DeFi Technologies will change banking forever - Decentralised Finance and New Frontiers for Blockchain

March 23, 2021 2:30 PM

In the minds of many, blockchain technology – the use of encrypted blocks of data to create a shared ledger of activity – is synonymous with cryptocurrencies such as Bitcoin. But cryptocurrencies are but one application of blockchain, and many of its strongest proponents believe it offers a wider range of opportunities to do finance differently. Private and government-backed variations on cryptocurrencies called ‘stablecoins’ are under discussion, while new models of ‘Decentralised Finance’ or ‘DeFi’, using ‘smart contracts’ to cut out intermediaries such as banks and brokerages, are also emerging.

The panel will look at these developments and the future of blockchain technology in finance, exploring new and potentially exotic ways in which it could be applied. Advocates stress blockchain’s value to expand financial inclusion, but what are the risks of fraud and other forms of criminal abuse? And how can governments regulate the sector without undermining its growth?