DeFi: “No central authority controls them”
New technologies have entered the financial sector with force. Decentralised Finance (DeFi) is the spearhead of a fintech revolution that is ousting traditional banking. As Albert Chic, a member of the 11Onze team of agents, explains, we are facing a paradigm shift.
The decentralisation of the financial system is already a palpable reality. The rise of cryptocurrencies seems unstoppable and even central banks are launching their own digital currencies in order not to lose relevance in a world that they had controlled, but which they are gradually seeing slip out of their hands. “It’s a paradigm shift, no central authority controls them,” says Chic.
The agility provided by the combination of technology and financial services is taking over a market that is especially young, hyper-connected, and has never understood the slowness, unnecessary complication, and exorbitant fees associated with traditional banking. Moreover, many of these new financial tools are based on blockchain technology, which makes them more secure when it comes to protecting us from cyber-attacks. As Albert Chic explains, “so far, they have proven to be more resilient networks against cyber attacks“.
Today, there is practically a decentralised alternative for most financial services. If you want to know more, watch the video below, where Albert Chic explains it briefly.
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