A decade ago, money was not even in the subject of conversation as it was just a paper, new and not properly established by any entity or country. In 2020, we have witnessed digital currencies being discussed and could potentially be the next big thing in the next few years or so.
Decentralized Finance or DeFi is a term used to describe money in a virtual form. With the same amount, it also presents the same amount of “currency”, just with a different presentation to the nation. Harpreet emphasized that the whole concept is to create a global decentralized alternative for every financial services that are existing today. From savings, loans to insurances.
Notwithstanding the fact that currencies and values all commenced through the exchange system known as the batter system, the usage of the “previous” technology of all kinds of conversations have been extremely outstanding.
Given an example, a person needed butter and another one needed bread. The system happened because of a mutual understanding and requirement of such.
No physical form and only can be seen and utilized digitally, that is how one could perfectly describe digital currency or money. Some examples of it include cryptocurrencies or virtual money.
The whole system of digital currency is still being looked at strangely despite its rapid growth and central union of all parties. Forbes stated that it has become a new movement that pumps cryptocurrencies since the late of 2017.
The idea is not to demolish the traditional system, but to create a decentralized architecture that is being controlled by large networks of computers with no central authorities.
On the same basis too, nothing can be deleted or changed ; just adding information thus showcasing the uniqueness of the system. Some of the DeFi applications include Bitcoin and Ethereum.
When we asked about the demystifying aspect of the DeFi technology, he said that people tend to complicate matters because they are confused between Blockchain and Decentralised Finance (DeFi).
“DeFi has long existed for centuries before Blockchain technology. It is only making a comeback at this age of transformation.” he added.
Blocklime Academy contributes to the ecosystem of Blockchain by hiking up the number of developers in and out of Malaysia. It aims to train more than 1,000 quality blockchain technology developers in 2020 as well as assisting companies worldwide to hire the best talents.
Some of the initiatives and activities that you could enjoy would be the bootcamps that the team of Blocklime provides to universities, corporates, developers and the general public.
“Blocklime is a development and consulting company that provides development support, technology industries and training to fully understand the concepts. From building smart contracts, blockchain and more.” Harpreet further explained.
Up till today, the ownership of the financial investment asset is still questionable as the services of banking and finance became expensive. We are seeing growth and educating ourselves with the future technology does no harm, in fact; it is preparing us for the next thing in the lane.
Follow Asia Blockchain Review on:
Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us