Just an idea around a potential use of ADA Debit Card : Empower local economy
The idea is not novel and revolves around the concept of local economy.
- Tag the owner of an ADA Debit Card and retail stores with GeoStamps.
- Every purchase made with the ADA card applies a discount on any product for which origin of production has been certified.
- Let say : I’m European, French, State X, SubState Y.
- For every list of items I buy using with my ADA debit card, a discount is applied for each product individually:
- 1% if produced in Europe
- 2% if produced in France
- 3% is produced in my region
- 4% is produced in my substate
- 5% if produced in my town
Fully adjustable depending on the producer of the goods.
Does that break any “basics” of economics that would make this impossible ?
Ehhh transportation costs do that already.
I think people would prefer to buy more locally sourced items. Blockchain may even have an application for that. But I’m not sure how discounting would work. It would have to be more of a virtual thing, like you go to the store and your phone says, “That T-shirt is made with slave labor in Wakanda… the REAL cost is ten cents higher.”
I am trying to figure out how one could implement a “by default” local sourcing, rather than a more political choice. Because at the end of the day - opinionated or not - unless it shows a real difference on the bill, most of us automatically switch to the laziest way.
ps : I don’t think guilt is an effective incentive mechanism.
I like the idea, what if the debit card became a subcoin of ada? Investors could get a piece of the pie as in transaction fees, overdraft fees, and so on.