DeFi Defines Blockchain Trends In 2022
Today, the financial sector accounts for an average of about 15-20% of world GDP. Financial markets are the driving force behind the global economy, but if we analyze how the world has changed over the past three decades, the underlying infrastructure of traditional financial markets could not keep up. It is still highly centralized and its availability is a major concern. On top of this, lack of transparency has led humanity to seek loopholes in an ever-onerous regulatory regime, leading to global crises such as the 2008 financial crash.
The financial technology revolution over the past 15 years has increased the availability of the financial ecosystem, but it is still insufficient and rife with its own set of challenges. Basic infrastructure remains centralized and ineffective to serve the world’s population. Users have no control over their money and are forced to deal with expensive financial services, be it money transfers, loans or investing.
Then Bitcoin came along with the underlying Blockchain technology that decentralized the payments industry. For the first time, it became possible to make peer-to-peer transactions without any intermediary in a trustless environment. Payments are the heart of financial services, and it was only a matter of time before the expansion of the decentralized economy to other financial services such as lending, investing, etc. There are now various startups that have invaded different areas of finance to empower the financial economy with affordability, decentralization, and efficiency in terms of settlement speed and cost.
DeFi or alternative name Open Finance
Decentralized Finance (DeFi) refers to the democratization of the financial ecosystem using a decentralized non-custody infrastructure. It covers all the principles of financial ecosystems such as borrowing and lending, exchange and trading, investment and risk management. This is a huge step from the current closed financial economy to open finance, making it available to millions of people without access to bank accounts. Since the existing DeFi applications and protocols are completely decentralized, the term “open finance” is used as an alternative.
The key characteristics that define a DeFi concept or product are:
Open Source: DeFi smart contracts are open source and available to anyone who can audit and collaborate on innovation. This makes them composable so that different modules can be combined in different combinations to create innovative products suitable for different user profiles or use cases.
Interoperability: Today, asset management in the DeFi ecosystem is largely limited to a single Blockchain network like Ethereum. Interoperability allows the networks to work together, increasing overall liquidity and increasing user flexibility.
Programmable: DeFi applications and protocols are driven by code written in smart contracts. Business rules, permissions and transactions are protected by smart contracts that provide trust and transparency to the financial system.
Accessibility: DeFi applications and protocols are available to everyone without any prejudice. You just need a phone and an internet connection to join and use the DeFi ecosystem. There are various usability startups out there so that anyone can interact with Blockchain protocols without complex cryptographic keys.
iTizzi Custom Software Development Company, a global blockchain development company, creates innovative blockchain solutions. We have a strong team of blockchain architects, engineers, UX / UI experts, and security analysts to help you create the next big thing in Web 3.0. We have experience with Ethereum, EOS and other protocols supporting the DeFi ecosystem.
This open finance paradigm offers several distinct advantages over traditional financial structures:
- First, users gain control over their assets without any centralized risk.
- Business rules and logic are contained in open smart contracts that allow any user to validate the rules.
- DeFi provides global reach. Anyone from anywhere in the world can join the DeFi ecosystem and start using apps / services.
- DeFi protocols are open, allowing valuable products to be combined to create a completely new product. This opens up space for innovative startups in the development of the products that are needed today. We are building a DeFi infrastructure on a public blockchain that guarantees exceptional transparency to all those registered on the network.
- Products can be accessed using wallets. This provides a consistent interface, and many startups are working to make the experience user-friendly and secure.
- On the DeFi platform, only the user himself can manage funds in his wallet; thanks to cryptography and smart contracts, each wallet is reliably protected, and smart contracts are used to confirm the transaction.
- Immutability. The blockchain stores all financial data, which protects it from hacking, corruption or other illegal attempts.
- Blockchain technology makes it easy to set up and integrate platforms with third-party modules and blockchain applications.
- Programmable assets. DeFi applications allow you to manage financial processes according to rules written in code using smart contracts. Financial instruments and digital assets are created using smart contracts, and all transactions can be performed on a peer-to-peer network without the intermediation of institutions. Smart contracts manage the tracking of transactions, providing high transparency and accountability.
- User access and control. Users have full control over their private keys to manage their assets. Anyone from anywhere in the world can become a member of the DeFi network and use financial services. Users can interact directly with the decentralized network using their crypto wallets without any bias or lengthy process.
- Immutability. DeFi transactions are protected from unauthorized access and are permanently stored on the Blockchain network. Anyone can audit transactions, which provides increased security and auditing capabilities.
- Compatibility. Various DeFi products and applications can interoperate with each other using interoperable standards. Like Lego, DeFi building blocks and apps can be combined to create new apps and products. For example, an asset management platform integrates asset tokenization, asset issuance, and decentralized exchange.
Quite a few startups have created innovative applications and protocols in the DeFi ecosystem.
Decentralized finance (DeFi) or open finance development services
DeFi – short for Decentralized Finance – or more accurately Open Finance – is arguably the most revolutionary concept in the blockchain value chain. In addition to this, he is also known as the largest destroyer of the modern financial system.
Rather than relying on conventional banking or financial methods, DeFi uses smart contracts on the blockchain, giving people the ability to control various financial services such as borrowing funds, lending funds, raising assets, trading cryptocurrencies, and providing insurance without a real need for financial mediator.
