CellBlocks: The First Cryptocurrency To Be Used In The American Prison System

The monetary systems currently used in prisons throughout the United States are riddled with a variety of issues. Aside from the high prices and fees charged by third-party financial institutions, inmates are sometimes forced to wait for their money. In some cases, money is taken from their accounts before they ever have access to it. CellBlocks offers a unique and fast solution when it comes to families who send in payments to inmates, and inmate to inmate transfers.

What is CellBlocks?

CellBlocks is a digital payment system that offers a secure way for families and inmates to exchange funds. Inmates can use the currency through kiosks we will install in the prisons and this will allow the inmate to use their coins in the prison commissary, to pay court costs and fees, pay other inmates, and receive money from friends and family. Each inmate is given a "digital wallet" where his or her currency will be kept. Using the fast and efficient payment system, money can easily be transferred from one wallet to another without delays or costly fees. What Are The Benefits of CellBlocks? CellBlocks offers several benefits over and above the old monetary system. Aside from the fact that transactions are made in real time offering fewer delays and minimal fees, the use of CellBlocks provides inmates control over their funds that they haven't had in the past. Other benefits include:

• An accurate transaction record
• Third parties can't withdraw funds without the inmate's consent
• Wages, as well as money from friends and family, can easily be deposited in the inmate's wallet over the secure network
• Transactions can be made through any digital access point, such as a kiosk
• Fees are kept in-house and not sent to a third-party financial institution
• Inmates have total control over their funds at all times
• The funds in the digital wallet can be sent to inmates in other correctional facilities
• Funds can be cashed in for regular currency

CellBlocks is universal. It can be used in the exact same way as traditional money, without the risks associated with the current monetary system used in most correctional facilities. Because it is fully digital, the system is much more secure with less risk of financial loss to the inmates and their families.

Barter systems within prisons have become a major issue. Not only are the prices attached to items elevated, theft is also on the rise. The resulting conflict has become a common cause of fights and altercations within the inmate population. The resulting barter system has not only increased the number of fights between inmates, it has made it more difficult for the guards to maintain control of the violence.

All types of items are traded within the barter system, ranging from daily necessities like toothpaste and shampoo to extravagant illegal items like cell phones. The value of the item is often based on need and availability, meaning the price can be dramatically inflated. The overpricing of items often leads to theft.

The use of CellBlocks reduces the use of tangible items for barter, resulting in less theft and fewer fights and altercations. It also helps items to maintain a more consistent, digital value and eliminates price gouging on specific items of value.

How Is It Implemented?

CellBlocks is the first form of cryptocurrency to be used within prisons in the United States. The benefits it offers, as well as the transparency of the system, allows prison officials to provide a fast, efficient, and cost-effective way for inmates and their families to transfer money. Inmates have the opportunity to be in complete control of their finances and purchase the personal items they need in a timely fashion without costly fees and extensive time delays. The system is easy to operate and allows prisons and correctional facilities opportunities to earn additional revenue.

The efficiency with which this new monetary system functions ensures that cryptocurrency is not just a passing fad. Instead, it is quickly becoming the monetary system of choice in both state and federal correctional facilities.