Decentralized Time Banks
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Hong Kong has a vibrant community of Time Bank micro-economies that help communities band together on a platform of mutual-support to self-organize as a means to mitigate negative impacts from poverty, unemployment, crisis, marginalization, or other hardships suffered at the fringe of society.  How time banking works is through the exchange of one’s time-and-services for another’s time-and-services, documented on a ledger to track who is owed what by whom, but through the equivalency of time instead of a cash-price.  It has been adopted by many Hong Kong community centers, nonprofits, and NGOs to address various local socio-economic issues, including aging, gender-inequality, and community resilience, and has been growing for over the past two decades currently serving over a dozen districts with nearly 20,000 community members​. 

 

Currently, time bank practices in Hong Kong have intrinsic limitations from serving the entirety of Hong Kong in that they are: 

  • analog transactions  – documentation of transactions are  still registered on a paper ledger 

  • centralized marketplace – transactions must be registered locally at community centers

  • fragmented micro-economies – each community center has their own timebank currency which is not fungible with other community centers

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The DDFF initiative seeks to resolve these issues by using blockchain to create a Decentralized Finance (DeFi) solution that helps to unify all the different community center currencies onto one universal ledger that bridges community marketplaces to be able to exchange products and services with tokens that are fungible to every user in the Hong Kong Time Bank ecosystem.  Users can just use their smartphones or even just paper QR codes for offline-to-online (O2O) peer-to-peer (P2P) transactions between individual users instead of having to physically go to a specific community center to make an exchange.  Continue reading in the working white paper below:

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Decentralized Time Banks
Working White paper

[Reading tip:  works better in full-screen mode]

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