PayPal moves cryptographic tokens in economy using a blockchain reward system for employees

PayPal has decided to adopt blockchain technology by implementing it in an internal employee incentive platform. The information was recently released by Cheddar. Apparently, the platform was built for a period of six months. To test it, 25 employees were receiving rewards through this system.

According to Michael Todasco, director of innovation at PayPal, he said that employees could access their tokens using an internal website and earn more by participating in programs and contributing ideas. Tokens provided to employees have no value outside of PayPal and can be traded between employees.

PayPal was usually reluctant to work with virtual currencies. Not only because they can be a competitor, but also because they are very volatile to accept. If there is a trader who receives $ 100 in Bitcoin and the price drops, the earnings also decrease. However, this could be solved by selling the BTC immediately and receiving fiat currency.

In August 2016, PayPal filed a patent related to a system of accelerated cryptocurrency transactions. However, the company did not want to provide details on this patent. In fact, you may never see any real use.

Tokens can be redeemable for different experiences related to the company. For example, you may be able to participate in a poker tournament with some vice presidents, share a coffee with CFO John Rainey, or do morning martial arts with the managing director Dan Schulman.

This is similar to what BBVA is doing in Spain and Argentina. The company is experimenting with the BBVA Campus Wallet to which employees have access. They can use tokens and redeem them for a training time. At the same time, it is possible for them to earn more tokens if they train another employee. Although BBVA and other banks like Santander seem to be very open to blockchain technology and virtual currencies, they are not allowed to hold cryptocurrencies in the context of existing legislation.

Blockchain technology has been adopted by several companies around the world and PayPal is one of them. However, distributed ledger technology (DLP) has many different use cases in a wide range of industries and industries around the world.