As the next generation of the world wide web comes to fruition, new economic and technological infrastructures are on the horizon. With this new generation, known as Web3, concepts including decentralization, digital currencies, token-based economics, and non-fungible tokens (NFTs) are making their way into the mainstream economy. As the new technology brings terms and tools foreign to even the highest academically credentialed individuals, this new arena of commerce has created an even playing field for companies of all sizes to leverage.
Experts from across the current economic infrastructure of Web3 and beyond shared their thoughts with CFO on how exactly financial executives can use the economy’s newest and trendiest phenomenon in order to better their businesses.
Recognize the Potential of Decentralized Finance (DeFi)
Lars Seier Christensen, co-founder of Saxo Bank and founder of Seier Capital, spoke to CFO about how finance without a middleman can be done. Christensen believes objective ledgers powered by blockchain technology can provide unprecedented secure transactions at instantaneous speeds.
“[In DeFi], the data is completely secure and cannot be manipulated or rolled back,” said Christensen. “A lot of infrastructures will, in the future, be built on blockchain. Keeping up to date with a rapidly developing industry is highly advisable. With a growing younger generation taking an increasing interest in crypto, accepting these as payments and means of transaction can open up significant new business opportunities.”
By removing middlemen from financial transactions, fees and wait times on large-scale transfers of capital can be eliminated. As moving large amounts of money from one account to another involves both time and fees for the sender and receiver in the current financial infrastructure, blockchain technology can disrupt how banking transactions are completed. With the removal of things like Venmo, Visa, Mastercard, and PayPal from transactions, Web3 can make moving money easier and cheaper.
Continue reading: https://www.cfo.com/technology/2022/10/blockchain-technology-defi-bitcoin-web-3-nft-ntt-crypto/
Experts from across the current economic infrastructure of Web3 and beyond shared their thoughts with CFO on how exactly financial executives can use the economy’s newest and trendiest phenomenon in order to better their businesses.
Recognize the Potential of Decentralized Finance (DeFi)
Lars Seier Christensen, co-founder of Saxo Bank and founder of Seier Capital, spoke to CFO about how finance without a middleman can be done. Christensen believes objective ledgers powered by blockchain technology can provide unprecedented secure transactions at instantaneous speeds.
“[In DeFi], the data is completely secure and cannot be manipulated or rolled back,” said Christensen. “A lot of infrastructures will, in the future, be built on blockchain. Keeping up to date with a rapidly developing industry is highly advisable. With a growing younger generation taking an increasing interest in crypto, accepting these as payments and means of transaction can open up significant new business opportunities.”
By removing middlemen from financial transactions, fees and wait times on large-scale transfers of capital can be eliminated. As moving large amounts of money from one account to another involves both time and fees for the sender and receiver in the current financial infrastructure, blockchain technology can disrupt how banking transactions are completed. With the removal of things like Venmo, Visa, Mastercard, and PayPal from transactions, Web3 can make moving money easier and cheaper.
Continue reading: https://www.cfo.com/technology/2022/10/blockchain-technology-defi-bitcoin-web-3-nft-ntt-crypto/
