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Major global online payments system PayPal has launched a blockchain-based reward system for its employees. Financial news channel Cheddar reported on the platform launch Thursday, Dec. 6, citing PayPal's director of innovation Michael Todasco.
According to Cheddar, the program was prepared by PayPal's innovation team, which is based in San Jose, California, over a six-month period and was launched in mid-November.
Employees using the program are granted tokens for participating in innovation-related programs and contributing ideas. These are valid only within PayPal and can be translated into "public ledger."
Todasco compared to the reward system to Venmo – a mobile payment service that has public and private social media-like feeds. Todasco explained. On the website designed for the program, employees
The tokens collected by staff can be exchanged for over 100 "experiences" offered on the platform. They can play poker with the vice presidents, have a coffee and a run with CFO John Rainey or practice morning martial arts with CEO Dan Schulman. One of the items even allows for a top manager's dog for one day.
As Cointelegraph previously explained, blockchain is frequently used for loyalty programs. For instance, United States household cleaning supplies manufacturer SC Johnson and environmental organization Plastic Bank recently launched a recycling campaign in Indonesia, granting tokens to local citizens for waste collection.
BBVA has been using Spanish tokens in Spanish and Argentinean branches to reward people who help train.
PayPal, which has been exploring blockchain for two years already, is also interested in crypto payments. In March, the company filed a patent in the U.S. crypto transactions using secondary private keys. However, Peter Todd, a Bitcoin developer and cryptography consultant, later stated that it appeared PayPal was trying to patent a technology that had been developed by Bitcoin (BTC) hardware wallet Opendime.
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