Alipay first applied blockchain technology to “time bank”

According to the 36-inch report, starting today, volunteers from the Jianye Taoyuanju community in Nanjing can store their public welfare time in Alipay and exchange their own pension services. The whole process introduces blockchain technology to prevent loss or tampering. “Time Bank” is a new model of mutual assistance and old-age care. Volunteers can do a good job of “public welfare” and deposit them into “banks”. In the future, they will exchange old-age services for themselves or others for the same duration. Alipay revealed that in the future, this method will be extended to the whole region, and more “time banks” are expected to move to the blockchain.