At iTizzi Custom Software Development Company, Kiev, our experts offer the best DeFi solutions to our clients, so the need for financial intermediaries becomes almost superfluous.
DeFi has piqued interest in many lately due to the ease with which real assets can be created. It also allowed people to borrow and lend cryptocurrencies in order to make money through interest. Our DeFi development services have been extended to clients across Eastern Europe, making iTizzi Custom Software Development Company one of the trusted DeFi development companies.
DeFi or Open Financial Services and Solutions
iTizzi Custom Software Development Company is a leading blockchain and smart contract development company – Vinnitsa, Kiev. iTizzi Custom Software Development Company has extended its Blockchain expertise to DeFi services and solutions. We help to create decentralized applications, Dnipro (dApps and smart contracts) for various financial services at Open Finance.
Expand your financial operations to stay on the cutting edge with iTizzi Custom Software Development Company! We provide DeFi solutions for every business related to trade, money exchange, insurance, investment and other financial transactions.
Trust the expertise of our DeFi developers for a state-of-the-art DeFi solution that focuses on the security, broad availability, and transparency inherent in blockchain development.
DeFi or traditional banking? Your choice!
Traditional banking solution
- Limited individual control over transactions, centralized power;
- Strict criteria for applying for a loan when many users cannot get a loan;
- Services are available at certain times when the central authority is present;
- Non-transparency of transactions creates the possibility of fraud;
- Manual processing of each transaction with layoffs and delays.
- Full control over funds for users, the ability to perform various functions without intermediaries;
- Flexible requirements for a loan application, depending on the condition of each person;
- Decentralized operations with funds, where the details of each transaction are visible;
- Automated processing of transactions with their instant execution;
- Instant services are available 24/7.
Industries we serve:
- Tokenization of assets;
- Real estate;
- Electronic commerce;
ITizzi Custom Software Development Company DeFi Experience
- DeFi dapp development
Get instant digital finance services that put security and autonomy at the forefront with a custom-built blockchain app running at top speed.
- Development of smart contracts DeFi, Kharkiv
Automate your critical tasks by initiating them with self-executing smart contracts that initiate and validate every transaction subject to predefined rules.
- DeFi Wallet Development
Provide a secure digital wallet for each person’s funds, coupled with open source DeFi protocols that will allow users to keep their private encrypted keys safe.
- Development of the DeFi exchange
Create a one-stop platform where users can exchange, trade or invest their digital assets instantly and securely, with built-in support for the most popular currencies.
- DeFi Token Development
Expand your funding options with custom tokens suitable for multiple transactions! We supply your tokens with the necessary protocols to ensure their flawless distribution.
- DeFi lending platforms
Become a digital lender with the right solution at your fingertips! For you, we will develop a p2p lending platform where users can provide funds through smart contracts.
- DeFI insurance solutions
Protect users’ physical and digital assets with flexible digital insurance services where users can get coverage without delays or security breaches.
- DeFi crowdfunding platforms
Provide users with an easy and quick way to raise money by providing a full suite of innovative tools like fundraising calendars, tax breaks, instant approvals, and more.
- DeFi Lottery Systems
Provide transparency in lottery systems so that all players can see the winner being chosen at random using a smart contract, while receiving their equally divided investment amounts.
Why Choose Us for DeFi Development?
iTizzi Custom Software Development Company has been developing blockchain-based products for several years. We have a highly qualified team of Blockchain experts well versed in Blockchain protocols, cryptoeconomics, dApps development, and finance. We partner with leading Blockchain players. We have extensive experience in DevOps management, cloud technologies and blockchain infrastructure. We continue to invest in the latest emerging technologies to provide our partners with the best quality.
- True DeFi Experts
iTizzi Custom Software Development Company has been developing customized DeFi solutions for a global client base for a long time, and knows you need business savvy people, not just code.
- Skill base
With a team of seasoned developers with skills and experience in specific techniques, iTizzi Custom Software Development Company provides best-in-class DeFi solutions for a variety of codebases and libraries.
- Focus on the client
We start with what you need and then identify the right tools. We invite you to meetings, you will receive regular reports and your feedback will be vital. We create quality solutions on time for your business.
- We are constantly learning
Your business does not stand still. We, too. We are constantly improving our skills and understanding to provide you with the most up-to-date advice and services.
DeFi Services and Solutions at iTizzi Custom Software Development Company
Our services and solutions for the development of DeFi in Ukraine include:
- P2P DeFi Borrowing and Lending Platform;
- Decentralized exchange;
- Derivative exchanges DeFi;
- DeFi wallets and asset management tools;
- DeFi Insurance Solutions – new innovative decentralized insurance products;
- Development of smart contracts DeFi;
- Platform for tokenization and asset emission;
- Design and development of stablecoins;
- Development of a decentralized application (dApp) DeFi;
- Infrastructure management of DeFi applications using an automation platform.
Check out our services for:
- Blockchain development
- Blockchain development;
- DeFi development;
- Development of dapp;
- Blockchain consulting;
- Development of smart contracts.
Automation of business, companies, corporations
- Robotic Business Automation (RPA);
- Artificial intelligence;
- Machine learning;
- Electronic commerce.
- Large amount of data;
- Business analytics.
Discuss the project with us
Need to develop a DeFi app or a DeFi platform – Lviv? Tell us about your future DeFi project and we’ll get back to you within one business day.
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