‘Even a pig can fly if it stands at the center of a whirlwind.’ This saying well concludes the importance of catching the development trends. So, if DeFi is confirmed as a new opportunity, how can companies grasp and utilize it to enhance their business?
Merge the advantages of DeFi with your business characteristics
As mentioned in the previous article, the specific advantages of DeFi lie in its decentralization, openness and transparency, and its efficient operation regardless of geographical and business hours. An enterprise, which aims to make good use of DeFi, should thus carefully find out the part of its business that can be connected with the aforementioned characteristics and regulate corresponding arrangements.
For instance, the business content of large enterprises involves a large number of people and a wide range of regions. It might takes hours for them to confirm some simple orders. Therefore, these companies will be attracted by real-time and efficient transactions and settlements, which DeFi can provide. Small and medium enterprises, conversely, focus on cost control and will be interested in DeFi for its directly matching between the two parties of the transaction. In addition, with the help of DeFi, the SMEs could complete payment, financing, and financial management at a reasonable cost, as administrative procedures, such as account registration and identity verification, are omitted.
Besides the size of the company, the natures of the business also makes the commercial application of DeFi ever-changing. For example, e-commerce platforms can use DeFi to complete settlements with different suppliers, saving time and labor costs; chain stores might employ DeFi to make public records, and it facilitates staff, both logistics, store, and back office, to view and update data in real-time.
DeFi solutions, thus, can bring different benefits, to match different sizes and focuses of the enterprises.
A comprehensive plan to deal with change
Choosing to embrace the DeFi trend and thinking about how to combine your own business development is indeed like choosing the right outlet. But for most people, DeFi is still a fairly new concept. In addition, its operation process involves professional knowledge, such as blockchain, cryptocurrency, network security, etc., and makes it even harder to employ DeFi than other ordinary tools.
The key of catching the DeFi chance but not be swallowed by it lies in whether a set of comprehensive strategies can be formulated: whether the characteristics and application details of each underlying technology have been grasped in the conception stage and set up corresponding corrections; whether there is sufficient capacity and manpower to respond to different problems, or launch a remedial plan in a short period of time to minimize the impact. All of the above determines whether you could catch the trend or be defeated by it.
In the process of business development, it is important to choose the right outlet, but how to open your mind and find peers also plays a decisive role. The former determines whether you can formulate new plans in response to changes, and become more courageous as you fight; the latter affects the resources you can use at critical moments.
As a leading provider of blockchain and network security solutions in Hong Kong, UD, with its deep understanding of innovative technologies, is committed to working with different companies to move forward from the new era of Web 2.0 to Web 3.0.
