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decentralized finance defi defi basics what is defi

DeFi Basics - What is Decentralized Finance (DeFi)?

Written By Ivan on Tech

Jul 22, 2020

The finance industry is one of the most important in the world, and many may take it for granted. In fact, some may assume that nearly everyone in the world has a bank account and is connected to a bank. This, however, is a false assumption. In fact, nearly a fourth of the population remains “unbanked” - without access to existing financial infrastructure. According to a recent report from the World Bank Group, approximately 1.7 billion people worldwide still do not have any connection to a bank whatsoever. There is, nevertheless, a light at the end of this tunnel. The solution to this problem? Well, it could well be that of Decentralized Finance, or “DeFi”.  

The fact that one out of four people on the globe still does not have regular access to financial infrastructure is just the most visible manifestation of a larger problem. Specifically, it exposes how customers are essentially at the mercy of financial service providers. Current centralized...

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