The town of Wetzikon will be using blockchain tech for targeted local business aid
On Friday the Swiss town of Wetzikon -- formerly best-known for its idyllic pastures and churches -- launched a blockchain-based program to support small and medium-sized local businesses affected by the Coronavirus pandemic.
Valued at 250,000 Swiss francs ($280,000), the initial aid disbursement will be funded with a municipal credit line earmarked for the Coronavirus and will be distributed to the roughly 25,000 inhabitants of Wetzikon in the form of an eCoupon worth 10 Swiss francs.
Residents can access the disbursement through a smartphone app, “ecoo,” which will be using the aid program as a pilot trial for its platform.
According to their website, ecoo is designed to help entities such as governments and event organizers distribute earmarked funds in the form of coins and points, and was built on the Tezos blockchain through a collaboration between the Swiss firms Papers AG and multiple subsidiaries of Farner Consulting AG.
On the app residents will be able to convert their coupons into “WetziKoins” that they can later use to make purchases at local companies.