Blockchain beyond the crypto craze: In today’s TechAcute Profiles feature, let’s delve into the world of Olga Rogerson, the COO of The People’s SCE and managing director of The People’s OÜ. They are dedicated to constructing a new decentralized ecosystem that prioritizes people, empowering members to manage their financial well-being effectively. Olga, the current COO of The People’s SCE, supervises the eCredits blockchain development, enabling cost-effective, seamless, and transparent transactions between merchants and customers.
Her role at The People’s SCE involves spearheading a blockchain project and promoting technology to tackle retail challenges, provide financial flexibility for merchants, and empower consumers. Olga strongly supports technology’s potential to benefit individuals and businesses, particularly smaller ones facing disadvantages from structures favoring larger corporations.
TechAcute Profile: Olga Rogerson
About yourself
I have built my career in customer and client relations in various areas, including consulting, financial services, decentralized finance, and telecoms, enabling me to develop expertise across these ever-evolving sectors. My experience with finance, business management, and operations support informs my day-to-day work at The People’s SCE and eCredits. But the way I got here is really because I met the CEO of The People’s SCE, Bernhard Blaha, and his vision for this corporation—notably, the decentralized governance model that would give everyone an equal say in company decisions—really resonated with me.
Having worked in customer and client relations, I was constantly resolving conflicts, addressing dissatisfaction and frustrations on behalf of clients, but also within my own teams. I think that if they had all had an equal say in the decisions the company made, which directly impacted them, they would have been much more satisfied with the organization and its services. Everyone’s interests start to align because everyone is brought together by a common goal: bringing financial freedom to merchants and consumers and supporting local economies. All that to say, I joined Bernhard at The People’s SCE and have helped it grow to what it is today. And I haven’t looked back since.
About your company
The People’s SCE is a decentrally governed organization (DGO) that runs applications on the eCredits blockchain, which enables consumers and merchants to make and accept everyday purchases with the eCredits (ECS) cryptocurrency. What makes our company really special is the decentralized governance element, which gives every member of The People’s SCE—which can include employees, businesses, and consumers using eCredits—a say in the decision-making process.
Read also: About Shopify’s Email Marketing Tool for SMBs
Even more unique is the fact that all members are empowered to vote based on a “one member, one vote” credo, meaning each individual member has as much of a voice in the company’s future as the executive team. Creating a truly democratic company was a decision meant to empower employees, businesses, and consumers and fix the cracks that exist in typical corporate structures. This model also enables members to feel as though their voice matters and to participate in decisions that directly impact them actively. Furthermore, as a registered SCE (European Cooperative Society), we must abide by legal avenues dictated by this model, meaning we’re regulatory and legally compliant.
Within the blockchain space—one that has been battling with questions around regulation—being regulatory compliant is not yet the norm and remains very important in establishing trust among our members. Beyond establishing democratic and fair corporate governance, we also focus on the liberation of wealth through the eCredits ecosystem, where we connect local customers and businesses, unlock access to financial freedom, and support local economies.
What problem in the world are you trying to solve?
Traditional ways of doing business and of running companies have usually focused on what is best for shareholders and rarely what is best for the larger ecosystem of customers and clients. In businesses where C-suite executives call the shots, they are the ones who hold close to all decision-making power, leaving no room for employees or users to have a say in decisions that directly impact them. This is a problem we’re solving both internally at The People’s SCE and also one that we’re addressing for merchants and consumers within our network who become members.
There is also another problem we’re addressing via the eCredits platform: the barriers merchants face when seeking to enter the digital economy, notably cost, complexity, and speed. Today, dominant payment providers have a monopoly over the retail sector, and their practices tend to favor large corporations. SMEs, on the other hand, suffer from high transaction fees and a general lack of inclusivity. So, not only are they smaller in size and reach, but they also are more greatly impacted by the fees imposed by major payment platforms. Consumers see their purchasing power decrease as inflation continues to rise, which is another issue we address with credits.
How are you trying to solve this problem?
We are addressing the cracks in the corporate world by empowering every member of The People’s SCE to vote on company decisions. A prime example of this is our recent General Assembly meeting, where we invite members to bring their concerns or queries to the table and vote on proposals that are made. This meeting, which was actually our first, was one where we decided to enact our “one member, one vote” credo, meaning now every member has an equal say in every decision that is made.
