Blockchain offers many new solutions for existing applications. Two of the most exciting applications are supply chain and finance. Blockchain will be the gold standard for supply chain, and it will revolutionise the current financial system. Decentralised Finance (DeFi) will make a game-changing impact on the world in dozens of different economic dimensions.
DeFi can address many of the flaws in the existing financial systems, including giving the unbanked access to the financial system. In the coming years, DeFi can offer improved transparency, more robust security while replacing many of the outdated processes.
Decentralised Finance, or Open Finance, is all about creating a global, decentralised alternative to every financial service that exists today, including insurance, savings, loans, etc. It will bring financial activities to anyone with a smartphone and an internet connection. The objective of DeFi is to bring financial services to 1.7 billion unbanked people and catapult them into the global economic system.
