Definition ∞ Blockchain Based Finance denotes financial services and systems constructed upon distributed ledger technology, primarily blockchains. This approach replaces traditional intermediaries with cryptographic protocols and decentralized networks for transactions and record-keeping. It encompasses various applications, including decentralized lending, borrowing, trading, and asset management. The core promise lies in increased transparency, efficiency, and accessibility compared to conventional finance.
Context ∞ The state of blockchain based finance is marked by rapid innovation in decentralized finance (DeFi) and increasing institutional adoption of distributed ledger technologies. Key discussions involve regulatory oversight, security vulnerabilities in smart contracts, and scalability challenges across different blockchain networks. A critical future development involves the convergence of traditional finance with blockchain solutions, potentially reshaping global financial infrastructure.
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