A Proposal for Web3-Based Universal Basic Income

Tony Blair Institute

Overview: Income and wealth distribution have become more unequal in both the advanced and developing worlds over the past two decades. With automation poised to exacerbate this gap by replacing large numbers of certain jobs in the coming years, how to distribute social wealth to ensure the fruits of economic growth are more fairly shared will become an even tougher policy challenge.

Universal basic income (UBI) – a type of social-economic programme where all citizens of a jurisdiction regularly receive a monetary transfer, usually from the government, without discrimination – may provide an elegant solution to help address the issue. Large-scale implementation of UBI on a national level, however, may require further innovations on both technological and economic fronts. This paper lays out a proposal for leveraging web3 technologies – digital transaction networks such as blockchain or other programmable ledgers – as the infrastructure for scalable and efficient UBI implementation.

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