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Banking The Unbanked with Decentralized Finance (DeFi)

Written By Ivan on Tech

Oct 20, 2020

Those in cryptocurrency or blockchain circles will likely have heard of decentralized finance, commonly referred to as DeFi. The DeFi sector has grown hugely over the past few months and can be understood as a movement of projects that can substantially boost financial inclusion. This comes as “banking the unbanked” is a real challenge faced by people worldwide. Could the DeFi sector hold the keys to banking the unbanked? Some people certainly believe so. 

Specifically, DeFi can be seen as advancing the use case applications of blockchain technology from simple value transfers - such as with crypto transfers - to increasingly complex financial uses. In fact, decentralized finance looks to offer decentralized alternatives to traditional financial instruments, as well as entirely new financial products. This is why many herald decentralized finance as a potential paradigm shift for finance.

As such, DeFi potentially holds the keys to massively disrupting the...

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