Decentralized finance (DeFi) and microloan platforms are fundamentally altering the financial landscape, particularly for underserved communities.
Sameer Goyal, Director & Head of Engineering, Acuity Knowledge Partners, offers insights into the technological innovations, scalability challenges, and trust-building measures within these revolutionary financial ecosystems.
▾ Decentralized Finance for Financial Inclusion
The blockchain ecosystem constantly evolves, with innovations playing a crucial role in providing stability, credibility, and inclusion for underserved populations. The key technological components include:
Blockchain Technology: Serving as the foundation for DeFi, blockchain ensures transparency, security, and immutability, enabling borderless transactions and expanding banking opportunities.
Decentralized Identity (DID): Facilitating secure participation in financial services, establishing identities on the blockchain aids individuals with limited access to traditional identification methods.
Smart Contracts: These self-executing contracts streamline processes in lending, fostering transparent and programmable agreements, reducing the need for physical trust.
Oracles: Connecting smart contracts with real-world data, oracles are crucial for making blockchain networks and smart contracts practical, providing reliable external information.
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Bu hikaye PCQuest dergisinin February 2024 sayısından alınmıştır.
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