How Is Decentralized Finance Revolutionizing the Future of Global Financial Landscapes?
In the past few years, blockchain technology has become popular due to it s open networks that are maintained indefinitely without the aid of any company or central authority. Blockchain networks have helped a number of existing services to expand their offerings in a decentralized way without relying on central author ities or intermediaries. One of the key segments that has experienced rapid innovation due to blockchain is the financial services industry. The blockchain-based alternatives to traditional financial services are called decentralized finance or DeFi. Some prominent features of DeFi Unlike centralized institutions, in DeFi , a code acts as the only intermediary in the proc ess. The changes to that code are usually made democratically by community governance voting. Moreover, decentralized finance platforms are permissionless , offering greater access to users irrespective of borders. Individuals can easily create their own DeFi applicati...