Universal Basic Income & Blockchain
Universal Basic Income (UBI) is a social welfare proposal that has been gaining traction in recent years. The idea is simple: every citizen of a given population regularly receives a guaranteed income in the form of an unconditional transfer payment, without a means test or need to work. The goal of UBI is to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement. The idea of providing a basic income to all members of society goes back centuries, but it has only recently become a serious policy proposal.
One of the core criticisms of basic income is the cost, with some plans representing more than half of the entire federal budget. However, proponents argue that UBI could increase economic growth because it would sustain people while they invest in education to get higher-skilled and higher-paying jobs. Additionally, UBI could reduce the administrative costs of means-tested welfare programs and reduce poverty rates.
GoodDollar is a cryptocurrency project that aims to deliver a working implementation of the UBI concept backed by public blockchain technology. Conceived as a social project by eToro cryptocurrency exchange, GoodDollar is designed to provide a basic income to people who are not currently served by traditional financial systems. The project is based on the idea that blockchain technology can be used to create a decentralized, transparent, and secure system for distributing funds to people in need.
ImpactMarket is another project that aims to use blockchain technology to create a more equitable and sustainable economy. ImpactMarket is a decentralized marketplace that connects buyers and sellers of goods and services that have a positive social or environmental impact. The platform is designed to support small businesses and social enterprises that are working to create positive change in their communities.
Both GoodDollar and ImpactMarket are examples of how blockchain technology can be used to create more equitable and sustainable economic systems. By leveraging the transparency and security of blockchain technology, these projects are able to create new models for distributing wealth and supporting social and environmental causes.
However, it is important to note that UBI is not a panacea for all social and economic problems. There are still many questions about how UBI would be funded, how it would be distributed, and how it would affect the labor market. Additionally, UBI is not a substitute for other social programs that provide important services like healthcare and education.
Despite these challenges, UBI remains an important policy proposal that has the potential to create a more equitable and sustainable society. As more projects like GoodDollar and ImpactMarket emerge, we may see new models for distributing wealth and supporting social and environmental causes that are more transparent, secure, and equitable than traditional systems.
References:
- Introducing GoodDollar: A Blockchain Framework For UBI — GoodDollar
- 2. ImpactMarket — ImpactMarket
- 3. The First Blockchain-Based Universal Basic Income Program — Futurism
- 4. GoodDollar’s Universal Basic Income Project Gains … — Yahoo News
- 5. Five reasons why Universal Basic Income (UBI) and cryptocurrency are a perfect fit — Crypto Altruism
