A white hot technology sector is the intersection of Open Banking and the evolution of Blockchain-based digital currencies, aka ‘DeFi’ – Decentralized Finance.
Open Banking has grown through harnessing the emergent Platform Economy, where API integrations have enabled app developers to build atop traditional banking and create new digital services like financial management apps.
As FinTech Weekly describes the Blockchain will enhance the underlying infrastructure, securely digitizing all the legal aspects of our traditionally paper-based society, from ‘Self Sovereign Identities’ through ‘Smart Contracts’ that will provide for the foundations of an entirely digital 21st century economy.
Evolution of Digital Banking / DeFi
Decentralized finance (DeFi) enabled by blockchain technologies creates a new alternative to traditional banking services and shows the power to help democratize access to credit and banking services.
Built on platforms such as Ethereum and Corda, borderless financial services like savings, loans, trading, insurance and more are now accessible to anyone in the world with a smartphone and internet connection – even those who don’t meet restrictive bank lending and account requirements.