Revolutionizing Finance With Decentralized Finance (DeFi)

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Author(s): Vijaya Kittu Manda (PBMEIT, India), Arnold Mashud Abukari (Tamale Technical University, Ghana), Vivek Gupta (Indian Institute of Management, Lucknow, India)and Madavarapu Jhansi Bharathi (University of the Cumberlands, USA)
Copyright: 2024
Pages: 24
Source title: Decentralizing the Online Experience With Web3 Technologies
Source Author(s)/Editor(s): Dina Darwish (Ahram Canadian University, Egypt)
DOI: 10.4018/979-8-3693-1532-3.ch006

Keywords: Computer Science & IT / Information Science Reference / Web Technologies / Web Technologies & Engineering

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Abstract

Decentralized finance is an innovative use of blockchain technology in financial services. Because of its transparency and lack of intermediaries, it brings several advantages to the traditional finance ecosystem. Features like tokenization, total value locked (TVL), oracles, and data aggregation help in building a variety of DeFi products and services. Decentralized apps (dApps) run autonomously atop distributed ledger networks. Decentralized stablecoins, decentralized exchanges (DEX), decentralized credit and lending, derivates, and even decentralized insurance are offered on DeFi platforms. The chapter takes through three forms of decentralized insurance models. Case studies and examples for successful and unsuccessful claims are explored. However, the implementation of DeFi comes with its challenges and regulatory hurdles. Similarly, governance and security aspects are of increased importance.

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