Chrono Bank CEO Sergei Sergienko on tokenizing time

YouTube video

Blockchain has already transformed several industries, from finance to supply chain management, insurance to agriculture. For Sergei Sergienko, blockchain could do much more; it could tokenize time. Sergienko is the CEO of Chrono Bank, a startup that utilizes blockchain to transform the way individuals access jobs and businesses connect with contractors. He spoke to CoinGeek’s Becky Liggero Fontana during the Baikal Blockchain Summit on how blockchain is changing the workplace and his little stunt with Craig Wright.

Chrono Bank was founded in 2016, targeting the human resources and recruitment industries. In early 2017, the company held a successful token sale of its TIME token and since then, it has launched a suite of blockchain-powered products for the HR industry.

Sergienko explained, “What we’ve been doing for the past three years is trying to tokenize people’s wages and time in a work environment. So essentially, think of each person being responsible for their own work hours while at work, and being able to trade it and use it as a security.”

The concept is very utopic, he admitted. Nevertheless, the company’s products have been working great and the reception has been amazing. Some of its products include PaymentX, an automated payroll solution that allows you to pay your employees in crypto quickly and conveniently. LaborX is another, with the blockchain platform connecting employers directly with job seekers. The platform has a digital escrow that protects both parties from delays or disputes.

Born in Russia, Sergienko’s field is mathematics. However, when he came to Australia, he developed an interest in recruitment and industrial training and once he learned about blockchain, it seemed like a natural fit.

Sergienko was conspicuously wearing a t-shirt with the caption ‘Trust Me, I’m Satoshi’.

 “I’m taking the piss out of Craig Wright. That’s the Australian thing to do and to say,” he stated, referring to Dr. Wright, the creator of Bitcoin under the pseudonym Satoshi Nakamoto, who is also Australian.

“I’m trying to keep the Australian tradition going,” Sergienko said.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.