In the existing time bank system, the issuance and settlement functions of time dollar are completely centralized on a central node. This central way not only suffers from many security problems including single point failure of central node and data tampering, but also has some problems such as lack of transparency in time dollar issuance and circulation, the dependance on centralized settlement agency in time dollar settlement process. In order to solve these problems, a public welfare time bank system based on blockchain was proposed. Firstly, the issuance function and settlement function of time dollar were separated from the central node. Then, the separated issuance function was gradually decentralized, and the separated settlement function was directly decentralized by the use of advantages of blockchain such as distributed decentration, collective maintenance and the feature of not easy to tamper, after that Public Welfare Time Blockchain (PWTB) was formed. Finally, PWTB used blockchain to decentralize the time bank system from a single node maintaining ledger to the collective maintaining distributed shared ledger, so the issuance and circulation of time dollar became open and transparent, and the settlement of time dollar did not rely on a central node. The security analysis shows that the PWTB can achieve safe information transmission and storage as well as safe data sharing.