Telos, a blockchain platform powered by EOS, has entered into collaboration with provider of All_EBT – a virtual card – in order to achieve scalability of the firm’s service for schemes related to food aid.
Under the collaboration, Telos’ blockchain will be utilized to make payments between All_EBT’s participants in food aid and public welfare programs.
All_EBT, which is supported by Draper Associates, Facebook and EOS, facilitates receivers of EBT (electronic benefit transfers) to spend rewards online. The startup’s webpage currently requests users to enroll in a waiting list.
The company has earlier won hackathons conducted by Facebook and Y Combinator, and got the EOSIO Hackathon’s social impact award two years back.
All_EBT also offers a customer on-rampt to cryptos. All_EBT founder and CEO, Eli Morin said “In America alone, more than 22% of the population, 54 million people, live on food stamps.”
He further stated “That number has gone up over the last several weeks and months amid the COVID-19 pandemic, making it even harder for people on food stamps to access healthy food and financial services.”
Justin Giudici, head of product at the Telos Foundation, opined that the firm’s blockchain “will be used to create an immutable record of EBT data,” transforming the info “verifiable, auditable and trackable to users, merchants, and the government.”
Giudici further said “Essentially the end result will be higher trust in the system, lowered costs and fraud protection not possible without blockchain technology.”
Giudici remembers first meeting with Morin and his group in November 2018, when EOSIO hackathon took place, indicating that the firms have “touched base intermittently” thereafter. Telos’ head of product revealed that after a year of info sharing “the partnership just made a lot of sense,” further stating that both “share a vision for a better future built on blockchain.”
In April, Telos collaborated with blockchain based DNA-ownership platform Genobank to create an app that paves way for anonymous access to coronavirus trial.
