Blockchain-based applications are booming across industries, and this technology will disrupt how companies do their business. Along with the business domain, the way customers interact with businesses and make purchases is also transforming.
As we move towards digital transformation's advanced implementations in the Fintech world, DeFi applications come first on the list. This advancement is creating a permanent paradigm shift in how individuals exchange money. Whether making a purchase, performing a transaction, or securely storing their capital, DeFi applications are coming handly amid the ongoing technology disruption.
Companies can take great advantage of DeFi technology to scale their businesses worldwide and onboard more customers. On this note, check out how DeFi implementation can help your company boost profitability and customer satisfaction, and scalability.
Faster transactions
DeFi stands for decentralized finance, and it assures your all transactions are seamless, faster, and highly secure. Based on a distributed ledger technology, no centralized authority can control or monitor the transactions.
Using the DeFi application in your business, customers and associated partners can get a much seamless financial experience. This technology comes in handy for companies that require to perform frequent transactions in excess as it also helps in saving charges from third-party payment companies.
To help you succeed and scale your company, SevenBits brings in a comprehensive range of DeFi technology. Our expert team understands your business goals, requirements, and dependencies to draft the best bespoke solution.
More flexibility
DeFi is an open-source technology, and it gives companies the freedom to personalize their payment system to meet their requirements. With this available flexibility, companies can create a robust payment system depending on specific countries or a group of customers.
With this personalization, companies have the advantage of speeding up complex processes and implementing automation. It will ensure the best customer experience at every transaction touchpoint. Due to the pandemic, most companies are working with limited resources and workforce; this can help organizations automate specific complex and iterative jobs.
As customers, vendors, procurement companies, and partners have the option to protect their data compared to the traditional banking system, DeFi acts as a boon. For implementing flexible payment options in your existing system, SevenBits brings in the best smart contract development services to get you going. With our smart contract development solutions, companies can put most of their data and transaction validation tasks on automation with higher accuracy.
Higher Transparency
Transparency is the most critical business aspect to stay relevant in this highly competitive domain. Compared to the traditional fiat system, DeFi offers a much higher transparency factor on which companies can thrive online. As this technology is based on a decentralized framework, no centralized authority can overwrite transaction rules.
With this advantage, companies can build high trust relationships with their customers and clients. Be it securely transferring the funds or eliminating the need for a middleman; transparency is much intact using DeFi.
SevenBits Blockchain Center of Excellence (COE) team offers full-fledged crypto wallet development services to make your business faster and more scalable. Like a traditional banking system, this cryptocurrency wallet will also let everyone withdraw and deposit money. However, the DeFi technology is much more secure, transparent, and secure.
Cost-Effective
Blockchain technology lets businesses remove several third-party dependencies and grow scalability in a much faster way. By using bespoke decentralized payment applications, companies can save substantial money from third-party companies and their charges.
Whether you run a startup, a small business, or run a big organization, DeFi is cost-effective and brings more functionalities. Unlike traditional banking solutions, it is much easier to perform transactions overseas using DeFi technology. This technology is making the lending and borrowing process more transparent and seamless among multiple parties.
DeFi is accelerating peer-to-peer lending and borrowing services that deliver notable benefits to the business and end-users. These decentralized services work on robust cryptographic verification mechanisms and smart contract integration. With such 360° protection, companies eliminate mediators such as agents and banks for performing transaction validations and maintaining a ledger.
Better tokenization
As a business grows with time, the data and sensitive information also increase, and at a certain point, it becomes challenging to streamline it. The concept of tokenization can help companies securely store their business data in a decentralized manner.
Tokenization takes the encryption process one step further and distributes the encrypted data nodes on a decentralized network. Due to this, it becomes impossible for attackers to forge or corrupt the data. SevenBits' expert team of blockchain developers can help your business go beyond basic financial encryption with modern blockchain solutions.
Get started with Seven Bits to scale your business
DeFi is here to stay with us, and it is the future of finance across all industries. Be it automotive, corporate, or consumer products manufacturing — customers are shifting to the decentralized facilities. It is the right time for organizations to adopt blockchain solutions and step towards futuristic digital transformation.
At SevenBits, we offer a comprehensive range of blockchain development solutions to meet your every business goal. Be it smart contract development services, or NFT development, and cryptocurrency wallet integration, we have you covered. With a robust availability of more than seven public and private blockchain technology, we offer full-fledged services. From Bitcoins to Ethereum, Hyperledger Fabric, Ripple, and Open-chain, we have got all major frameworks. Get in touch with us at sales@sevenbits.in to explore how you can grow your business in a shorter turnaround with us and improve customer experience.
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