ShiftPixy Explains Blockchain Use and the results will blow you away!
ShiftPixy Inc. (NASDAQ:PIXY) released a statement today explaining why it uses blockchain and investors appear to have reacted positively. The stock is currently up 38%.
What is ShiftPixy?
ShiftPixy describes itself as a “disruptive human capital management platform.” ShiftPixy helps employers to manage employees’ shifts and scheduling, to deal with administration, and to connect with potential new employees.
Essentially, ShiftPixy is a scheduling and recruiting platform that operates in real time and connects workers with shifts and businesses with workers. Through the ShiftPixy app, businesses can create shifts, set up custom shift rotations, and track payroll and expenses, among numerous other applications.
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Why Blockchain?
From the looks of things, ShiftPixy is using blockchain technology to run its platform. The company claims that this is a “prime use case for implementing a private, centralized blockchain due to the security and privacy of the data that a blockchain affords.”
This means that ShiftPixy has implemented the use of blockchain in order to protect the sensitive data that it holds, such as the personal private data of users (think, social security numbers, bank information, etc.).
The President and CEO of ShiftPixy, Scott Absher, said of the matter:
“We use blockchain technology in our ecosystem, because it is one of the most efficient tools available to help us protect our data from cyber interference. Any data considered to be a human capital validation point or part of the hiring and onboarding process is being utilized and recorded in ShiftPixy’s blockchain ledger.”
Interestingly, there is almost no indication on ShiftPixy’s website that the company utilizes blockchain. This is, perhaps, why it came as such a surprise to investors that the company has dabbled in blockchain at all and why the news today garnered the reaction it did.
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What Happened?
The blockchain craze of earlier days doesn’t look to have died off yet, given the effect this release appears to be having on the company’s stock.
At the time of writing, ShiftPixy is trading at $3.5604, which puts the stock up $0.9904, or 38.5%, from the previous closing price of $2.57.
This is the largest spike in the company’s stock since January.
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What do you think? Is ShiftPixy accurate in saying that it is a prime use case for blockchain?
Featured image: Vimeo
