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Volunteers and community workers may soon be able to obtain discounts at local retailers and even reductions in their council tax, thanks to technology that puts a value on socially-useful tasks. The scheme, which is being pioneered in Hull, an English port city in east Yorkshire, is an application of the blockchain technology used in digital currencies such as bitcoin, and has won £240,000 in government and charitable funding.
If it is successful, the scheme could be rolled out nationally. It is also attracting interest from continental Europe, the US and Africa. A number of places in the UK, including Lewes and Bristol, have experimented with their own currencies to boost local business. Unlike these local coins, however, HullCoins are digital and can only be earned by “good works”, rather than bought or sold with hard cash. A description of the work done is permanently attached to the “coin”.
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