Universal Basic Income Test Uses Blockchain to Distribute Funds Globally

Universal Basic Income (UBI) has roots tracing back to the 16th century, when Sir Thomas More envisioned a society where every individual receives a guaranteed income in his renowned work, Utopia. Although Utopia is a fictional narrative, the idea of basic income is becoming increasingly relevant as the number of unemployed individuals in the United States has soared to 36 million, a figure reminiscent of the Great Depression.

As the U.S. federal government strives to distribute one-time stimulus payments to citizens, it has become apparent that numerous challenges persist with current UBI models. A significant concern is that many individuals have not yet received their stimulus checks, which raises doubts about the reliability of moving substantial funds in a timely and consistent manner. Furthermore, questions arise regarding how to prevent fraud, technical issues, and misuse within these vulnerable systems.