What technology leverages blockchain for secure financial transactions? 🔊
The technology that leverages blockchain for secure financial transactions is known as decentralized finance (DeFi) technology. Implementing blockchain allows for the creation of secure, transparent, and tamper-proof transaction records, enabling peer-to-peer financial interactions without intermediaries. DeFi platforms utilize smart contracts to automate processes, thereby reducing fees and improving transaction speed. Additionally, blockchain ensures that transactions are verifiable and irreversible, enhancing security and confidence in the system. As a result, DeFi is reshaping traditional finance by providing innovative solutions and increasing accessibility to financial services, globally.
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