Simply put, Workchain is an autonomous, two-way incentive mechanism for blockchain that can power an endless variety of intangible economies.
How does it compare to blockchain?
Blockchain allows you to transfer value one-to-one. Rewards go to network providers.
Workchain allows you to produce value and transfer it one-to-many. Rewards are distributed to everyone according to their contribution (for holders) and validation (for workers). Runs on top of blockchain.