In doing so, we have created a truly democratic system where our members, including customers, merchants, and employees, determine the future direction of the organization. We have emphasized fairness across the board, with a balance of interests brought on by the wide variety of members. This empowers SMEs at a whole new level: businesses, no matter the size, can help shape the ecosystem and market they’re participating in.
You might like: Benefits of Facial Recognition Tech and Why It Requires Privacy Laws
In order to address the financial barriers faced by merchants and consumers in the retail sector, we’ve adopted blockchain technology, which is disrupting a number of different industries and presents a good opportunity to change how things have been done. eCredits leverages blockchain technology to provide lower transaction fees, an easy-to-use currency, and immediate, real-time asset exchange.
Thanks to the smart contract technology embedded in blockchain, which essentially refers to automatically executing actions when conditions are met, transactions can be nearly instantaneous, and merchants have access to their funds much more quickly. Additionally, by cutting out the middlemen that typically take a hefty transaction fee, the payment process is rendered much more cost-effective. Blockchain technology also makes the creation and execution of loyalty programs much more seamless and cost-efficient, enabling them to attract and retain customers. I also think the transparency of blockchain technology is important here. All transactions are verifiable by any party, leaving little room for lost or stolen funds and providing clear records of payment.
From the perspective of consumers who are beginning to turn to alternatives to fiat in response to rising inflation rates, the eCredits cryptocurrency offers a solution for them to retain their purchasing power. The platform itself was also designed with the average person in mind, so not only is it very easy for merchants to get set up, but also for consumers to navigate. Thanks to the regulatory compliance of its parent company, eCredits is also trustworthy—an important criterion, especially where personal finances are in question.
How does technology support you to achieve this goal?
Blockchain technology powers our platform and our token. Because blockchain removes financial intermediaries from the equation, it enables us to provide merchants with a seamless way to accept payments in our currency and, if they wish, almost instantaneously exchange it for Euros and access their funds—something that can take up to several days with traditional payment platforms. This is why we’ve been able to reduce costs and the time associated with payments within the retail space, all while upholding transparency.
Learn more: What Are the Most and Least Trusted Professions in the World?
The tech also drives our loyalty program, which essentially rewards people for shopping and engaging with our platform. Customers can earn eActivity for shopping on the platform and inviting friends or merchants to join, and merchants can earn by doing the same and by accepting eCredits for purchases made in their stores. These tokens can then go towards purchases on the platform or provide discounts. The tech automates the process for us, making it very seamless.
How does the technology work?
By distributing the network across many different systems, blockchain effectively removes the central point of control that dominates existing structures, like the Internet. Because many individuals known as “validators” are responsible for verifying and approving each block of data, there is no single person who can tamper with the data itself. Therefore, not only is blockchain more secure but by cutting out the middleman, it is much quicker and less costly for all parties involved.
What are the milestones in your journey so far?
Earlier this year, eCredits officially launched in Milan, bringing financial empowerment to local businesses in Italy’s thriving financial hub. Milan is recognized as a frontrunner in retail, entrepreneurship and innovation in Italy and in the world, yet its economy is predominantly cash-dependent, lagging behind other European countries in terms of the number of cashless transactions per capita. The reason behind this trend is that Italian banks are taking a big cut from digital payments. As shopkeepers tend to transact in low-value payments, these high transaction fees—which larger corporations can more easily withstand—can bankrupt them severely. These financial barriers ultimately threaten local shops, which are the backbone of Italy’s economy and contribute to the local culture and character that Italy is known and admired for.
In tandem with the launch, we hosted a merchant event in Milan to show local businesses how they could benefit from the platform and to provide a valuable networking opportunity. I think this event exemplified what we’re hoping to achieve: drive the growth of local economies—especially those that are currently heavily cash-dependent—so that they can thrive in an increasingly globalized and digital world.
