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Big businesses warm up to the idea of time banking

Jun 29, 2018, 8:42 AM EDT
Karla Ballard’s startup Ying has come up with an app that simplifies and mainstreams time banking for communities.
(Source: UCLA Anderson/flickr)

Karla Ballard has been championing the concept of time banking for almost 17 years now, and finally the response from big companies seems rewarding. Time banking, a form of alternative currency, involves people trading their skills and services for redeemable “time credits” without the use of any cash.

In real life, the model works like this – you help a neighbor move for five hours and in return get “time credits” redeemable, say for an hour of legal consultation, two hours of personal training or spend them on other goods and services later on, writes Fast Company. Ballard’s startup Ying has come up with an app that simplifies and mainstreams time banking for communities.

In addition to trading skills and services, time banking is “a way to build social capital and really connect people” and help communities get services they cannot afford otherwise, reports Smithsonianmag.com.

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