10th May 2023 Digital Bytes

The impact of DeFi on traditional financial intermediaries - decentralised finance (DeFi) is a term for an ecosystem that is focused on banking, insurance and asset management services which operate on blockchain-powered platforms and are not typically controlled by a single organisation. DeFi removes the need for intermediaries, banks, asset managers and other financial entities so that people can do business with each other (Peer2Peer) using smart contracts. Traditional financial institutions are being challenged by the advent of DeFi since it offers an alternative choice as to how people receive and handle their financial affairs.

The challenges of creating Web 3.0 - whilst multiple tech firms keep pushing for Web 3.0, it does still need additional work and structure in order to be fully operational. Excluding the friction from existing structures, players are still experimenting with ideas, innovation and integration for those primary structures that constitute Web 3.0. However, al…