Another major milestone for The People’s SCE was our first General Assembly meeting in June, which followed the election of our first group of delegates. During the meeting, we abolished our original governance model, which gave the founders of the cooperative more weight than other members, in order to truly adopt the democratic principle of “one member, one vote.” This meeting also enabled us to stress test this completely democratic governance model, and we found it to be very strong, which, for us, was one of the biggest accomplishments of the session. We also finalized The People’s SCE Annual Report, detailing the company’s capital flows and categories of capital. This report, which is shared publicly, gives a true and fair view of the company’s results for the financial year 2021/2022.
How do you plan to grow and scale in the next five years?
The main goal is to continue to grow our membership and ecosystem. We plan to do this by launching in more and more cities across Europe, where we will onboard new merchants and their customers. The goal is also to get merchants and customers involved in The People’s SCE, so that they truly are empowered to have a say in decisions that impact them. We believe this is a key ingredient to driving increased usage of the eCredits platform.
Not only this, but as more and more merchants recognize the value of such a seamless and cost-effective solution to accept payments, participate in the decision-making process as members of The People’s SCE, and begin to leverage our built-in loyalty program, we will see increased interest from businesses in the retail space. This, in turn, will bring their customer bases to eCredits, and as shoppers experience the benefits of the platform in helping them maintain their purchasing power and earn rewards for shopping within our merchant network, we will also see greater consumer engagement.
We are also looking to expand to the ecommerce realm in order to provide our services to businesses of any size that operate online. We are in a digital age where online shopping is thriving, so we hope to bring those businesses into our network. Part of achieving this will be to make crypto more accessible to the masses, especially to more mainstream brands and less crypto-savvy consumers. On our end, this means we must ensure our platform continues to be as intuitive and easy to use as possible by staying away from overly complicated jargon and keeping the interface simple.
How do you think your market will develop in the near and far future?
On the blockchain side of things, I think we’ll see more and more adoption within the next few years. With institutional players showing their support and greater regulation in places like the EU, businesses will feel more and more comfortable with the idea of implementing this technology into their processes. Of course, the road there may be a little choppy—which is to be expected within such a nascent industry—but just as the Internet eventually took off, I do think blockchain is here to stay, too.
Related story: 3 Ways Retail Failed to Combat Ecommerce
Regarding the retail space, we’re seeing more and more shops opening up exclusively online and existing businesses expanding to provide online services. Given online payments are digital, there will continue to be a growing market for eCredits. We will continue to move towards a more cashless society in the physical world as well, which will push businesses to seek alternatives to dominant payment platforms that demand hefty fees and ultimately place a burden on smaller retailers. Further, as blockchain technology continues to establish itself in the business world, these retailers will trust and better understand its value in unlocking new financial opportunities and customer satisfaction.
What challenges might need to be addressed in your company very soon?
I think the biggest challenges revolve around getting both retailers and consumers to look past blockchain’s complicated past, notably some of the recent headlines that have tarnished its reputation, and to embrace it fully. While events such as the collapse of FTX have shaken confidence in the industry, it’s important for people to understand that this is not representative of the technology itself but rather of certain players who have abused their power—which is not exclusive to the blockchain industry. This also relates to another challenge: the issue of power abuse and a lack of accountability in companies both inside and outside of the crypto space.
FTX is just one example of a business whose leader, Sam Bankman-Fried, abused his power and wasn’t held accountable for his actions. This reinforces the need for decentrally governed entities, wherein everyone is held accountable, and no single person has total control. This is, of course, something that we’ve preemptively addressed through our corporate structure. But the challenge here will be for us to make that structure clear and understandable to everyone. Blockchain companies, more broadly, have also struggled with user onboarding because of complicated user interfaces and the confusion that still surrounds the technology. These are challenges we are constantly faced with and strive to overcome.
How do you plan to overcome these challenges?
Most of these challenges can be addressed by continuing to educate our merchants and their customers on the benefits of blockchain technology and its safety. At our event in Milan, which I previously touched on, we had many discussions with attendees, notably local merchants, to educate them on blockchain technology’s benefits and address their concerns about adopting its novel solutions. This is something that we will continue to do across local markets that we currently operate in and plan to expand to. We’re addressing concerns around power abuse and corporate accountability by enforcing our “one member, one vote” structure and creating an open forum for our community to express their concerns and decide how we address those.
