The Global Chinese Elderly Care Public Welfare Foundation (“The Foundation”) builds a blockchain-based time banking platform for volunteers, a reciprocity-based service trading system in which hours are the currency. By issuing time tokens, more volunteers are expected to participate in community services and hence relieve the shortage of elderly care. The core concept of time banking is that community members contribute labor (e.g. one hour) to fellow members or designated persons, thereby earning and storing the right to receive an hour of labor from their fellow members. The spirit of mutual assistance and mutual benefit is well integrated and practiced through time banks. “Idle time” properly used can thus become an alternative way of accumulating money. The Foundation issues UTMT (UTime Token), which can be converted into regional UTMT.OO (where OO stands for a region) to exchange for locally provided services. UTMT.OO holders can not only use the time tokens for themselves, but also transfer them to relatives or friends that need elderly care.
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