What do we call financial services implemented on blockchain?
Question: What do we call financial services implemented on blockchain?
One of the most exciting applications of blockchain technology is in the field of financial services. Blockchain is a distributed ledger that records transactions and data in a secure, transparent, and immutable way. Blockchain can enable faster, cheaper, and more efficient financial transactions, as well as new business models and innovations.
But what do we call financial services implemented on blockchain? There is no definitive answer to this question, as different terms are used by different actors and communities. However, some of the most common terms are:
- Decentralized finance (DeFi): This term refers to a broad range of financial services that are built on decentralized platforms, such as Ethereum, and that operate without intermediaries or central authorities. DeFi encompasses various products and protocols, such as lending, borrowing, trading, investing, insurance, and more. DeFi aims to create a more open, inclusive, and democratic financial system that is accessible to anyone with an internet connection.
- Crypto finance: This term refers to financial services that are based on cryptocurrencies, such as Bitcoin, Ethereum, and others. Crypto finance includes various activities, such as buying, selling, storing, transferring, and using cryptocurrencies for payments, remittances, donations, and more. Crypto finance also covers the emerging field of non-fungible tokens (NFTs), which are unique digital assets that can represent anything from art to collectibles to gaming items.
- Blockchain finance: This term refers to financial services that leverage blockchain technology as a core component or infrastructure. Blockchain finance can include both decentralized and centralized solutions, as well as hybrid models that combine elements of both. Blockchain finance can enable new capabilities and efficiencies for existing financial institutions and markets, as well as new entrants and innovators.
These terms are not mutually exclusive, and there may be overlaps and intersections among them. Moreover, these terms are not static, and they may evolve over time as the technology and the industry mature. Therefore, it is important to understand the context and the nuances behind each term when discussing financial services implemented on blockchain.
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