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Payments giant PayPal has become the latest company to deploy blockchain technology, in this case as a means of delivering a new incentive platform for the company's employees, financial news outlet Cheddar reported.
The platform rehearsal in San Jose, California.
PayPal staff on a so-called "public ledger," despite holding no value outside of the organization. The tokens can be redeemed for a number of 'experiences' made available through the platform, including opportunities for senior executives, or the chance to do martial arts with the CEO.
In another case, Gabrielle Scheibe Rabinovitch has a pet-friendly head of investor relations.
Tokens are created, stored and exchanged on a blockchain platform. Pay as you go to "PayPal", "Todasco", the director of innovation at PayPal.
The development is in contrast to PayPal's stance against BTC, which has been a long-held position at the firm, citing concerns over the extreme volatility and likelihood of price drops. It is while it is PayPal, it is bullish on the value of the underlying technology and its manifold applications.
The platform follows on from a virtual currency transaction system, which was disclosed to the public for the first time earlier this year.
The rewrite system tracks a similar scheme set by the Spanish bank BBVA, which provides a platform for the benefit of some 4,000 employees between Spain and Argentina.
The bank offers tokens which can be exchanged for training, as well as giving employees the chance to earn tokens for training colleagues. The tokens themselves are held in 'BBVA Campus Wallets' assigned to each employee.
The PayPal system demonstrates the diverse and creative ways that companies are experimenting with blockchain systems, even beyond implementations within the core business functions.
