PeaceGate Time Banking
Time Banking is an old idea, with roots in the 19th century labour reform movement. Modern time banking was conceptualized in the 1980s by Edgar Cahn, an American law professor and social justice advocate, to address unfulfilled societal needs, and reward community participation. Time banking is a system of bartering various services for one another using labour-time as a unit of account which was developed by various socialist thinkers based on the labour theory of value. Labour-time units can be credited to a person’s account in the time bank and redeemed for services from other members of the Time Bank. The advantages lie in building (or restoring) community, inclusion, volunteerism, and social assistance. It is promoted as helping to foster community ties and encourage people who would not normally get involved in traditional volunteering. Above all, it has been championed for enabling people with low incomes to access services that would be unaffordable to them in the traditional market economy.
The success of a Time Banking community largely depends on its size and diversity. The more professionals there are, and the more diverse skills they have, the more likely it is that people will start using this type of service. But the problem was that these communities lacked the necessary technology to expand beyond their limited scope in both numbers and diversity. Time banking is getting better with time and technology. IIAM is proud to incorporate the concept of Time Banking in its services. The PeaceGate Time Banking is a reciprocity-based service system in which hours are credited in the Time Account of the holder. In a time-banking environment, people receive time credits when they provide a service to another member of the time bank (and the member receiving the service is debited an equal amount). Every hour of time is generally valued the same, regardless of the service rendered. And most importantly, the entire Time Bank service is backed-up by a state-of-the-art technology integrated with the Peacegate App. You can open the account, request and give services through the App and verify the Bank statement through the App. Once you sign the Pledge to Mediate, you can open your Time Bank Account and mention the services you would like to offer under this concept. For eg., if you are a Teacher, Counsellor, Psychologist, Musician, Yoga Instructor, Health professional, or Mediator or for that matter any person, you can offer your services free and the time that you spend for giving those services will be credited in your Time Account. This will carry interest too @12% per annum. Anytime you can redeem your time credit for availing any of these services in return free – for you, your friends, relatives or others for whom you would like to get such service. And the services will be kept on adding! And in case you don’t redeem your points. You can transfer your PeaceGate Time Banking Account to your nominee. It is much more worth than the money that you transfer to your children. You have honourably earned this by the services that you have offered! PeaceGate will keep track of the time credits and debits using its Time Banking software. As A.P.J. Abdul Kalam has said, “Life and time are the world’s best teachers. Life teaches us to make good use of time and time teaches us the value of life”. It is said that Time is limited and priceless and once you have lost it, you can never get it back, PeaceGate Time Banking gives an answer to it. You can store your time and gain it back in the future and it teaches us the value of life. firstname.lastname@example.org