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PayPal Blockchain Experiment: a token for internal company awards
December 8, 2018 of Akshay Makadiya
The online payment giant PayPal has launched an internal reward system for its employees based on a blockchain and an associated token. The token, which can not be redeemed in cash but can be exchanged within the company, is intended to offer PayPal employees advantages and hands-on experience with distributed ledger technology.
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PayPal launched the new platform focused on prizes in November 2018, confirmed to Michael Todasco, Director of Innovation of the company Cheddar.
The blockchain of the platform, developed over a semester by a small team at the San Jose innovation hub of PayPal in order to increase the familiarity of this team with technology, will serve as a registry for tracking tokens and trading that can be used to request internal business awards.
Initially, PayPal will assign a certain amount of tokens to each employee so employees can earn more by advertising innovative ideas, participating in company programs and trading.
While they will not have any trading value beyond PayPal's internal business, tokens can be exchanged for dozens of per-experience benefits, such as participating in recreational activities with the company's top executives.
"[It’s a] Venmo feeds can like and comment and see all the ongoing activities on PayPal related to innovation, "said Todasco.
PayPal Blockchain intended to be shelved? Perhaps, but large companies continue to do their homework for the DLT
There are no guarantees for now on what will be the future prospect of PayPal towards blockchain and cryptocurrency.
But at least, the cultivation of the new system of awards is remarkable because:
- PayPal uses its innovation laboratories to familiarize its builders with the company's technology could to further embrace it later;
- The program shows that the payment powerhouse is directly internally experimenting with a case of a rudimentary blockchain.
These realities will mean different things for different people. But it is likely that they will be examined further in the weeks and months to come because of PayPal's mainstream stature.
Other major companies have adopted the blockchain later. The biggest of these hugs came from the giant e-commerce Amazon, that's right launched a number of blockchain services in November 2018.
As for internal tokens, however, PayPal has a predecessor in BBVA banking power. The company's token system, which works similar to that of PayPal and was launched last summer, encourages proactive employee behavior.
"We are global pioneers when it comes to using training tokens in a corporate environment," BBVA's CTO for new digital companies, Carlos Kuchkovsky, said at the time.
"For the first time, BBVA is exploring cheap token-based models."
In a fairly related way, Japan's main shipping company Nippon Yusen KK recently announced the launch of its digital currency, a stablecoin pegged to the US dollar, as a way to pay its maritime workers.
According to reports, the initiative aimed to reduce the costs associated with the transfer of salaries to employees abroad.
Does the PayPal blockchain initiative go anywhere? Will the economy of encrypted tokens become a trend among other business sectors? Share your opinions in the comments section below.
Images via Pixabay
