Cryptocurrency and blockchain are two of the fastest growing technologies visible in the industry today. The relevance of two in the rapidly expanding world is extremely significant. Blockchain in the underlying tech behind cryptocurrency and the online digital transactions systems. Blockchain is as the name describes, a chain which is visible to all users but cannot be modified by anyone. The chain acts as a ledger called the Digital Ledger, which is an immutable and transparent record of all transactions performed. This ensures that users can trace funds throughout the chain. Additionally, the decentralized nature of the blockchain ensures that no regulatory body or government can control the system.
Tokens are the coins of the platform that is based on the blockchain. Ach platform has a token of its own that allows users to pay for services or products and even identify or classify themselves. URT or Universal Recognition Token is the first blockchain based corporate rewards marketplace where employees can auction gifts, rewards, and prizes to the public. Employees can now exchange their unwanted gifts for money or value points on the marketplace in a traceable and immutable manner using underlying smart contracts.
Problems & Solution
Employee Recognition Programs are a feature of all corporate workplaces as a reward for special occasions like meeting goals, birthdays, project milestones, and holidays etc. Research shows that large corporations invest 1-2% of their total profit into these programs which often involves gift-cards or merchandise. Issues that are related to this are the possibility of the gifts remaining unused and subsequently expiring which is an extremely inefficient use of funds.
The URT solution leverages blockchain to maximize employee satisfaction and minimizing employer costs and waste. The virtual marketplace allows users to keep gifts for themselves or exchange them for money or points. There are no geographic limits so all types of items can be traded. The value of any item is determined by the bids from users giving HR teams a better idea of possible gifts.
What URT offers
URT offers its users some great features that reduce the costs faced by the employer while at the same time improving employee satisfaction and making sure that all gifts are used optimally and not wasted as is prevalent at the moment.
- Liquidity – The URT virtual marketplace is designed in such a way to allow users to auction off their gifts, rewards or prizes of any form without any restriction on location, size or category. This removes the problem that most gifts don’t match the user’s wants as the HR departments are ill-equipped to handle the growing number of offices and employees.
- Stackability – URT is immutably and permanently stored on the blockchain, so token value never expires meaning smaller gifts can be accumulated into larger gifts with more practical value. These may even be valid for life.
- Way Better Prizes – HR Departments pick prizes for all their employees and in most cases, these are generic and even boring, as employees have different tastes and may be at different locations. These gifts which may sometimes be local in nature like dinner reservations or tickets, as central HR departments can not always know the best possibilities in each city. The blockchain allows prize vendors to submit more data and this public data tells companies which gifts are high in demand and to stock up on them. This effectively means more impactful prizes.
The URM app is available on both Android and iOS devices and supports the following features.
- URT holders can access wallets and check balances and transaction history.
- Browse through a list of upcoming and available auctions through the Live Now tab.
- Submit bids.
New users register using an email address or phone number and a password. Following verification, users can enable better authentication measures like FaceID.
Team & Advisors
The URT team is headed by Serial Entrepreneur and CEO Brendan Ward. Other members of the core team include Computer Science Engineers Maurizio Calo Caligaris, Shahriyar Pruisken, Ace Haidrey, Hitoshi Okonogi and Chief Architect Ivan Maros.
Advisors to the team include experts across the industry like Trip Adler – Founder & CEO at Scribd, Albert Eloyan – CEO Surprise HR, Stan Dunlop – SVP of HR at Salesforce, Vivian Vitale – SVP of HR at IBM, Veracode and Care.com, and Blockchain advisors Michele Zilocchi and Alex Norta, Ph.D.
For More Information About Universal Recognition Tokens:
ANN Thread: https://bitcointalk.org/index.php?topic=4550909.new#new
Post By Anton De Mel