In other words, merchants and consumers can directly voice improvements they wish to be made and have a say in how those are tackled. This transparency will be very beneficial to the growth of the platform in the years to come. We are also constantly improving our governance model, which fortunately has faced very few hiccups itself, in order to create the most welcoming environment possible for our entire ecosystem. The People’s SCE is also a legally and regulatory-compliant organization, assuaging fears around the lack of regulatory clarity that has gripped the crypto industry lately. Additionally, to create an extremely seamless experience for merchants and consumers, we have designed an intuitive interface that only requires a few clicks.
It is also one that we are continually working to improve in order to ensure it remains as user-friendly as possible. The onboarding process is easy, too. Part of how we’ve achieved this is by removing a lot of the complex jargon that has previously been a deterrent to adoption. At the end of the day, shoppers don’t necessarily want to understand the technology that underlies the applications they use on a deep level, they just want to know that they can trust it, benefit from it and that it can enable them to do what they want it to without any fuss.
What does your business model work like?
eCredits’ mission revolves around building a thriving ecosystem using our advanced blockchain technology. Our primary objective is to enable convenient access to cryptocurrencies for everyday transactions. This approach involves developing essential tools and creating a strong community. To achieve this, we’ve designed a range of products that emerged from our initial project phase. These include a non-custodial wallet, a secure digital tool to store and manage cryptocurrencies, and a dedicated portal for merchants, facilitating their participation in this digital economy. Our business model centers on the collaboration between users and merchants within this ecosystem.
Through subscriptions and transaction fees, we generate revenue to support the continued growth and maintenance of our platform. This model ensures the sustainability of the services we provide. A unique feature of our approach is the decentralized setup we’ve established, known as DGO (Decentralized Governance Organization). This innovative framework empowers all participants by allowing them to contribute to decision-making and overall system governance. In June 2023, we successfully held our inaugural general assembly, setting the tone for a democratic and inclusive structure.
What about finances?
The creation and first development phase of the ecosystem and the products was financed by an exchange token offering in November 2021, during which the community was able to buy ECS. Since Spring 2022, the eCredits blockchain and services have been live and have started getting traction. At this time, we are looking for investors to support our user growth and to deploy new services linked to DeFi applications, Real World Assets, and other blockchain-related projects.
If you could give your younger self a word of advice, what would you recommend to yourself?
Be more daring, and don’t allow other people to set up boundaries for what you can and cannot do. Always strive to learn something new. The world is constantly changing, and the skills you have today might not be enough tomorrow. Stay curious and open-minded, cultivate a growth mindset, and don’t be afraid to step out of your comfort zone. This attitude will help you navigate the challenges and opportunities that come your way and lead to a more fulfilling and successful life. And get into the crypto industry as soon as possible. This is the future.
What would you suggest to someone who has yet to start their career in your industry?
I think the blockchain space is a very welcoming one that recognizes peoples’ contributions and skillsets, so there is a place for everyone. Many people ask me what my experience has been like as a woman in the industry and I’ve found that my gender hasn’t really influenced how I am perceived or treated by others—as long as you show that you are determined and capable, you will have a place in the blockchain world.
Building up skill sets really depends on what you’re passionate about or interested in. The blockchain industry is in need of experts in all sorts of areas, whether it be engineering, marketing, business development, or UI/UX. So I’d say play to your strengths, do what interests you, and find a company whose values align with your own. The best way to get started is by getting involved. Join Discord channels or message people on X, attend Web3 events, join groups or clubs, and really just put yourself out there.
Is there something important you would like to add?
I want to highlight the incredible journey we’re all a part of in the world of blockchain and cryptocurrencies. This is a space where innovation and transformation converge to shape the future. Our industry is more than just technology; it’s a community driven by curiosity and passion. It’s about breaking barriers and creating opportunities for all, regardless of background. Embrace the challenges, cherish the victories, and let’s keep building a better, prosperous, and more inclusive future for all.
Thank you, Olga, for your valuable contribution to TechAcute Profiles. Your insights into challenges and strategies for overcoming obstacles in your journey were genuinely inspiring.
Photo credit: The photo in the feature image has been provided by Olga Rogerson with permission to be used by TechAcute.
Editorial notice: The contents from the submitter for the TechAcute profile were minimally edited for style and grammar.
