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A Second Swiss Municipality Is Receiving Covid Relief Funds Through The Tezos-Based ‘Ecoo App’

In October last year, the Swiss city Wetzikon used the Ecoo app to distribute COVID relief funds to its residents. Now, a second Swiss municipality is using Ecoo for that same purpose: the municipality of Erlenbach.

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Erlenbach & The Tezos Blockchain

During the COVID pandemic, local businesses have seen their sales decline. To support these businesses, some local governments choose to distribute an economical impulse to support these local businesses. But randomly distributing an amount of money, does not guarantee that the money goes to local businesses as intended.

What if you could securely distribute value that is only spendable at places that need the financial impulse most? The Ecoo app, built on Tezos, can achieve that exact goal.

In October last year, the Swiss city Wetzikon used the Ecoo app to distribute COVID relief funds to its residents. As announced in a press release from Ecoo that we received today, currently a second Swiss municipality is using Ecoo for that same purpose: the municipality of Erlenbach.

The municipality of Erlenbach is making 100 francs available to every resident of Erlenbach which they can use to shop in Erlenbach shops. In total, around 570,000 francs will benefit local businesses in this way.

The impulse program is processed via Ecoo, the revolutionary digital platform for earmarked transactions, which has already made a similar program possible in the city of Wetzikon.

Ecoo app

With Ecoo, earmarked funds – in this case the vouchers from the municipality of Erlenbach – can be made available as credit in a smartphone app. The residents of Erlenbach can simply load the 100 francs into the wallet of their Ecoo app by scanning a QR code.

The municipal businesses then collect the vouchers using the Ecoo app and can finally change the collected coins back to the city – again via the app – for real money.

Ecoo thus enables a closed cycle of a dedicated “currency”, registered on the Tezos blockchain, in a clearly defined ecosystem and is as easy and secure to use.

The platform and associated app were developed by the three partners DU DA Data & Commtech by Farner, Farner Consulting, and Papers and are based on blockchain technology from Tezos.

The impulse program of the municipality of Erlenbach is a success. By June 14th, around 5,600 vouchers had been issued. 150 businesses have activated the wallet to enable payments with the vouchers via the Ecoo app, and over 9707 transactions have taken place with Ecoo.

Sascha D. Patak, Mayor of Erlenbach:

“The idea for this voucher came from the population. It was important to the community to help local businesses suffering from the corona pandemic. The residents of Erlenbach can decide for themselves which businesses they would like to support with the community vouchers.”

Other use cases for the Ecoo app

The Erlenbach project is the second real-life application that Ecoo launches, but it has many more possible use-cases. As mentioned in the official announcement:

  • Tourism: guests can pay with «Tourism Coins» at selected shops, railways, and businesses
  • Events or festivals, where visitors pay with coins, while the partners, e.g. a catering stand, collect the event currency via the app
  • Companies that want to give their employees meal vouchers not only for the canteen, but also for the nearby bakery or the pop-up restaurant on the corner
  • Health insurances that credit the insured with “Health Points” that can be redeemed at selected partners. This simplifies the organization of partnerships in the health sector, for example in the area of ​​health promotion.

This is the fifth application on Tezos that is used by European governmental organizations

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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