Decentralized finance is emerging rapidly, thanks in large part to the fact that the sector has a total book value of over $ 11 billion. While it goes without saying that DeFi – a space characterized by terms such as “crop” and “meme tokens” – has attracted a lot of attention from the cryptocurrency sector, the term is also beginning to spread in the corporate world.

Stefan Schmidt, CTO of Unibright, a blockchain company for companies, told Cointelegraph that DeFi concepts can be used in the corporate sector, where financial assets can be represented by programmable tokens: “In general, the definition of DeFi is still unclear outside the sector. … Institutions. According to him, however, DeFi is “everything related to economics that can be coded.”

Will 2021 be the year for DeFi?
While the DeFi project is still under development, Schmidt said that it will start taking up steam very soon when these concepts are rolled out to IT clusters in the business in 2021.

In the meantime, the first step that will pave the way for an organization to DeFi is to facilitate agreements between organizations that share data. In particular, these agreements clearly state that all invoices and other financial transactions are valid and must be processed for payment. “Unless you have a strong agreement between all parties that the invoices are valid and must be paid, you can not continue with the DeFi room,” Schmidt said.

To realize a possible one-off case, the blockchain company joined forces with Unibright in a joint venture. As of October 20, Unibright will be fully operational as the two companies try to gather the technology companies they need to synchronize data securely.

The two companies have been working closely for a year now to help organizations implement Baseline, an open source OASIS initiative that typically uses the Ethereum network as a kind of middleware that serves as a single source of truth for data-sharing organizations. Coke One North America was the first publicly announced use case that showed how the underlying protocol allows the packaging giant to code invoices throughout the supply chain.

Commission CEO Kyle Thomas told Cointelegraph that the underlying protocol is in fact the foundation that will facilitate a time of data sharing of the business to enable DeFi. He noted that “the ability to seamlessly coordinate business processes such as buying and moving the supply chain between trading partners is a game-changing factor for global business.”

Bring DeFi concepts to your organization
Thomas also indicated that the joint venture between Unibright and Provision is committed to offering a comprehensive core service offering. This includes consulting organizations interested in integrating the underlying protocol into existing ERP systems. “Once this implementation is understood, enterprise ecosystems can be built in a decentralized way, with each participant using their own interoperable IT stack,” he said.

The adoption of the Unibright framework will “prepare” for the extension of the Unibright Token Model (UBT) for the forthcoming launch of “reserve payments”. The payment provider will use UBT tokens to provide liquidity to the managed transaction service, Schmidt said. Basically, this service will support the payment of gas fees for arbitrary transactions that are streamed to a public blockchain network such as Ethereum. Customers will then be invoiced based on the transaction volume.

The delivery of payments will aim to allow traditional businesses to purchase public blockchain services without the need for customers to buy or have cryptocurrency. “All Unibright DeFi offerings will be tailored to meet the needs of organizations,” said Martin Jung, CEO of Unibright. “This joint proposal paves the way for blockchain – based enterprise data exchange.”

Symbolic standards are coming soon
However, in order to implement basic presentation as a service, symbolic standards for purchase orders or invoices have not yet been developed. Evolution will eventually occur as business users follow the consumer path, Paul Brody, global blockchain innovation pioneer at Ernst & Young, told Cointelegraph, adding: “They start negotiating business deals, but then add payments. Because of the widespread use of “I believe the protocol when we see that DeFi is certified by companies.”

Source: CoinTelegraph