PayPal introduces the internal premium system based on the blockchain – BTC threads

Of& nbspRishma Banerjee

Paypal, is the It allows the American company that operates an online payment system worldwide money transfers online and serves as an electronic alternative to traditional paper methods such as controls is money orders Recently, they have launched a blockchain-based internal reward system for their employees and an associated token. The token, however, can not be redeemed in cash, is aimed at providing employees with benefits and hands-on experience with distributed general ledger technology, through internal trading.

Michael Todasco, the company's director of innovation, has confirmed to Cheddar about the launch.

The blockchain was developed by the San Jose hub for the innovation of PayPal, over the course of half a year, in order to improve the knowledge of the technology team, which will act as a ledger for monitoring and negotiation. of tokens that can be used to request internal business awards. At the beginning, each employee will be assigned a certain amount of tokens, which can then be increased by inserting innovative ideas, participating in company programs and trading.

"[It’s a] The Venmo feeds can like and comment and see all the ongoing activities of PayPal related to innovation. "

Although there are assurances on how PayPal will integrate blockchain and cryptocurrencies, in their activities, if at all, this seems like a good step in the direction of acclimatizing their employees with new technology. The fact that the payments powerhouse is experimenting with a fundamental blockchain use case, even if internally for now, has led many industry experts to speculate on the fact that the company can take positive steps towards adoption of blockchain technology.

However, PayPal is not the first company to dabble in blockchain this way. A few months ago, BBVA, the multinational Spanish banking group, had also launched a similar token system in order to incentivize proactive employee behavior. Carlos Kuchkovsky, CTO of the company for new digital businesses said at the time,

"We are global pioneers when it comes to using training tokens in a corporate environment … For the first time, BBVA is exploring token-based economic models."

Giant of e-commerce, Amazon recently launched two new blockchain platforms. The main Japanese shipping company, Nippon Yusen KK, also recently announced the launch of its digital currency, a company linked to the US dollar, as an initiative aimed at reducing the costs associated with the transfer of salaries to employees abroad.

Rishma Banerjee

Rishma is currently pursuing a degree in International Relations and has a special place in her life to sift through all sorts of random curios, thank you very much.