WESTFORD, Mass., July 2, 2024 /PRNewswire/ — According to SkyQuest, the global Decentralized Finance (DeFi) Market size was valued at USD 22 billion in 2022, USD 23.99 billion in 2023 and is projected to grow USD 48.02 billion by 2031, growing at a CAGR of 9.06% in the forecast period (2024-2031).

The market growth is driven by the numerous advantages offered by the DeFi technology offerings. Key benefits include the elimination of centralized financial institutions, such as banks, which traditionally control currencies, financial products and services. Also, the DeFi system eliminates the costs that banks and other financial institutions move to acquire their services there. Furthermore, the ease of use and accessibility of decentralized financial systems are expected to further increase their adoption.

The increasing popularity of eSports and gaming has emerged as a key driver for the growth of financial offer (DeFi) systems, as developers increasingly use DeFi tokens for in-app purchases. An example that has been denied with Augur, the DeFi system that allows users to bet on a variety of world events, sports and financial outcomes. The emergence of blockchain-based prediction solutions is expected to open new opportunities for market expansion soon.

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Decentralized Finance (DeFi) Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 23.99 billion Advertisement
Estimated Value by 2031	USD 48.02 billion
Growth Rate	Poised to grow at a CAGR of 9.06%
Forecast Period Advertisement	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Advertisement
Segments Covered	Component, Application and Industry
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Advertisement	Updated financial information / product portfolio of players
Key Market Opportunities	Innovating Finance through Decentralized Exchanges in DeFi
Key Market Drivers	Rising Expenditure, Venture Capital Funding in the Technology Sector  Advertisement

Segments covered in Decentralized Finance (DeFi) Market are as follows:

• Component
  • Blockchain Technology, Decentralized Applications (dApps) and Smart Contracts
• Application
  • Data & Analytics, Decentralized exchanges, Payments, Stablecoins, Marketplaces & Liquidity, Compliance & Identity, Prediction industry, Assets tokenization, Others
• Industry
  • BFSI, Government, Healthcare, Media, Entertainment & Gaming, Technology Services, Others

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Component Plays a Vital Role in Adoption of Decentralized Finance (DeFi) Market

By 2022, the blockchain technology segment will dominate the market, accounting for more than 41.0% of global revenues. Blockchain technology enables emergence of decentralized financial transactions in financial, often many new, transactions, decentralized, borderless, transparent. Promoting open development, encouraging innovation, business innovation and open possibilities.

The smart contract segment is expected to grow significantly over the forecast period. Smart contracts form the basis for DeFi protocol applications. A smart contract can act as security with specific rules governing when, how, and who can access this asset. In addition, it accelerates decentralized financial services such as investment, credit, banking and insurance. Additionally, smart contracts can help devolve the central budgets to states, thereby creating lucrative growth opportunities for the overall growth of this sector.

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Data Analytics Section in Application Segment to turn in More Revenues for Market

The data analytics segment dominated the market in 2022, with 18.0% in global revenue. Decentralized monetary policy offers significant advantages for decision making and data analysis because the DeFi protocol is open to data and network operations. The DeFi protocol helps in risk management and creates business opportunities. With the capabilities provided by DeFi platforms, users can compare results and revenue and assess platform risk using various dashboards and tools.

The payments segment is expected to register the fastest growth over the forecast period. Peer-to-peer payments are an important use case for both DeFi’s business and the blockchain ecosystem. Users can use blockchain technology to exchange cryptocurrencies securely and directly, eliminating the need for intermediaries.

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The Future of Finance: Pioneering Financial Innovation

Decentralized Finance (DeFi) is rapidly emerging as a transformative force in finance, reinventing traditional financial systems through blockchain technology. DeFi’s core principles of transparency, accessibility and decentralization challenged traditional banks and financial institutions, thereby offering innovative solutions to inefficiencies and age-old barriers. The market has experienced tremendous growth, driven by the widespread adoption of cryptocurrencies and blockchain technology. The proliferation of DeFi applications has democratized the use of financial services, allowing users to borrow, lend, trade and earn interest rates without intermediaries. This growth is reinforced by decentralized exchanges (DEXs) on the rise of fixed income and seed agricultural programs.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website: https://www.skyquestt.com/

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In the realm of financial evolution, CDI has emerged as a vital tool for banks to authenticate corporate entities efficiently and securely.

