Many people still complain here in Australia that, during these modern times, it is extremely difficult to carry out large financial transactions without having large amounts of red tape put in your way. It seems the government and other entities want to be involved in what we are doing at any given time, but this slows down business so that we can’t take advantage of certain situations that might only come along once in a lifetime. As business people, we need something else that cuts out all the middlemen and allows businesses to transact with each other more easily.
This is when DeFi development services come to the forefront because they offer us peer-to-peer financial services which use modern blockchain technology to cut out the middlemen. Businesses no longer need to rely on a bank to carry out transactions. If this is all very new to you and you would like to find out about the numerous benefits that decentralised financial services offer Australian businesses, please keep reading.
- Anyone can take part – There are no permissions required when you use DeFi, and all any individual needs here in Australia is a stable Internet connection and some kind of wallet with crypto in it. Many other payment platforms restrict the number of people that you can use, but you do not have that problem here. No individuals or no countries are blocked for whatever reasons, and politics is not allowed to get in the way of doing business.
- Security & transparency is assured – You can also enjoy what’s referred to as smart contract capability, and this allows processes to be automated, intermediaries to be removed from the equation and provides better security and better transparency. All of this helps to reduce your costs across the board, and it can be used with things like lending, trading and numerous other applications.
- It helps to lower costs – The cost of making transactions with standard banking institutions or other platforms remains quite high. If you borrow money from a bank or other lending institution, not only do you pay interest rates, but you pay all costs as well. There is no need for a brick-and-mortar presence for DeFi to operate, and this helps to reduce costs across the board for everyone involved.
- You always maintain full control – Everybody should be able to control the funds that they have and the information that they want to give. Currently, you have to hand over so much information in order to be able to carry out any kind of financial transaction, whether in the country or when sending funds overseas. This is one way to make sure that you maintain full control over your financial affairs.
You also get to enjoy better returns on any investment that you make, and many of these investments are not available in the traditional manner. You are not restricted with regard to geography, and financial transactions happen almost instantly.
