Traditional finance models are based on the control of financial transactions by central authorities. The transaction is processed by an intermediary, such as a bank, which has no involvement in the DeFi development service. DeFi is personal finance for and by people.
Here are some of the benefits, DeFi offer over the traditional payments. DeFi is accessible to everyone. All you need is an internet connection. The primary goal is to move your money out of the present system and onto cryptocurrency.
It is now feasible with the help of payment gateways. Autonomy: Because every node has a full blockchain copy for transaction validation, the Ethereum network is resistant to a shutdown. The tamper-proof and exceedingly difficult-to-modify nature of Ethereum also makes it tamper-proof.
Unlike traditional banking, DeFi operates on an open financial paradigm. Every transaction is recorded on the blockchain and is subject to community verification. Asymmetrical information is less likely due to DeFi’s transparency.
Participating in DeFi allows you to participate in worldwide transactions. DeFi’s assets are available in the form of tokens that may be traded and divided. You can own any percentage of any asset, property, or anything with DeFi development services.
This is why DeFi will usher in a revolution, and the industry that most needs it is undoubtedly ecommerce. Some platforms (Atpay and others) are already working on it as they develop DeFi ecommerce solutions, and these solutions benefit greatly from DeFi and the blockchain itself.