Decentralized finance or Defi is a boon to the existing financial system wherein the transactional process and records are safe and secure. As the blockchain technology is decentralized, the process is transparent and invincible. A Defi development company creates decentralized applications to provide transparent and secured transactions to their customers. A Defi is a open and global platform, where its application provides customers to trade, save, invest or borrow with a secured and visible record.
Why Defi- Merits of Defi
Defi is an alternative to the conventional financial system which is more preferable because of the following reasons:
Defi is compatible with any other blockchain technologies. Also, the usability of Defi can be increased by consolidating many Defi apps into a single module.
Data cannot be deleted or manipulated in the decentralized platform. And even interference of third party is eradicated.
Automation is the key feature because of the presence of smart contract that controls the operation.
Defi development services
Decentralized finance intends to make the applications user-centric thus offers many services including:
Development of dapps
All the dapps will work on the basis of peer to peer network where there is no central authority or institution to interfere in the process.
Smart contract in dapps
Smart contract ensures that no third party involves in the financial transactions, in other words, it automatically executes the function after verification with set of agreements.
Defi apps develop a wallet that consists of the data and funds associated with any crypto related transactions.
Thus I conclude that any Defi development company is solely responsible to provide services to the users by creating dapps or applications that ensures safe and highly secured transactions.