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Blockchain Technologies and Call for an Open Financial System: Decentralised Finance
Abstract
Blockchain technology may reduce the cost of transactions, enable decentralised platforms, and generate distributed trust, laying the groundwork for novel business models. Better, more accessible, decentralized, imaginative, linked, and interlinked decentralised financial services are possible to develop with the use of blockchain technology. Decentralised financial services have the ability to lower transaction costs, increase financial accessibility, enable open access, promote autonomous innovation, and open up novel possibilities for entrepreneurs and innovators. In this chapter, the authors examine the advantages of decentralised finance, uncover current company models, and discuss potential problems and constraints. Decentralised finance, as a new sector of financial technology, has the ability to redefine the framework of contemporary finance and establish an entirely fresh environment for entrepreneurship and creativity, demonstrating the promise of decentralisation as a basis for new business models.
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