The Future is DeFi: Going Beyond the Traditional Norm
The idea of decentralized finance was born around 2017, a few years after the launch of the Ethereum Blockchain. Since then, the DeFi space has increasingly attracted attention from many different key opinion leaders, influencers and investors. The general idea is to decentralize financial activities and bring financial control to individuals. DeFi has been reshaping the financial world, and for that reason, many analysts and participants in the financial space consider the network to be the future. The space is going beyond traditional norms by offering speedy and secure transaction options. Traditional transaction networks always lack speed, convenience and security. Large transaction throughput will always require several visits to the bank and lots of paperwork. Banking institutions are highly centralized — and hacking the institutions could easily lead to loss of funds for all accounts. Even highly reputable financial institutions are susceptible to such hacks. Decentralized finance is a transparent and very secure payment solution. It decentralizes services, making investors’ assets more secure. Completing transactions in platforms that leverage the technology is palatable for anyone — with no paperwork involved.