At one point or another we’ve all come to understand that blockchain will disrupt traditional systems as well as how people interact with the environment around them. Others also believe that, as we move toward a digital world, blockchain will replace all forms of physical money and create an inclusive system even for people of lower incomes who don’t have access to a bank account.
Food stamps tick all the right boxes; they cater to lower income individuals, they serve as a form of money, but unlike the common representation of money they can’t be used to purchase food on the internet. This has left 22 percent of the U.S. population highly inconvenienced and behind the times compared to people using bank cards or e-wallets.
Telos, the EOSIO based blockchain, has partnered with a virtual card provider company that digitizes food stamps so they can be used via the internet. The startup by the name All_ebt was awarded an equity free grant from being the ‘Social Impact’ winners at Block.one‘s EOS.IO San Francisco Hackathon in 2018. After featuring in the reality tv show Meet The Drapers, All_ebt also received backing from VC investor Tim Draper.
By utilizing the Telos blockchain, All_ebt will provide immutable data that is verifiable, auditable, and trackable to both users and merchants, as well as the government. Users of All_ebt are now able to use a virtual Visa card for their checkouts on online retailers. In other words, food stamp users are, for the first time, able to purchase food products on the internet!
Ironically, food stamps will soon prove to be more secure than using bank cards to pay for goods and services on the internet. Thanks to the Telos blockchain, All_ebt will now afford food stamp users a trustless system with lower costs and protection against fraud, which are exactly the attributes that the traditional banking system lacks. Thus, by turning the most outdated of technologies (food stamps) into a massive success, this partnership would highlight just how disruptive blockchain technology is.
The company’s solution is one that each of the 54 million people on food stamps, in the U.S., will greatly appreciate because it saves them the troubles of having to physically go to the stores, especially in this current climate of the coronavirus pandemic and violent protests. Working with Telos to utilize the worlds most performant blockchain protocol, All_ebt is well positioned to be a market leader in digitally servicing this segment of the massive U.S. market.
Cointelegraph – Telos to Use Blockchain for Food Assistance Platform
Investment pitch – All_ebt food stamps online
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