The Hyperledger Project
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had to come in and this made for an increase in expenses. Hperledger, with the aid of blockchain technology, tends to solve the issue of mistrust in business transactions, not only on finance but in other industries, creating a “trustless” system where all the actors in an agreement do not need to be relied on to do their part as it is automated.
This is because, anyone who wants to do business, using any of the Hyperledger applications, will be indirectly connected to the blockchain network and all transactions will be open to everyone on the network, so there cannot be any form of denial for payment of services or delivery. Although, there may be some limitation in this aspect, but it will go a long way in building trust in business transactions.
But critically looking at the Hyperledger blockchain project, one can say that it is capable of causing global mass unemployment due to the applications on the blockchain network that will perform tasks such as record keeping and others that will definitely reduce cost.
From another perspective, the hyperledger blockchain project tends to present so many opportunities to smart individuals in the nearest future to offer value such as electricity (green and solar energy), real estate and housing , e.t.c This will be easily carried out due to the fast, accurate and trustworthiness in business transactions that the Hyperledger blockchain project tend to exhibit through the blockchain network.
Reference - Hyperledger, https://www.hyperledger.org/about
Business Insider, http://www.businessinsider.com/goldman-blockchain-beyond-the-hype-practical-uses-2016-5/#sharing-economy-building-trust-on-platforms-like-airbnb-1
Business Insider, http://uk.businessinsider.com/santander-develops-blockchain-international-payment-app-with-ripple-2016-5
The Labor-Hour Token is minted by the Chronobank Entity after Labour-Offering Company (LOC) chooses to enter into a legally binding agreement with said entity. In this contract, the LOC will agree on providing a certain amount of labor hours. After running a strict check on the company and agreeing on certain terms, the Chronobank entity issues an amount of LHT that is equal to the hours agreed on by the LOC. These Labor-Hour Tokens can be given directly to the Company or exchanged on a market for fiat if the company does not want to deal with cryptocurrencies.
LHT holders that want to get a certain job done can send their tokens to a smart contract address along with the specifications of the job. The Chronobank entity will match the best Labor-Offering Companies for the job with the holder. Once the LOC is accepted and the job is done, the LHT will be destroyed, thus maintaining the 1 to 1 rate of LHT to labor-hours on each region.
The Chronobank system is designed with the intent of being deployed with different specifications in different regions, according to the average value of one labor-hour in that region. Despite this, TIME token holders are global and will receive fees from all the implementations across the globe.
The Chronobank Initial Coin Offering period will start on the 15th of December with a 30% bonus that will gradually decrease until the campaign ends.
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