By: FINTECH FINANCE
Nodal Labs, the world’s first blockchain-powered freelance marketplace, launches to bring new trust and transparency to recruitment
Nodal Labs, the blockchain-powered freelance marketplace, launches today in the UK to reinvent the recruitment process for businesses and freelancers. It gives employers instant access to a talent pool of freelancers, with skills verified by others in the industry to bring peace of mind that candidates have the experience they claim. For freelancers, the platform allows them to shine, regardless of the size of their personal network, and then uses a system of smart contracts to put an end to the persistent and damaging issue of late payment and unfair scope creep which has become an endemic problem in the freelance community.
As work and skills are continuously validated and recorded each time an action is performed, the platform creates a trust-building positive feedback loop, bringing transparency and fairness to the relationship between employer and freelancer, and giving each party the opportunity to tap into a network far wider than their own.
Nodal will initially serve the Creative & VFX, and construction, property & engineering sectors, where the challenges of skills verification and late payment are most severe. Minstrell is amongst the first customers signed up to the platform after Nodal secured a £250 million deal with the specialist recruiter. Nodal has been working to develop the platform alongside internationally renowned architectural design firm Foster & Partners, creative studio Access VFX, and award-winning VFX company Union VFX.
Nodal offers businesses of all sizes an end-to-end recruitment solution, with a single view of all processes from talent identification through to on-boarding, timesheets, invoicing and payment. The custom blockchain technology records, verifies and automates traditionally slow and cumbersome processes.
Guaranteed verification of skills means that employers can divert their focus to ensuring the right cultural fit for their business, slashing the wasted time and expense associated with a wrong hire. With timesheets instantly recognised against invoices, and payroll on-boarding time reduced, Nodal allows HR professionals to get on with what they do best – the human part of human resources.
Nodal guarantees that freelancers can be confident that they will be paid regularly, accurately, and for the work they have delivered. This is achieved through a system of smart contracts, the terms of which are automated once placed onto the blockchain.