PayPal Adopts Blockchain Technology to Reward Employees



Last Updated: December 7, 2018 at 9:37 AM EST
paypal blockchain based system

Paypal has launched a system that will teach its employees how to use and manage cryptocurrency. Six months were spent developing the Blockchain-based platform, and it is a website that rewards employees with tokens. The platform allows workers to earn a virtual currency by participating in the company’s innovative programs.

Paypal’s Employees Develop Blockchain-based Platform

Based on a media outlet’s report, the system was launched in mid-November. About 25 people aided in its development and these are workers in the company’s Innovation Lab in San Jose. It was also noted that due to its large customer base, Paypal, unlike some companies is unwilling to adopt Bitcoin as a payment method.

Nevertheless, the American company has decided to foster healthy relationships among employees while at the same time, keep them up to date with the latest trends in technology. Accordingly, tokens can be earned by accessing the website and doing simple tasks such as participating in innovative programs, liking, and making valuable contributions.

Tokens to be Redeemed for Over 100 Experiences

The tokens can neither be used outside the platform nor the organization. This is because they can only be traded between employees. In this case, digital assets can be redeemed for over 100 experiences which have been made available. For instance, an employee can use his/her token to learn martial arts with the CEO Dan Schulman. They can choose to go on a trail run and coffee with John Rainey, the CFO.

There are even poker tournaments employees can engage in with the company’s vice presidents. Employees can also have a pet for a day since Gabrielle Scheibe Rabinovitch, Paypal’s head of investor relations is willing to let employees borrow her dog. Now, each time a transaction has been successfully made, it is stored on the Blockchain to aid in traceability.

Blockchain Gets One More Real Life Implementation

This is one of the few use cases of the Blockchain technology and cryptocurrency. Its real-life implementation will give workers more understanding of what this technology entails and maybe, garner more interest. Asides from Paypal, governmental and non-governmental organizations are trying to educate people on the use of the DLT.

An example is a family-owned Bank that collaborated with the University of Liechtenstein to sponsor Blockchain and Fintech courses in the school for five years. In addition, a non-governmental organization in India is partnering with the government to set up workshops and meetings in order to teach people Blockchain technology.