Chronobank, a blockchain-focused project backed by leading Australia-based labor hire organisation Edway Group Ltd., has announced that efforts are underway to launch LaborX exchange.

LaborX exchange is built on Ethereum smart contracts platform, enabling workers and businesses to connect on a peer-to-peer basis. The inbuilt decentralized reputation system on LaborX will allow employees to get rewarded in line with their talent and experience instead of a one-size-fits-all approach.

“The ChronoBank blockchain initiative creates decentralized mechanisms for the employers to access and rank prospective employees”, the release said. “With LaborX exchange, employers can directly hire workforce without having to go through all the usual hassles which have currently become the industry standard.”

According to the official release, the ChronoBank team has already completed a significant portion of the critical work on LaborX, which includes the development of rewards contract that handles automatic payment of dividends to token-holders and the exchange contract that allows trading between different token types. The exchange contract code has already been implemented within the GUI of ChronoWallet, enabling users to view offered rates and execute quick and easy trades. It is also possible to see the number of Labour Hour (LH) tokens that needs to be transferred in fiat equivalents and switch between different currencies.

ChronoBank platform has entered the second month of its ICO offering, successfully raising around 1200 BTCs alongside significant investment in other cryptocurrencies (LTC, ETH, ETC, WAVES, and NEM). The project has also received venture capital funding of $1.1 million from AXL Strategic Partners.