Decentralized Finance (DeFi) is a financial service based on ledgers, just like the ones used by cryptocurrencies. In the U.S., DeFi technology challenges the current centralized finance system by empowering individuals to manage their own financial exchanges via a crypto wallet. Because decentralized finance eliminates fees from banks or other financial institutions, anyone with an internet connection can use DeFi.
Ethereum has experienced dazzling growth in recent years. The programmable blockchain now has approximately 220 million unique addresses. Linked to the increase in users is an explosion in the number of dApps. Global companies and startups across finance, sales, HR, accounting, supply chain and manufacturing are using dApps to streamline processes and onboard new customers. Multiple frameworks exist that simplify the dApp development process for web2 developers who want to participate in web3.
Developers are always looking for new ways to make their applications more secure and efficient. Blockchain APIs are one way to do this. A blockchain API is an application programming interface that allows developers to interact with a blockchain. By using a blockchain API, developers can access the data and functionality of a blockchain without having to build their own blockchain platform. This can save time and resources, as well as provide a more secure environment for development.
One of the technological evolutions that has caught the attention in recent times is Non-Fungible Tokens (NFTs). It has been a phenomenon, with the values of some of the NFTs reaching astronomical heights. It remains to be seen whether this will be a bubble like the Tulip Mania or the Dot Com bubble, or whether it will mature into a viable technological option.
Blockchain technology (within the broader distributed ledger umbrella) has received a lot of eyeballs over the last decade, moving beyond the admiration of niche cryptocurrency fanatics and into the mainstream conversation of experts and investors, especially in the banking and financial services space.
Digital security has always been an issue for payment organizations and their customers. Transparent and immediate payment is the basic need. To enhance and popularize digital payments and be more customer-focused, payments need to be made easy, fast, and highly secure. Blockchain technology has come up with the solution which addresses the payment security needs, transaction transparency and boosts the overall efficiency of financial transactions.
Online payments are now officially the preferred mode of transaction for a lot of eCommerce and brick-and-mortar stores. In 2020, the transaction value for digital payments globally, crossed $5.2 trillion. Sure, a lot of that can be attributed to the fact that consumers shifted to online purchases due to the pandemic, however, the growth over the years is undeniable.
Regardless of how technically sound the engineering of an app is, bugs, errors, and crashes can happen. So when they do, you must recover from it by doing a deep analysis of the technical aspects and the impact on the overall customer experience. If your crypto-exchange or banking app is not getting the right insights you need from the crashes, your churn rate and your customers will definitely let you know sooner than you think.
Crypto trading and exchange apps have surged in recent years as a direct consequence of the exponential growth in the number and market capitalization of cryptocurrencies. With ever-growing press coverage and heightened visibility, the crypto ecosystem gets more and more crowded every second. This constant influx of players has clearly been beneficial, as the assets traded continue to grow.
