Decentralized finance (DeFi) has been the biggest trend in the blockchain space during the last few months. The new sector introduced several innovative solutions, such as yield farming, Automated Market Makers (AMMs), synthetic assets, and more — with the end goal to move financial services to blockchain infrastructures. While DeFi projects have got a lot of attention from investors, the trend still hasn’t knocked on the door of the average Joe.
Part of the reason why DeFi is not rushing to mass adoption has to do with the complexity of decentralized applications and services. There is an urgent need to focus on the user experience in an effort to bring a wide range of DeFi solutions to the masses.
We at team AIKON consider user experience a priority and thus are working towards making public blockchains user-friendly. Our universal authentication and authorization platform, ORE ID (from Open Rights Exchange), helps enterprises and their users leverage blockchains, like Algorand, Ethereum, and EOS, through a seamless experience. We believe this is something that can spur the DeFi space to turn into a revolution that will lead to Web 3.0.
Even Centralized Businesses Admit that DeFi is the Future
A recent report commissioned by BCG Platinion, part of Boston Consulting Group, and payment platform Crypto.com, found out that 86% of the surveyed European financial institutions that offer banking, insurance, and trading services were implementing or researching to provide services built on DeFi frameworks. Almost a third of those firms reported an enterprise-wide implementation or had initiated use cases of DeFi.
Meanwhile, 58% of the surveyed companies were worried that they would give up a competitive advantage by disregarding DeFi solutions.
Centralized businesses that adopt DeFi instruments today can make a big leap into the future by providing new products to clients or improving existing ones. They can implement DeFi solutions for use cases that revolve around payments, lending, insurance, trading, and data, among others.
Better UX is Key to Blockchain Adoption
The major hurdle preventing mass adoption of blockchain is the fragmentation of the market and the complexity of DeFi concepts and processes, which impacts the user experience in the first place.
On top of that, the adoption of blockchain is still expensive and risky for most businesses. AIKON offers a one-stop solution that helps businesses and their users connect to multiple blockchains in the simplest way possible. Our universal authentication and authorization platform is cost-effective and adjustable to the fast-changing DeFi environment.
One of the main features of AIKON’s ORE ID has to do with improved user experience. Companies can seamlessly move their clients onto the blockchain, spurring the mass adoption of the technology. Users can access DeFi services by logging in with email, phone, or social login only. There is no need to understand all the intricacies of the underlying technologies as the connection between users and blockchain services is done via an intuitive interface.
Businesses and users can leverage ORE ID to access apps on Ethereum, Algorand, and ORE, among others. More blockchains will be integrated as the ecosystem expands.
ORE ID hosts a powerful API library, which lets developers be creative with the implementations of blockchain solutions.
By improving user experience, AIKON is poised to accelerate the adoption of DeFi and blockchain.
Contact us today and join other forward-facing companies in welcoming the future together with AIKON!
AIKON, a San Francisco-based VC-backed firm, was founded in 2017 with the goal of enabling the digital asset economy and empowering users from all over the globe by securing their personal information via blockchain.
AIKON has developed the Open Rights Exchange (ORE) protocols to manage access to digital rights and access, and has been enabling mainstream blockchain adoption with its ORE ID secure identity service. With ORE ID, AIKON aims to foster a new era of secure identities that protects users and their data, powered by the blockchain. Follow us on Twitter or connect with us on Telegram!