Blockchain technology is a revolution that changes the way we interact, transact, and share information. Traditional businesses must start participating in the decentralized ecosystem (DeFi) in search of the best technologies that bring greater security and legitimacy to their service industry.
Break all traditional limits
It is undeniable that blockchain technology and service providers are gradually breaking all the traditional limits of businesses based on optimal services that solve great companies’ problems. Traditional businesses based on a closed, centralized structure and decentralized financial projects are being built with the characteristics that governance must be decentralized and democratic. Transitioning to decentralized platforms can make many services more secure, accessible, and transparent.
What most businesses care about is the protection of data sources. The safety to protect data comes from an advanced solution that can effectively connect off-chain and real-world information with applications: decentralization and intelligent contracts against out-of-control manipulation. Having over 1 million Dapp users globally shows that the need for reliable data outside the Blockchain is enormous, as it underpins the security of Defi applications.
After cyberattacks and data manipulation, blockchain technology’s biggest challenge is creating trust and building secure systems. This is where new technologies, such as actual data, are needed to create a safe link between traditional companies with factual data feeds and decentralized ecosystems.
The way to approach and perfect
There is an essential, vital need to connect Web 2.0 with Web 3.0, as an article Omatech shared previously related to Web 2.0 and Web 3.0 can refer to here. To create a censorship-resistant, efficient, flexible internet. Traditional companies built on Web 2.0 are still not structurally ready to transition to Defi because of the need for more adaptation and research time.
This is where innovative technology emerges, providing the support and systems for businesses to leap into Web 3.0 without struggling. However, the Defi space still requires wider acceptance by the majority, who have no coding expertise, as it is this accessibility that will create a genuinely robust Defi ecosystem.
Traditional businesses also benefit significantly from this transition, as their data is a valuable resource for decentralized applications and a new revenue stream to dominate the market as the industry continues.
Defi is the future of humanity.
The use cases for smart contracts and oracle technology are widespread, spanning insurance, real estate, healthcare, and the Defi space, where it is secure. Absolute.
Many large enterprises incorporate decentralized technologies into their business models. Leaders in the Defi space must engage and guide these traditional businesses for significant change and growth.
It is imperative that the industry prioritizes usability and simplification and educates the community to experience the broad adoption that Defi is seeking. The future of Defi has a lot of room for the industry to grow, and we are only at the beginning of the revolution.