Time Bank using Public Blockchain

Abstract

Time banking is a mode of exchange that lets people to use time as exchange currency instead of money. By registering in a time bank, people agree to take part in a system that involves earning and spending ‘Time Credits’. When they spend a unit of time on an activity to serve others, they receive one time credit. Later when they need service from others, they can use the time credits that they have earned and saved. Time credits are also transferable to their nominees. Block Chain technology is used to implement this design to ensure robustness, transparency and security. Ethereum, which is a public Block Chain protocol was used to remove third party intervention. Block chain is used as ledger to keep track of the activities in the time bank accounts, such as sign up, recording the credits, tracking the events etc.