Blockchain-Powered UBI: Reinventing UBI with Decentralized Solutions

Author: Matthew Coletta

Field of Study: Business/Economics

Faculty Mentors: Will Glovinsky

Easel: 50

Timeslot: Afternoon

Abstract: Universal Basic Income (UBI) is proposed as a solution to financial insecurity and poverty, but most models rely on traditional banking systems plagued with inefficiencies, high costs, and lack of transparency. This research explores how blockchain technology can enhance UBI through decentralized UBI (dUBI), offering automated distribution, security against fraud, and global accessibility. The challenge of dUBI lies in its scalability and sustainability: can blockchain support large-scale income distribution without problematic inefficiencies? Examining transaction data and smart contract mechanisms from the blockchain-based UBI projects Circles and GoodDollar, as well as theoretical works on UBI and decentralization, this project evaluates the feasibility of dUBI. By analyzing blockchain transaction records, smart contract mechanisms, and economic models, this study bridges blockchain technology and social welfare. As a result, this research demonstrates how dUBI can create a more transparent, efficient, and equitable income distribution system while addressing the limitations of traditional UBI programs.