Cryptocurrency and blockchain are the hot topic of the financial world, and they have been for years now. They are the most disruptive and most revolutionary concepts that have come to the world of finance in decades. The only other thing that has happened to finance that can compare to the impact of crypto is the arrival of the internet, and the introduction of online trading and investing, which finally allowed retail inventors to join the global markets.
But, the impact of the crypto industry is arguably larger already, even though the industry is still nowhere near reaching its full potential. Cryptocurrencies are the future of the financial world, but the keyword here is ‘future.’ They have yet to reach mass adoption, which will not happen until they are regulated. Another thing to note is that the crypto industry is still evolving.
What can You Do with Crypto?
We still have no idea the full extent of what cryptocurrencies and blockchain can achieve in their future, but we are discovering new use cases almost every day. New people are coming up with new ideas, launching new projects, giving new use cases. New trends are emerging with each year, although, as of late, it appears that the old trends are no longer dying. Instead, they are becoming established sectors, such as DeFi (decentralized finance), which has brought decentralized banking services to the industry that, until only two years ago, mainly offered only trading, investing, and transacting.
Now, you can take out loans, earn passive income through staking, yield farming, lending, and other activities. You can buy NFTs and become an owner (or partial owner) of expensive artwork, real estate, stocks, or anything else of value.
One project, called the E$P Project, even figured out a way to transform education and renewable energy sectors by using DeFi, and bringing tokenized payment solutions to these sectors. The project wants to make an impact by helping save the planet, and at the same time, make the lives of students easier.
It has a complex and extensive ecosystem that revolves around its E$P token, which can be used as a means of payment for schools, supply chains, and student wallet funds. As such, it can bring the cost reduction with payment processors and Forex fees for international students. Not to mention that it is based on Ethereum’s blockchain, which is very safe, convenient, and rich with all kinds of other dApps, smart contracts, DEXes, and many other features.
The E$P Token can also be used for energy and solar ecosystems. The project wants to use it as a DeFi initiative, to help in residential and small commercial deployments that need better compliance and more access to lenders worldwide. Lastly, the token can also be used as a means of payment, where it can endure the reduction of inflation pressure, improve price stability, reduce risks of unsound monetary policies by governments, and more.
Blockchain’s Growing Impact on the World
The crypto industry has entered and transformed other industries, as well, whether on its own, or in combination with blockchain. Take gaming, for example. Online gaming has become huge over the last few years, and many games now feature collectibles, unique items, and alike. These can now be tokenized, which would ensure easy proof of ownership. The same is true for artwork, real estate, commodities, and more.
The crypto industry can eliminate corruption and theft by revolutionizing supply chains, with each item being marked and details of it uploaded to blockchain. Users can then track its advancement as it travels the world, and this connection to the blockchain will make it a lot more difficult for items to ‘go missing’ along the way.
There are also some use cases that are still theoretical, such as using blockchain for sensitive documents, important research, proving identity, storing medical files, and alike. If we start using blockchain for these purposes, users would be able to decide who can see their personal data and who cannot. This would also have a major impact in stopping illegal immigration, slave trade, and similar activities that are still troubling our societies.
While all of this may sound too futuristic and nearly impossible, it is actually just around the corner, and all it takes is a bit more development, and proper regulation and adoption. There are those who are trying to sabotage the process, naturally, as they are using the lack of this technology for their own personal gain, but in time, this tech will be widely adopted and implemented, as it simply means progress, and it has gotten too big to be shut down now.