Over the past years, a global, open alternative to the current financial system has emerged: Decentralized Finance. Products and functions in this environment are based on Web 3.0, which reflects a new generation of the Internet. Financial transactional processes are implemented in a decentralized manner using blockchain technology. Depending on the validation mechanism, these can be tracked openly and transparently on the respective blockchain. A number of products in the DeFi sector represent the common financial functions for free for everyone. This allows money to be borrowed, lent, saved, invested, and traded.¹
Dominated by the general cryptocurrency market, the DeFi market specifically has gained significant market capitalization since the end of 2020. Currently (end of 2022), the market moves between $40 billion and $60 billion in capitalization.
The economic and technical adaptation of the DeFi world is increasing constantly despite recent setbacks in the global markets. Meanwhile, governments as well as institutions are increasingly adopting DeFi because of its potential for democratization, transparency, and functionality.²
In cooperation with EnerjiSA, one of the largest energy suppliers in Turkey, FairConsult is developing the adaptation of decentralized finance in the energy market. This collaboration leads to a payment function that can be used to pay invoices for various energy consumptions in the most important DeFi assets in terms of volume and capitalization.
¹ cf. Ethereum Organisation, Dezentrales Finanzwesen (DeFi), https://ethereum.org/de/defi/, Einsichtnahme: 07.11.2022
² cf. Trend Report, Adrian Fritz, https://www.trendreport.de/defi-adoption-im-krypto-baerenmarkt/, Einsichtnahme: 07.11.2022