As one of the world's leading blockchain legal practices, Gowling WLG has gone one step further and applied its expertise in the technology to its own business by launching its 'Gowling WLG Reward Token' (GRT) scheme. The initiative educates employees about how blockchain technology works, while simultaneously allowing them to earn and share rewards for their efforts. Taking the mystery out of what can be seen as a complicated and shrouded technological application - while providing a simple, fun reward - is at the heart of the initiative, as the firm recognises the key role blockchain will play in the UK's professional and commercial future.
Released today by corporate partner and co-chair of Gowling WLG's Tech group, David Brennan and the firm's Innovation team after a successful pilot, the scheme is open to all UK-based Gowling WLG people at every level within the firm.
To get started, individuals simply need to follow a simple guide to set up a GRT wallet (essentially, the platform for transferring tokens), register for the scheme, and then start using and gifting tokens. No money changes hands but the tokens are exchanged via a GRT app on employee mobile phones for a free hot drink in the firm's London and Birmingham-based restaurants. Indeed, the reward retrieval process involves users launching their own custom cryptocurrency tokens. Employees can then create, transfer and exchange blockchain tokens on a peer-to-peer basis by using this open-source blockchain platform.
GRTs can be gifted by any member of the firm in the UK to colleagues based in London or Birmingham as a reward for their work/achievements, where they can be exchanged for a free drink or re-gifted to other colleagues in recognition of their successes. The processes are carried out using a mobile phone app (GRT app) which creates a digital wallet to hold their tokens and the exchange is anonymous. Everyone who registers will automatically receive 2 GRTs and a transfer amount for redeeming/gifting tokens. Those 2 GRTs will purchase two hot drinks or can be gifted to other colleagues for them to enjoy.
Commenting on the ingenuity of the scheme, corporate partner and co-chair of Gowling WLG's Tech group, David Brennan, said: "The volume around blockchain could not be louder, but it is important that anyone contributing to this adds value. As home to a market-leading blockchain team, we're using this opportunity to marry education with rewards, provide grass roots awareness of the blockchain application and ensure its understanding throughout a large number of our employees. They are not only ambassadors for Gowling WLG's blockchain-focused efforts, but also future consumers of the technology in their personal lives."
Commenting further, head of architecture and innovation at Gowling WLG, Jody Jansen, said:
"We've been piloting the GRT scheme now for a few months and the feedback has been fantastic. Our primary aim has always been to educate people about what blockchain is, and what it can do, but we also recognised the opportunity to use it as a way of saying thanks to individuals who are helping make a difference across the firm."
Gowling WLG recently launched a report discussing the disruptive power of blockchain technology within the financial services sector. The paper included insight from experts at the firm, as well as NEX Exchange, Blockchain Hub and BTL Group. Download a copy of the report.