Euros Evans and Tomasz Mloduchowski, the founders of London-based Etch (https://etch.work), a new platform that will change the way employers and employees engage with payroll, have been invited to take part in a panel discussion at the Blockchain Solutions Forum (http://www.blockchainsolutionsforum.com/october3/) in Barcelona on Tuesday 3 October 2017, at the Fira Barcelona Gran Via convention centre.
The Blockchain Solutions Forum brings together the world’s leading experts on the open distributed ledger technology. Euros Evans and Tomasz Mloduchowski will use their considerable experience on the subject to explore how new solutions built on blockchain technologies can transform the way we work.
Euros, Tomasz and the team at Etch are in the process of changing the way that industries, such as construction, pay employees and contractors. Since the introduction of bank transfers, payroll has remained much the same, and they believe that huge reform is needed.
Euros Evans said, “Few construction projects are carried out by one firm, and the practice of subcontracting involves many contracts, each of which relies on a separate payment obligation. For example, a subcontractor’s employees rely on payment from their client, who may in turn rely on payment (via a payment application) from a higher-tier subcontractor, who must seek payment from a prime contractor, who in turn looks to the owner for payment.
“At present, it is only when the top layer of this pyramid approves payment that cash can flow down to the employees. This is clearly unsatisfactory for many parties.
“Now, imagine that each layer of this pyramid is being paid as they complete ‘smart contracts’, and programmes authorise payment based upon satisfaction of contractual conditions. The administrative burden on the finance department of each firm is eased, cashflow is improved and delays are minimised.
“This is how building projects of the future need to work.”
Etch is currently being tested at a building site in Oxford, UK.
The Etch platform allows employers to pay workers and contractors second by second, their balance being visible through a smartphone app and accessible via a card which is similar in appearance to a credit or debit card.
It is the first approved ‘dapp’ (decentralised application) in the Construction Blockchain Consortium, (https://www.constructionblockchain.org) a group of leading UK champions of disruptive technologies who are transforming the build environment.
The Etch team includes the CTO Tomasz Mlodchuwoski, a former MIT student of computational physics, who is on the technical committee for the Construction Blockchain Consortium, blockchain engineer Joshua Richardson, the inventor of Bitcoin Compact Confidential Transactions, Denis Lukianov and digital entrepreneur Ben Whyte.
For further information, please see https://etch.work
Etch White Paper: https://etch.work/static/files/Etch_White_Paper.pdf