Until some 12 and a half years ago, the financial industry was out of grasp for most people. Those who lived in underbanked and unbanked regions had no access to it, which forced them to live in poverty. The same is true for those who lived in developed countries, but were down on their luck for whatever reason, and couldn’t afford to open a bank account, invest, trade, and alike.
Transactions were expensive and slow, with people having to pay massive fees and wait for days for international transactions to be processed. If you wanted to take out a loan, you would have to wait for weeks for paperwork to be processed, and even then, you could only get it approved if you had enough for the bank to take from you in case you couldn’t pay it back.
Simply put, the financial industry was a nightmare for your average person, however, without any alternative, people had to live with it, as they simply didn’t know any better. But, what truly kicked off the need to change were all the financial problems that the banks were causing. A lot of people still remember the financial crisis from 2008, when a bunch of banks’ schemes left them bankrupt, and people lost a lot of their money.
This caused the creation of the crypto industry with Satoshi Nakamoto, the mysterious creator of Bitcoin, making a move that has changed the world forever.
The Impact of Crypto and Blockchain
Back in the early days of crypto and blockchain, digital currencies were the star of the show. First Bitcoin, of course, but soon enough, more and more coins started to emerge. While people could only make transactions in those early days, those were still much faster, cheaper, and more transparent than anything you could do outside of the crypto sphere.
Back then, nobody paid much attention to blockchain technology, which was only the underlying tech for crypto transactions. This changed with the launch of Ethereum which pointed out the possibilities of blockchain technology. With its potential to store information, including code, blockchain became the hottest development platform in the world.
Thanks to Ethereum, we now have decentralized apps, smart contracts, the entire DeFi sector, stablecoins, and countless other products. The blockchain did not only bring new solutions, but it was also able to infiltrate nearly every industry out there and improve it. There is not a single example of an industry that tried using the blockchain and then decided that it wasn’t impactful enough. Wherever it went — it stayed, and it started spreading and developing further.
One example is the E$P Project, which uses blockchain technology to innovate several sectors, including education, renewable energy, and decentralized finance (DeFi). Both the renewable energy and education sectors needed tokenized payment solutions in order to become better versions of themselves, and the E$P Project was more than happy to provide using decentralized finance.
The project’s goal is to make a significant impact on improving the effectiveness of education, solar energy, and electronic supply-chain payments industry by using the blockchain and its technology-driven ecosystem of products and services, all of which revolve around the project’s E$P utility token.
The token can be used as a means of payment for school services, supply chain payments, student wallet funds, and more. The cost of payments will be reduced, as there will be no need for 3rd-party payment processors and high payment fees for international payments. Meanwhile, blockchain also increases security, speed of transactions, and convenience. Meanwhile, in the energy sector, E$P token can be used to help residential and small commercial deployments of solar ecosystems.
Conclusion
Cryptocurrency and blockchain are changing the world, and from everything we have seen so far, the change is definitely for the better. Both the blockchain technology and its original product have their flaws, but they are both still extremely young, and still searching for their price, use cases, and purpose in the world. Even now, 12 years after they originally emerged, we can’t even begin to understand how this technology will look once it reaches maturity, or what we will be able to do with it.
But, chances are that it will lead to a better, less corrupt world where people will have greater power over their wealth, and not be the slaves of the system that they used to be, and still are, to a large extent, today.
