It has been reported that the partnership will see Telos’ blockchain used to facilitate payments between All_EBT’s stakeholders in food assistance and public welfare.
However, All_EBT allows recipients of electronic benefit transfers (EBT) to spend those benefits online, as the firm’s website currently prompts users to join a waitlist.
It has been analyzed that the firm previously won hackathons organized by Facebook and Y Combinator, and received the EOSIO Hackathon’s social impact award in 2018. Also, All_EBT provides a consumer on-ramp to cryptocurrencies.
Eli Morin, the CEO and founder of All_EBT, said:
“In America alone, more than 22% of the population, 54 million people, live on food stamps.”
“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.”
Similarly, Justin Giudici, the head of product at the Telos Foundation, said that its blockchain “will be used to create an immutable record of EBT data,” making the data “verifiable, auditable and trackable to users, merchants, and the government.”
“Essentially the end result will be higher trust in the system, lowered costs and fraud protection not possible without blockchain technology.”
Moreover, Giudici recounts first meeting with Morin and his team during the EOSIO hackathon in November 2018 by noting that the firms have “touched base intermittently.”
Thus, Giudici said that after a year of discussions, “the partnership just made a lot of sense,” by adding that the first “share a vision for a better future built on blockchain.”