CDI, or Corporate Digital Identity, plays a crucial role by electronically capturing and consolidating a corporate customer’s unique attributes and data in real-time. This establishes a strong digital identity for authentication purposes, combining customer-provided specifics with information sourced from third-party data providers such as official records and commercial databases.

By verifying the customer’s identity, outlining the corporate structure, and identifying beneficial owners as per jurisdictional regulations, CDI facilitates seamless access to services without repetitive documentation requirements.

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A key application of CDI lies in meeting stringent regulatory compliance mandates globally. By standardizing CDIs to include essential regulatory attributes, banks not only enhance customer due diligence but also ensure transparent operations and accurate financial reporting. This transparency is critical for detecting potential financial misconduct, safeguarding the financial system, and upholding regulatory standards.

The portable nature of CDI enables its use across different industry sectors, minimizing customer service obstacles and supporting the introduction of new banking services while adhering to regulatory obligations.

While regulatory compliance remains a priority, CDI offers additional advantages. It allows banks to manage access to sensitive data through integrated systems that comply with privacy regulations, providing granular, role-based control managed centrally across multiple internal systems. Furthermore, CDI ensures transaction integrity and authenticity through applications employing multi-factor authentication and public key infrastructure.

CDI’s standardized attributes also facilitate secure interactions within complex ecosystems, supporting KYC onboarding and due diligence processes. International standards like the Global Legal Entity Identifier (LEI) system contribute unique identifiers for legal entities, simplifying ownership tracking across jurisdictions and promoting transparency in beneficial ownership verification.

Automation of beneficial ownership identification processes through such standards streamlines operations, integrates real-time updates, enhances security, and maintains data consistency.

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Accurate identification of Ultimate Beneficial Owners (UBOs), including ownership details and decision-making authority, is facilitated by CDI, driving efficiency in KYC onboarding and compliance with global regulations such as GDPR, KYC, and AML.

By establishing robust CDI standards, banks streamline beneficial ownership identification, reduce manual processes, and enhance the accuracy and reliability of ownership data, thereby fortifying the financial system against illicit activities.

Source: fintech.global

The post How corporate digital identity enhances compliance and security in banking appeared first on HIPTHER Alerts.

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Global Consultancy Recognised for Purpose, Culture and Impact Delivered to Clients

GENEVA, July 2, 2024 /PRNewswire/ — Geneva-based dss⁺, a global operations management consultancy with over 1,500 experts operating in 41 countries and a broad, diverse roster of industrial clients, has been named one of Switzerland’s Best Managed Companies for 2024, an award sponsored by Deloitte Private, Julius Baer and SIX Swiss Exchange.

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Switzerland’s Best Managed Companies programme recognises privately held companies for their organisational success and achievement. The programme provides a distinct framework for management teams to challenge themselves and benchmark against some of the best private companies in the world. 

dss+ provides operations consulting services that empower organisations to enhance safety, manage risk, achieve sustainability, optimise performance, and cultivate organisational and human capabilities for more resilient and sustainable operations. 

“We pride ourselves in helping our clients save lives and create a sustainable future, which makes this recognition especially meaningful and underscores the passion and impact of our work not only in Switzerland, but also around the world,” said Davide Vassallo, CEO of dss⁺. “We are grateful for this honor, and I’m particularly proud of my dss⁺ colleagues and stakeholders whose expertise, acumen and insight serve as the foundation of our success.”

The programme’s jury singled out dss⁺ for its achievements in several areas, including its purpose of saving lives and creating a sustainable future through its commitment to delivering impactful, quality outcomes to its clients. The jury also distinguished dss⁺ for its culture that empowers employees and encourages innovation and for creating value for its shareholders – investors, employees and clients alike. 

“This award underscores and recognises the record of achievement among the dss+ team,” said Alistair Cox, Chair of the Board, dss+. “The designation of ‘best managed’ connotes exemplary levels of commitment to deliver on our global priorities and a dedication to people development and our culture.”

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About dss⁺

dss⁺ is a leading provider of sustainable operations management consulting services with a purpose of saving lives and creating a sustainable future. dss⁺ enables companies to build organisational and human capabilities, manage risk, improve operations, achieve sustainability goals and operate more responsibly. Additional information is available at https://bit.ly/dssplus-best-co.

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