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What is DeFi?

DeFi stands for ‘Decentralized Finance’ and as the name suggests, it is a technology that uses blockchain ledgers to enable financial services. Thereby, DeFi eliminates the control that banks and institutions have on money, financial products, and financial services. It allows faster and cheaper cryptocurrency transactions globally without a finance firm, credit check, or loan officer in the middle.

The centralized financial system is full of third parties who charge each other fees for facilitating the movement of money. DeFi gets rid of these intermediaries by allowing people, merchants, and businesses to conduct financial transactions on the blockchain. This is made possible by peer-to-peer (P2P) financial networks that use security protocols, connectivity, software, and hardware advancements. In a P2P DeFi transaction, two parties agree to exchange cryptocurrency for goods or services.

All a person requires to access the Decentralized Finance system is an internet connection and funds can be transferred in seconds. This same ease is what leaves people open to some common DeFi scams. Research showed that losses from DeFi Fraud and Theft reached $10.5 Billion in 2021.

Top 5 DeFi Scams

DeFi enables everything that can be done in the legacy banking system, such as lending, borrowing, trading, saving and investing without the need for third parties. In a peer-to-peer environment, there is no central financial institution overseeing the transactions and carrying out checks such as Know Your Customers (KYC) verification requiring documents like photo ID, address validation, banking information, or social insurance numbers. Therefore, if you are scammed out of your crypto, there is no central authority that can reverse the transaction, investigate the scam or report to a regulatory body. There is no way to find out who stole your funds either as the transactions are virtually anonymous.

For more information, please visit https://www.scamadviser.com/scam-reports/scam-trends/4489/top-5-defi-scams-in-2022.

#DeFi #DecentralizedFinance #blockchain #cryptocurrency #P2P #KYC #developer #scam #authentication #FinancialService

(9 February 2022) – Xiaomi, a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core, has today announced the findings of an independent review into its data protection compliance.

Xiaomi appointed TRUSTe LLC, a subsidiary of TrustArc, to conduct an independent audit of its data protection and security management. The review comprehensively evaluated whether the processing of personal information conducted by Xiaomi is performed in compliance with the General Data Protection Regulation (GDPR) of the European Union (EU). The TRUSTe review summary states: “The measures described in the GDPR Validation Assessment were suitably designed to provide reasonable assurance” that all 40 GDPR Validation Requirements would be met.

For more information, please visit https://trustarc.com/xiaomi-strengthens-data-protection-with-independent-audit-of-compliance/.

#Xiaomi #TrustArc #TRUSTe #GDPR #compliance #DataProtection #governance #certification #privacy #security

(20 January 2022) – 2022 The 10th Asia Self-Service Vending and Smart Retail Expo and the 10th Guangzhou International Self-Vending System and Smart Retail Expo (VRE for short) are met the market demand and promoted the industrial development. These also establish the most comprehensive and centralized procurement exchange based on self-service vending industry chain. The area of the event is 80,000 square meters, with 3,000 exhibitors. It is expected to attract more than 700+ self-service vending and smart retail-related companies to participate.

For more information and registration, please visit https://hkfec.org/highlight/2022-asia-vending-smart-retail-expo/.

#self-service #self-vending #vending #retail #industry #ValueChain #procurement #SmartRetail