The Digital Economy by Don Tapscott

Author:Don Tapscott [Tapscott, Don]
Language: eng
Format: mobi
Publisher: McGraw-Hill
Published: 2001-11-07T05:00:00+00:00

THEME 2: INTEGRATED DIGITAL BENEFITS TRANSFER7

SCENARIO:

A single mother, twins in a shopping cart, checks out groceries at the local supermarket, showing her ID. When all items are scanned into the system, the clerk states the number of required food stamps, which in turn are automatically deducted from the mother’s account in a government database. Rather than three billion physical food stamps being printed and sent to government distributors, who send them to households, who give them to retailers, who take them to financial institutions, who credit store accounts and send redeemed stamps to the Federal Reserve Bank, who count them and credit the banks, bill the U.S. Treasury and destroy the stamps, there are zero stamps. The government alone saves $400 million per year in administrative expenses. Fraud and abuse are eliminated.

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