On Friday it was announced by Tezos that a city in Switzerland, Wetzikon, launched a program based on Blockchain technology. We tell you what it is about!
Once again, Blockchain technology demonstrates its potential in various areas; this time, in the fight against COVID-19.
On October 30, Tezos published a press release on Twitter revealing the new project of the Swiss city Wetzikon.
The program involves an outlay valued at approximately USD 280,000. This will be distributed to the approximately 25,000 inhabitants of the city in the form of an electronic coupon.
To carry out the program they developed ecoo, “a secure and simple digital solution to issue and manage the electronic coupon cycle.”
Therefore, ecoo is designed to be a tool that helps entities such as governments and event organizations to distribute allocated funds in the form of coins and points. Evidently the ecoo platform is built on the Tezos Blockchain.
Therefore, the statement noted that “Ecoo was built on Tezos, a decentralized Blockchain designed to offer the upgradeability, security, and continuity necessary for long-term, high-value applications”.
He also added that, “By using Tezos, users avoid any administrative overhead and transactions can be tracked and evaluated in real time.”
According to the statement, ecoo’s functionalities range from resorts to health insurance companies.
What will the citizens of Wetzikon do?
Basically, residents will be able to convert their aid vouchers into “WetziKoins” through the ecoo app. Residents can later use them to shop at local businesses.
Likewise, business owners can subsequently convert the currency into Swiss francs from the municipal administration, even through the same app.
“With ecoo, we have found a viable solution to motivate people to buy from local stores instead of just buying online or from wholesalers outside of our city«, Explained Ruedi Rüfenacht, mayor of the city.
In conclusion, Switzerland found an effective way to offer aid against COVID-19 and strengthen its economy.
This is how Blockchain technology demonstrates its multiple capabilities. Let’s remember that this city in Switzerland is not the first to explore the use of the Blockchain.
Certainly governments and businesses have been slow to recognize the potential. Nonetheless, it seems that the Blockchain era is here. What will be the next country or city that decides to integrate the Blockchain?