss is an asshole, and you want to pay your bills in a currency of your choice, but you can only get paid in the currency that your boss uses to pay his bills, which is the currency of the National Market System.
Imagine that you are able to get paid by numerous means of asset, such as a certain bitcoin, airline miles, or any other sort of asset. You can choose from many different value options, and a mainstream financial institution would not be averse to accepting any of them. You could even use a plugin that allows you to automatically convert your transactions into the system of your choosing. The reason why this is possible is because of the incentives, as well as the technology features of blockchain technology. As blockchain technology evolves, it will be possible for you to get a loan from your employer sans interest, and get paid within 24 hours, instead of waiting two weeks for your paycheck to be deposited into your bank accounts, and then another two weeks before you can actually spend the money.
A new blockchain model would allow you to work on a project for a pre-determined amount of time and then receive hourly funds. There is no doubt that blockchain companies will continue to develop new technologies in regards to the payroll space. Bitwage, for example, is a blockchain company that aims to provide the fairest payment terms for qualified workers in the world, and it is just one example of the new technologies that are emerging.