A crash course in changing the world.
After looking at the title “the future of money” I remembered the film “In Time” I watched in cinema. The film describes a world where time completely replaced money as the only currency. Although this film contains many unrealistic elements, it gives us an overview how it could work with time as currency.
Using time as currency also exists in the reality. After reading some articles I know Time Banking as an alternative monetary system. A Time Bank is a pattern of reciprocal service exchange that uses units of time as currency. The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names, but is generally known as a time dollar in the U.S. and a time credit in the U.K. Time Bank is primarily used to provide incentives and rewards for work such as mentoring children and caring for the elderly. Actually, the "time" one spends providing these types of community services earns "time" that one can spend to receive services. For example this might typically see a Time Bank member earning a time credit by doing the shopping for an elderly member of the time bank, and then spending that time credit on getting somebody else to provide baby-sitting support at a time when they are busy.
Today 26 contries have active Time Banks. There are 250 Time Banks active in the U.K. and 53 officially recognized Time Banks in the U.S.
https://www.timebanksnyc.org/ TimeBanksNYC
http://www.timebanking.org/about/ Timebanking UK
I personally think that Time Bank will be one of the biggest exchanges of money in the future. It’s a better way to change the social community time by time. Each person has talents to share and that the overall community is strengthened when neighbors help one another with a wide range of services. Currently Time Bank is used parallel to money and only supplement the existing currency system. Several systematic problems according balance need to be solved before time could completely replace money as currency.
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