It is a nightmare for IT companies where and how to get skilled and cheap developers. It doesn’t matter if a company is a large giant or a small startup company. It matters where and how.
Hundreds and hundreds of startups and solutions have emerged: recruiting aggregators, onboarding solutions, professional social networks, etc. Why so many and what is wrong with them?
There is nothing wrong except the fact that all of them try to grab the most valuable thing in the world – relationships.
When we looked for employees at a good old, centralized app what exactly did an app do? They monetized their relationships with employees, and they monetized their relations with employers. It looks like a couple, an employer and an employee, would like to make love with each other but every time they must go to mediators to provide them with a place for this activity! Unfair price! Relationship in exchange of place!
Could we find a secret shelter where there are no mediators between a couple? Yes, we can. But for this purpose, we should step into an uncharted territory – crypto and blockchain.
Those two villains in the traditional financial world could be converted to heroes when we use them not for scams but as a tool of communication between employers and employees on-line and globally.
They are a secret shelter for a couple at a zero cost. However, as it happens in all fairytale stories, tremendous obstacles prevent heroes from achieving their objectives.
And now, a piece of my story.
I used to work as a CEO of a software development company with 800+ employees and when I decided to launch my startup, I was keen from the very beginning to have an international team.
Certainly, a startup couldn’t have offices located across the world. That is why the only solution was to have a core team settled in one country and to find other employees globally. I have always liked crypto and smart contracts as an attractive method to organize work process.
How should it be:
- Divide the job into small parts each lasting not more than a week. In this case for both parts risks are low at the cost of weekly job.
- Pay to employees in crypto via appropriate blockchain. In this case you don’t spend money on any additional aggregators’ costs.
Sounds great. There is no one between me and an employee.
If we don’t like to continue work with each other both me and an employee have rights not to sign a new smart contract. The payment is always secured for an employee, as crypto is blocked on a smart contract until the result is delivered. Sounds great!
In my story, my core team found good professionals from Argentina and Spain quite fast and what my startup had to do was just one step in crypto – to convert fiat money to crypto. So, I applied to Binance to register a business account and… the dragon immediately appeared in a fairytale!
When I looked at Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Questionnaire I had my brain boiling out.
That was a Questionnaire for financial institutions! Why should they treat a common startup as a financial institution. What I needed to do was just to convert fiat money to crypto and to pay to people via BNB smart chain!
Yes, KYC is important but in traditional financial market KYC is on the side of banks and financial aggregators. If a company makes a payment by SWIFT, it doesn’t mean that an ordinary company is not trading on behalf of the 3rd parties and should have their own AML, CFT, KYC procedures! Why it is not true in crypto?
So, I suggest, simplification is a key to breakthrough in new world.
It seems, the following rules should be implemented:
- If a company needs to convert fiat to or from crypto, yes, AML, KYC, CFT is necessary.
- There should be large crypto financial institutions like Binance to provide KYC, for them. It’s very easy. What a customer needs for KYC is just to log in Binance. They have already collected all the necessary information.
- And pls don’t treat all companies in crypto world as financial institutions, companies need blockchain and crypto as tools for traditional services. There should be a simplified process for companies with limited operation in Crypto.
I honestly believe in happy end of a fairytale story. After all, I have registered my company in Binance. But this is not the end of the story!
Simplification in crypto strictly according to existing financial regulation is the key to mass crypto adoptions and answer to the questions on how to overcome existing crisis. Not mediator but safety provider for communication is still needed.