Time banking is one of the more endearing ways in which we can help and support our local communities. It’s a process in which no money is exchanged, and everyone’s time is nominally valued equally, with each hour we spend helping someone in our community giving the volunteer one hour of time credit in their community.
A recent paper from Binghamton University explores how blockchain can be used to underpin time banking systems within a community. The proposed system time stamps and records all of the necessary data into a secure and transparent ledger.
“It promotes a trustworthy, communal relationship, and peoples’ values are assessed according to how much time they put into activities and contribute services to the community. These values get recorded in the time banking system (TBS), which then allows individuals and organizations to utilize peer-to-peer service exchanges, using TBS time for transaction. This system encourages residents to contribute to the local community, which then helps foster bonds between community members,” the researchers explain.
Put to the test
The system has been tested on the island of Aneityum, where residents have little formal education but ready access to cell phones. The system aims to facilitate the exchange of time for labor, whilst also rewarding (or penalizing) pro and antisocial behaviors. The system will record all data from the timebank on blockchain.
The team believe that the evidence for time banking is strong, and that involvement in community life increases the quality of life for all members of it. Interestingly however, they believe that a blockchain-empowered timebank can help to hedge against the growing tide of AI-driven technologies that they believe will depersonalize communities.
“AI and Machine Learning (ML) are reshaping global communications, commercial activities and social relations in industrialized economies,” they explain. “AI can outperform humans and replace them in the workplace, reduce costs for manufacturers and change the way the economy and society are organized. This raises concerns regarding the value of humans and how we can work to fulfill our societal obligations. It also raises the issue of a lack of social cohesion, leading to people becoming strangers and not trusting each other.”
At the heart of this challenge is understanding the true value of an individual. The researchers propose that our value inherently lies in our ability to fulfil the obligations of our community. If people can engage in work that meets the psychological, emotional or spiritual needs of their peers, then both the individuals themselves and the community will thrive.
