DeFi, decentralization of power from historically centralized entities, is finally moving into the mainstream. The movement has the potential to disrupt the way we do everything, from finances, healthcare, to the news. The possibilities are endless, and could help build trust, security, and auditability into our vulnerable supply chains. Protocols like Unibright and Baseline are already stepping up and are starting to create ”Enterprise DeFi” blockchains. Private enterprise is also beginning to realize the potential of using blockchain to tokenize and streamline back-office functions.
Acting Director of PR for SmartBlocks, and founder and owner of Panda PR & Marketing.
DeFi Is Everywhere
It seems that you can’t open Twitter or switch on the news without being subjected to something DeFi-related. The movement has the momentum of a freight train and has the potential to disrupt the way we do everything, from finances, healthcare, even the way we get our news. The core message of the DeFi movement, which is decentralization of power from historically centralized entities, is finally moving into the mainstream.
But if the massive changes in DEFI weren’t enough, businesses have already jumped on board and are starting to create ”Enterprise DeFi” blockchains. What sounds like an oxymoron may be the future of supply chain security.
To quote Rachel Wolfson, reporter at CoinTelegraph,
“A really great example is using blockchain to track and trace where your food comes from. So that can be B2B, or also B2C. So… the consumer can understand where their coffee comes from, where their coffee beans come from. Small farmers can earn more by using blockchain technology to trace those beans all the way to the grocery store.”
Private enterprise is also beginning to realize the potential of using blockchain to tokenize and streamline back-office functions like invoices or contracts across multiple parties.
DeFi: Trust and Security
The possibilities are endless, and could help build trust, security, and auditability into our vulnerable supply chains. Protocols like Unibright and Baseline are already stepping up. According to Wolfson,
“We’re seeing a trend where more companies are… leaning towards public blockchains. We’re seeing that’s possible just because the space has matured to the point where enterprises are starting to feel comfortable using public networks. A large part of that is because [of] the baseline protocol. They’ve developed these privacy protocols that allow for companies to use a public network for things like sending invoices, and doing all of that on a public network.”
Companies are starting to take notice of DeFi and the security and transparency offered by blockchain. The Baseline Protocol is a blockchain that was built specifically for business and business processes. Its framework allows complex collaborations between different enterprises, without compromising sensitive data.
Another token, Unibright, is also making waves in the E-DeFi world. It’s not just a protocol, but a token as well. By using the Unibright token, users have access to smart contract creation and connection, as well as the ability to tokenize business services and components.
In regards to Unibright and their token, Wolfson says,
“…Enterprises usually don’t want to use cryptocurrency, when it comes to payments. Using blockchain is confusing enough, they want things easy, not confusing. So providers are saying their clients can pay with UBT (Unibright’s token), and they don’t have to deal with the cryptocurrency side of things moving forward. It’s just interesting to point out that the UBT token is being utilized for enterprise use right now, I don’t know many tokens that actually do that, which makes UBT really unique in the sense that it is kind of an enterprise blockchain token.”
Unibright works in tandem with the Baseline protocol, which could allow for a new level of industry streamlining.
Coke One North America is one of the first companies to implement E-DeFi on a large scale. CONA has a very complex supply chain that encompasses not just shipping, but finding raw materials and creating with those raw materials. Unibright and Baseline bring buyers and suppliers together in a cohesive way that allows for more trust and transparency from beginning to end.
Enterprise DeFi is still a fairly new concept, and the industry is still in its infancy. While I can see potential use cases for Enterprise DEFI, I still question how decentralized it will be given the level of involvement from corporations.
For example, will E-DeFi cause more centralization in the blockchain industry, or carve out a space for itself? Will we see more private blockchain adoption? Ultimately, can we preserve the movement now that big business is involved?
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