A new project is seeking to adapt the adage ‘time is money’ for the blockchain age. Loosely based on a system called time banking, invented in the early 19th century, Sydney, Australia-based Chronobank is working on issuing blockchain tokens (similar to bitcoins on the bitcoin blockchain) that would allow labor hours to be used as a currency. As such, the company is perhaps the latest example that showcases how fringe economic systems are inspiring new ones based on blockchain. But Chronobank is notably using the global power of these networks to attempt to expand the historical abilities of the system on which it’s based.
