Read How DEFI Can Impact Traditional Finance?
Hey Everyone, I hope you are fine and doing great. Today my topic of discussion is
The impact of DeFi on traditional finance...
If you are new to Defi and don't know what is it? Let me tell you, it is a short form of decentralized finance, the purpose of creating the Defi was to democratize finance and remove intermediaries. It is a new form of the financial system that is built on blockchain technology. The services offered by the Defi platform are such as borrowing, lending and trading.
DEFI has everything to impact traditional finance in a positive and effective way, which I'm writing below.
Decentralization and democratization of finance
One of the first benefits is the removal of central authorities such as banks, anyone having an internet connection can access the DEFI platform and use the financial service offered by DEFI, It will not only save you time but also save you a lot of energy and money.
Programmability/customizibility
Defi platforms are easy to customise, so if you want to create a Defi platform according to your need, you can create it. This allows for more efficient and flexible financial transactions, which can reduce costs and increase the speed of transactions.
Transparency
Defi platforms are built on blockchain and every transaction that happens on blockchain is being recorded and can be viewed by anyone. the address of the other person is only needed to view the transaction, no matter how old the transaction is. With the help of this feature, Defi offers a high level of transparency and trust in the ecosystem and there will be less chance fraud and accountability will be improved.
In case You want to read my other writes.
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The history of cryptocurrency and how it has evolved over time.
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Posted Using LeoFinance Alpha
Posted Using LeoFinance Alpha
Posted Using LeoFinance Alpha