Amsterdam-based Hiway is a decentralized marketplace for work, and they seek to become the “go-to” blockchain-fueled platform for finding a job. Hiway connects blockchain-skilled workers with opportunties in the “companies of the future” without the limitation of borders or boundaries. The startup likens itself to companies in the gig economy, such as AirBNB and Uber, for example. They are taking a similar approach in the job market via big data, artificial intelligence and the Ethereum blockchain.
Hiway freelancers and employers have the ability to manually search for the individual or opportunity they are looking for, or they can let the fancy machine-learning automated tool perform the search for them. When two parties agree to work together, a smart contract is initiated on the Hiway platform, the terms of which are determined by the parties involved. Payment for the services is stored in the smart contract and will be released when the terms of the agreement are met.
The Hiway ecosystem will be fueled by the ERC20-based WAY token, which is implemented into the smart contract as a form of payment. WAY tokens are stored in the contract. There is a heding mechanism in place dubbed a “job value reserve” that accounts for any volatility in the WAY token so that the value embedded in a smart contract doesn’t change. Eventually, Hiway plans to explore support for fiat currencies across USD and EUR.
Hiway is not 100% on the blockchain, for speed and regulatory compliance reasons. Instead they are maintaining a central database where personal data is encrypted on the blockchain. But when it becomes possible to remain regulatory compliant and the scale of the blockchain is enhanced, Hiway plans to adopt a new format. Here are three of the key features of the Hiway platform.
AI Matchmaking engine is fueled by a smart-machine learning algorithm” that can outperform any manual recruitign process. It matches job candidates with opportunities based on parameters in the Hiway database across education, job experience, rating, etc. 2.) This bring us to the Rating System, which is where the freelancers acquires an “online resume” via the reviews left by employers. The employer will rate the freelancer on “planning deliverables and communication skills,” data that will then be stored on the blockchain where it cannot be altered. 3.) A Quality Jury for Disputes is used in the event there is a disupte between an employee and an employer. The Hiway system will randomly select users from both the freelancer and employer pool to provide an objective resolution.
Smart contracts on the Hiway platform appear to favor the freelancer in that the worker is paid instantaneously when the parameters in the contract are met.
Hiway’s loyalties are split evenly across the blockchain-enthusiast freelancers and companies of the future. More specifically on the worker side, it’s designed for freelancers across graphic designers, web developers and photographers, for instance. Hiway is targeting individuals and employers in the blockchain industry to start but eventually says it will tackle “other HR challenges.”