Decentralized finance (DeFi) or more aptly termed Open Finance is the most revolutionary concept in Blockchain value chain. It refers to democratizing the financial ecosystem using decentralized, non-custodial infrastructure. It covers all the tenets of financial ecosystem like borrowing and lending, exchange and trading, investing and risk management. It is a huge move from current closed financial economy to open finance, making it available to the millions of underbanked or unbanked population.
Sofocle has been a leading Blockchain and Smart Contracts development company. Sofocle has extended its Blockc#hain expertise to DeFi services and solutions. Sofocle helps you build decentralized applications (dApps and Smart Contracts) for various financial services in Open Finance.
The DeFi apps allows financial processes to be managed by rules written in the code using Smart Contracts. The financial instruments and digital assets are created using Smart Contracts and all the transactions can be done in a peer to peer network without intermediation of institutions. Smart Contracts manages the transaction trail leading to high transparency and auditability.
The users have complete control over their private keys to manage their assets. Anyone from anywhere can be part of the DeFi network and avail financial services. Users can directly interact with the decentralized network using their crypto wallets without any bias or lengthy process.
The transactions on DeFi are tamper-proof and store immutably on Blockchain network. Any user can validate and verify the transactions leading to enhanced security and auditability.
The different DeFi products and applications are able to talk to each other using interoperable standards. Like Lego, the building blocks and DeFi applications can be combined to form new applications and products. For example, asset management platform combines the asset tokenization, asset issuance and decentralized exchange.
Sofocle, a global Blockchain Consulting company has been building innovative Blockchain based solutions for more than 4 years. Sofocle has a strong team of Blockchain Architects, Engineers, UX/UI experts and Security Analysts that helps you build the next big thing in Web 3.0. We are experienced with Ethereum, EOS and other protocols powering the DeFi ecosystem.
Our DeFi Development services and solutions includes:
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