CellBlocks: The First Cryptocurrency Being Used In the American Prison System

DENVER, June 14, 2018 /PRNewswire-PRWeb/ -- 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 solution that puts money directly into the hands of the inmates, bypassing the costly third-party connection.

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 install into 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?

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
• Outside 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 laptop, cellphone, iPad, or computer
• 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 when the inmate is released

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 families. This type of network also guarantees the prison will receive a consistent flow of revenue as long as the CellBlocks network is in place.

How Is It Implemented?

CellBlocks is the first form of cryptocurrency to be used within prisons in the United States by inmates. 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.

SOURCE CellBlocks