Time Banks: Nature and Importance

What is a Time Bank?

A time bank is a reciprocity based work trading system, in which hours are the currency. With time banking, a person with set of skills can trade and bank hours of work for equal hours of work in another skill set, instead of paying or being paid for services.

The hours banked are always traded equally regardless of the service rendered. This equality is intended to foster strong ties between various communities, and by making all contributions valued equally, encourage equality in the communities themselves.

Adapted from an article in whatis

https://cutt.ly/n2Yx826

Why is it relevant to blockchain?

Time banking is seen as a solution to the problems stemming from the free market economies, and in recent years has gained more traction, although economists see it as a threat.

Blockchains can automate this emerging concept, and make it more viable in the market, which is why it is relevant to the fintech industry as well.

Project HiveLocity & Time Bank

The new project that we've been working on, in the past few months incoroporates elements of time banking, to test out it's initial relevance on the blockchain.

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Have a great week

Note: All images used in this post are rendered or enhanced using AI tool

https://creator.nightcafe.studio/