The town of Wetzikon will use blockchain tech for targeted local business aid.
According to cointelegraph.com on October 31. 2020, the Swiss town of Wetzikon launched a blockchain-based program to support small 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 “ecoo”( a smartphone app), which will be using the aid program as a pilot trial for its platform.
By using this App, residents will be able to convert their coupons into “WetziKoins” that they can later use to make purchases at local companies. Local business owners can then convert the currency back into Swiss francs from the town administration, also via the app.
“Under the current circumstances it is imperative for us to act in favor of the local economy in a sustainable manner. With ecoo, we have found a viable solution to motivate the people of Wetzikon to shop in local stores instead of just buying online or from wholesalers outside our town.” said Ruedi Rüfenacht, Mayor of Wetzikon.