Decentralized Banking: The Answer to Loophole in The Centralized Banking System
Decentralization, backed by the so-called blockchain technology is a term that has started to penetrate even the remote nations of the world. Wondering how? Well, the awesome benefits it offers from the reduction of cost, facilitation of decentralized platforms to enabling secure, as well as trustworthy products/services, lead to all the fuss. In this Blog, we will focus on how blockchain technology holds the untapped potential to revamp the banking and finance sector through ‘ Decentralized banking ’. When it comes to the financial sector, decentralized banking allows a rise in fintech services that are distributed in nature, interoperable, innovative, borderless and above all transparent. The decentralized banking services have the power to chop off the transaction costs, facilitate open access, promote permissionless innovation and create fresh opportunities for the budding entrepreneurs out there. The Emergence of Decentralized Banking: As the new era of financial technolog