DeFi and the fast changing world

Decentralized finance (DeFi) has demonstrated that banking and financial services can be displaced automated by making use of blockchains, and function seamlessly though not without limitations. Such services include depositing, lending, borrowing, accounting of money and trading of currencies / derivatives.

DeFi communities and economies are not limited by a central power of control, thus things can faster and rewards can be bigger (risks are also higher).


Sharing another enlightening video from Finematics.




Perhaps banking and finance sector is just a preview to what's possible and upcoming. In view of the pandemic posing threats and limiting face-to-face interactions, we may see other process-oriented sectors today picking up pace towards similar sort of automation in the near future. Example, business operations would shift from task-to-task handling to automation in handling things such as scaling, data sourcing/input and process fine-tuning. The shift in paradigm provides a big demand driver for occupations in AI, robotics, data analytic, blockchain and smart contract programming, UI designers and relevant audit talents (just to name a few).


With the advancement in knowledge, information distribution, computational power and technology, we will literally see these changes unfold before our very eyes. No need to wait a century. 


Blockchain technology is a superset in itself for innovations and functions to stem from, that can expand far beyond the financial use case.


There's cryptocurrencies for supply chain management like Vechain, which serves to enhance supply chain management and business processes. Intermediaries for businesses may eventually get cut away, like what Ethereum Founder Vitalik Buterin said, "blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly". A vision for now.


Businesses would have to invent, integrate and leverage on blockchain technologies to make their offerings more attractive, or risk being phased out. Even social media giant will not be spared by Web 3's development in future. With Web 3, we could be seeing better privacy protection, better control over our personal data and provision of information. No longer will big data be gathered by the privilege of a few monopolizing powers.



And these businesses and people involved would be reaping benefits from First mover's advantage.



Photo by Tim Johnson on Unsplash

There's always a choice you can make.

Choose to stay and be oblivious... or open the door to be swept off your feet by the fast evolving world.


Here's an article that put into perspective just how fast our current world is moving - Compounding Crazy by Packy at Notboring. [2/8/21]



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