Decentralized Finance (DeFi)
The scope of DeFi is wider than what cryptocurrencies cover. The aim of a DeFi is to recreate traditional financial systems by replacing them with a decentralized one similar to how digital currencies operate.
DeFi products and services today give us new options when it comes to accessing financial services. We know what it takes to build a great DeFi product. The DeFi product development process goes through several stages to ensure that client requirements and needs have been understood and met.
Fintech Evolution With Blockchain
Decentralized Finance
Based on the blockchain network and working on smart agreements, DeFi items make the requirement for delegates old, setting aside cash and time. It is an open-source and clear fiscal framework. The information and other value-based information are spread across a large number of hubs, offering clients security and possible closure of the service ineffective.
This creates a level of security that’s difficult, if even possible, to achieve with traditional means.
Smart Contracts
Smart contracts are what makes decentralized finance possible, as they power the features and functionalities of DeFi products.
Secure Transactions
Financial transactions are the most popular Blockchain applications. The technology is the backbone of all cryptocurrencies.
Proving Provenance
Provenance proves the ownership of assets or intellectual property through a traceable data system.
The benefits of DeFi
With decentralization also comes greater transparency. Since the distributed ledger containing information about all the activities that have taken place on a blockchain network is shared by everyone, the network’s data is publicly available for inspection. Furthermore, the cryptographic principles underpinning blockchain guarantee that information is recorded only after its authenticity has been verified.
Are you working on a new DeFi project?
If you have an idea for a new and exciting DeFi product, don’t hesitate to get in touch! Our experts will make your financial product truly decentralized: encrypted, risk-free and transparent.