Decentralized Finance (DeFi): is a blanket term from mid 2019 for an ecosystem of financial applications that are built on blockchain. Traditional finance relies on institutions such as banks to act as intermediaries, Defi is an entirely new and independent of the current infrastructure.
Economic and IT experts agree, the majority of what today is considered “Fintech” was fueled by the financial crisis of 2008. Investment in Fintech jumped 5,600% from $1.2 billion in 2008 to more than $69 billion in 2019. The pandemic will likely prove to be the biggest shock the global economy has ever seen. The DeFi ecosystem appears to be gaining attention and maturing in times of hardship. Leading financial institutions like TD Ameritrade and even Visa are joining.
Understanding blockchain could be helpful for succeeding in the post-COVID-19 economy. Numerous job opportunities will be available for those with a fundamental understanding for crypto and blockchain technology. Blockchain enthusiasts, innovators, entrepreneurs and new employment are a positive for the industry and the world as a whole.