However, as there’s no white without the black, this tendency has its downsides, too. The democratization in finance can lead to unpleasant consequences – let’s remember the latest loud case of GameStop (NYSE:GME), the one that will force regulators to revise their approach to democratized finance. Another drawback is that the free trading actually comes at an implicit cost not all consumers are well-aware of. The new wave of free-trading platforms makes use of a generous supply of user data that, in most scenarios, is further marketed to intermediary buyers – that taking place even in the aftermath of the Cambridge Analytica scandal and the consequently levied GDPR regulation. The harsh reality is, we are still living in a world where the data serves as the most precious currency. The only solution to this problem is to confiscate the data ownership from centralized institutions all at once and place it in the hands of consumers to whom it rightfully belongs.
That’s what decentralized finance (DeFi) aimed for from the very first days. Spurred by the fear of covid-19, DeFi has rapidly reached the $40.05 billion value, fast-forward from $1.1 billion just one year ago. What it shows, more consumers and entrepreneurs actually started seeing blockchain as a value-driver, and decentralized token model as a viable alternative to current fundraising schemes. And not without good reason – the global economy will never, perhaps, look the same way again, while the industry practitioners are unanimously pointing to the fundamental change that has arrived with covid-19, and will stay long after the threat has gone. Right now, DeFi, not without the help of blockchain, is leading the transformation race into decentralized and more secure space – all by taking away the power control from businesses and making ‘people first’ as the core principle of the new era. Taking rapid steps towards progress – also with the development of such technologies as AI and Big Data – blockchain stands in one line with the frontrunners of the real revolution not only on Wall Street but in all spheres of social life altogether.
On this wave of change, Opacity emerged as a secure, fully user-administered platform that gives control over data back in the hands of people. Being able to store data on a decentralized cloud, now any organization can be left assured that the information is not concentrated in the hands of one provider, but evenly spread among the whole vast network of users. This scalability enables freedom of choice but also protects from malicious practices such as data phishing, extortion, and ultimately data selling to the external parties.
Esther Katz, savvy tech professional that recently took over marketing and strategy at Opacity, agreed to share her opinion on questions that are so troubling in the eyes of many: what will be the next stage in the global economy, how blockchain, as well as other tech trends, can help to get out of the slump caused by covid-19, and what would be the key strategies for surviving in the volatile environment throughout upcoming years.
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Source: Cryptocurrency - investing.com
