Decentralized Finance (DeFi) and Cryptocurrencies: The Latest Thinking of People Towards the Blockchain and FinTech Industry

Abstract

The widespread use of decentralized financial (DeFi) systems and cryptocurrencies has triggered a time of tremendous innovation in blockchain and financial technology. This research aimed to analyze the current discussion around these scientific accomplishments. It was vital to review the viewpoints that have been circulated and published recently. The widespread acceptance of decentralized currency services, combined with the growing perception that traditional monetary systems may no longer be necessary, has posed significant challenges to long-established financial theories. For example, Ethereum offers a decentralized platform for providing money services without authorization (Wronka, 2023). Bitcoin and Ethereum are two examples of digital currencies trending and important to many people's financial portfolios. More people are buying and using both of these digital currencies. This study investigated and evaluated the changing public perceptions about the partnership between the blockchain platform, cryptocurrencies, and the financial industry. The study also provided instances of potential solutions to these issues. The financial sector is undergoing a paradigm shift due to the integration of financial and technological concerns within corporations. This convergence has led to significant changes that profoundly impact the entire sector. As a result, a new era of inclusive and accessible financial services is emerging, challenging, and transforming established traditions. This shift disrupts traditional practices and paves the way for more equitable and innovative financial solutions.