Why is DeFi considered an important vertical application of Blockchain technology
The term DeFi,is an abbreviation for Decentralized Finance.DeFi is a movement that aims at making a new financial system that is open to everyone and doesn’t require trusting intermediaries like banks,to achieve this DeFi relies heavily on cryptography,blockchains, and smart contracts.The term was first used in August 2018 to denote the movement of open financial applications being built on Ethereum by Ethereum developers and entrepreneurs including Inje Yeo of Set Protocol, Blake Henderson of 0x and Brendan Forster of Dharma.Other options taken into consideration were Open Horizon, Lattice Network and Open Financial Protocols.
Decentralized finance brings the transparency and security of distributed ledger technologies to traditional finance use cases, while scaling down inefficiencies and solving pain points.Starting with decentralised exchanges to lending protocols to a variety of new assets, we have witnessed great imagination and creativity in this space.This migration is expected to have a favourable influence on the overall user experience as well as the growth and expansion of financial services.
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