KUALA LUMPUR: MY E.G. Services Bhd (MyEG) has unveiled a blockchain-based payroll management software, PayMe, to assist companies in recording and managing workers’ overtime accurately and efficiently.
In a statement filed with Bursa Malaysia, the e-government service provider said pilot trials would start soon at selected sites.
PayMe, a monthly subscription service, is designed specifically for companies that employ a sizeable workforce with dynamic remuneration.
MyEG aimed to sign up the existing corporate customers of its various services as users of PayMe, it said.
“Leveraging the benefits of blockchain architecture is one of MyEG’s core focus presently. We believe that MyEG is well positioned to deploy industry-wide blockchain solutions that maximise the potential of the distributed ledger,” said Managing Director TS Wong.
The company said blockchain architecture was ideally suited to resolve the prevailing inefficiencies in payroll management in view of the immutability of the technology, where data could not be unilaterally altered once recorded.
Furthermore, it added, the distributed nature of blockchain meant stakeholders would have full access to the data, ensuring transparency and minimising the possibility of potential disputes.
– BERNAMA