The Blockchain Fintech Revolution: The case of the easiPayer SolutionIn recent years, Blockchain technology has taken the Fintech space by storm with trustless decentralized solutions that promise better ‘store of value’ options. This article takes a look at easiPayer and it’s role in the ever growing industry…At the inception of Blockchain financial technology and its role as a store of value and transaction payment solution, there was a great deal of excitement around the potential and promise of Bitcoin. This centred on revolutionising the way transactions are conducted and improving global financial systems to make them more efficient and completely ‘trustless’. Store of value as a financial concept is after all based on the concept of trust. An asset that is designated to represent a “store of value” attains this status because people use it to gauge value based on its stability against their localised currency. To illustrate, everyone around the world values precious metals, which have a constant value against their own nation’s currency and can store for example gold, in such a way that regardless of how volatile that currency is, their gold rises (or dips) in value in a constant manner.
Assets that leverage on the store of value paradigm also do so as a result of another key factor, International or Global Trade Acceptance. In this area cryptocurrency (money created on the Blockchain) and Bitcoin in particular have been highly successful. Cryptocurrency and Blockchain by the very nature of their technology were designed to function across and despite global restrictions. In essence, one should be able to exchange goods, services and currency using Bitcoin and other similar cryptocurrency solutions.
If there is a problem with financial coins it is that they are mostly creators of value rather than store of value assets. The fact that their value is primarily created and backed by user demand and not tangible assets has given them a dubious reputation. Also, financial coin solutions all claim to have transaction settlement capabilities, but they are hardly ever used even for the simple purchase of goods and services across global ecommerce platforms. The counter argument from crypto ‘faithful’s’ and investors is that the value of these coins is not determined by a regulated and centralised value structure and that provides the coins with true financial value and freedom. The arguments from both sides of the divide are very much the topic of discourse in many a circle. However, regardless of the side, both parties are realising that blockchain tech, its influence in the financial space and cryptocurrency as a whole have come to stay. Therefore, the way forward appears to be the development of a standard and globally acceptable Fintech solution for the benefit of global commerce.
The last few decades has seen a rise in development of Fintech solutions, especially on the Blockchain space. Price Waterhouse Copper in 2017 reported a growth value of over £2 trillion GBP attributed to the Fintech driven transactions with seventy-seven (77) per cent adoption of Blockchain tech by 2020. The figures are promising and the solutions are becoming more streamlined and of great interest is the easiPayer system being developed by Organicco. Organicco is an Agro-allied company who specialises in the production of machinery and agro-enhancing products. The company uses organic materials to manage agricultural waste and produce fertilisers and other agro-related products like B bio-fuel and biochemicals.
Like many other emerging companies of repute, Organicco has taken to using Blockchain and cryptocurrency to improve their organisational standing and business process model. Currently running a pre-ICO, Organicco has some very interesting plans one of which is their revolutionary financial solution referred to above, easiPayer.
This promises to provide a framework to make it easier and quicker to conduct international trade in the agricultural market. Imagine a way to make payment for large import orders that is trustless and without the regular complications that beleaguer international trade. International trade process has being facing challenges over the last few decades and these include issues like trust, economic and political instability, foreign exchange volatility, red-tape bureaucracy and so on. The easiPayer solution promises to address these issues by removing conventional limitations, volatility and high risk.
It is not the focus of this article to consider the core functionalities of the system, but a brief look at the workings may be worthwhile as a practical guide. Basically, when a farmer or company from a developing country intends to purchase machinery or products, they are often beset with a number of problems. The difficulty in guaranteeing satisfaction across all parties involved in the trade is often a real issue. The supplier in most cases requests upfront payment or some kind of assurance evidence that the procurer can pay for the goods. This involves all parties spending a considerable amount of time and effort in the due diligence processes to acquire letters of credit, bank guarantees and so on. On the part of the procurer, there is always the fear that the product will not be of the standard ordered and is therefore unwilling to risk paying up front. Many a deal has gone sour in such circumstances. On the other side of the coin are the legal and policy issues surrounding the trade itself. The need to pay exorbitant and needless taxes and trade fees, not to mention financial commissions charged by financial and other facilitating institutions also need to be factored in adding to the total cost of the trade. The list goes on. The thinking behind easiPayer is to remove all such to make the trade simpler and easier. This is achieved as follows:
- The currency will not be listed on exchanges; a feature that will ensure regulated and constant value. A move to address the cryptocurrency store of value problem.
- The currency will be positioned to meet all legal requirements/ tax laws of various countries in which it is usable, thereby removing uncertainty and volatility of value that has plagued cryptocurrency in the last few months.
- The service will be constantly and independently audited, and valued in a uniform manner. Results of the audit will be periodically published for public scrutiny.
- easiPayer will be a cryptocurrency that will not fluctuate like all current cryptocurrencies (which essentially developed for trading/ exchange) and will not function for profit making purposes.
- It will be fast, secure, easy to use, traceable (for eliminating corruption).
- It will implement a public ledger principle like all other major Blockchain Fintech solutions
- Every single coin will have equivalent asset (such as gold, silver, bonds, fiat currency, real estate, etc.) to give it a real and consistent value
In term of implementation, the coin will be deployed as a means of trading Organicco products at the initial stage. This will serve as a proof of concept and implementation going forward. At this stage all software bugs will be fixed then easiPayer will be opened to other companies and platforms to use.
To learn more about easiPayer go to the
https://organicco.uk website and read their whitepaper.
This page is reproduced from blog on Medium by Rasheed Bello with his permission:
https://medium.com/@Rasheed.Bello/the-blockchain-fintech-revolution-the-case-of-the-easipayer-solution-f43027b1dff3.
