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DeFi is Reimagining the Traditional Financial Services Industry


cmoneyspinner
(@cmoneyspinner)
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If you have followed the history or evolution of the Internet, then you know that it changed the game for TV, news, and advertising. Then Bitcoin hit the scene and the blockchain technology (which had already been around for a while) became the “buzz”.  in 2014, DeFi or decentralized finance, a new financial architecture, started generating even more “buzz”. Why? Mainly because finally, unbanked people have a means of transacting peer to peer business and don't need to use a bank or other traditional financial institution. Individuals can lend, invest, trade, etc. using smart contracts.

 

Alex Tapscott, co-author of Blockchain Revolution says that DeFi is reimagining the financial services industry. He says that any company who wants to survive needs to innovate, adapt, and closely monitor these nine “vital signs” and make sure they can perform these functions:

 

  1. Smart contract wallets

  2. Stablecoins

  3. Lending

  4. Funding and investing

  5. Decentralized exchanges

  6. Insurance

  7. Contract auditors

  8. Asset tracking in real time

  9. Identity Authentication (KYC)

 

If these are “vital signs” companies need to monitor; then it stands to reason they are “vital services” individuals should look for when deciding on a cryptocurrency platform.

 

REFERENCE:  Tapscott, Alex. “Why DeFi and Smart Contracts are the future of finance.” Financial Post, Post Media Network, 24 Aug. 2021, financialpost.com/fp-financie/fintech/alex-tapscott-why-defi-and-smart-contracts-are-the-future-of-finance.

 

* Earn interest on your crypto. Open BIA account OR Earn interest on minimum balance of 35K. *


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