Advantages and disadvantages of decentralized financial (DeFi) services
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2022Copyright
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Uudet innovaatiot kuten lohkoketju ja älysopimukset ovat avanneet oven uudenlaisille täysin hajautetuille ja avoimille rahoituspalveluille, jotka toimivat ilman välikäsiä. Tämä uusi suuntaus on saanut nimen hajautettu rahoitus (DeFi). DeFi on avoin ja hajautettu vertaisverkollinen avoimen lähdekoodin rahoitusekosysteemi. Tämän pro gradu -tutkielman tavoitteena on selvittää, mitkä ovat näiden hajautettujen rahoituspalveluiden hyödyt ja ongelmat verrattuna traditionaalisiin palveluihin verrattuna. Tutkielma alkaa kirjallisuuskatsauksella aiheeseen, joka toimii pohjana empiiriselle osuudelle. Tutkielman empiirinen osuus on toteutettu kvalitatiivisin menetelmin, puolistrukturoituja asiantuntijahaastatteluja hyödyntäen. Tutkielman tulokset osoittavat, että DeFi:n edut traditionaalisiin rahoituspalveluihin verrattuna on läpinäkyvyys, hajautus, yleistoimivuus, avoimuus, tehokkuus, turvallisuus, innovaatiot ja tuotot. DeFin heikkouksina on sen sijaan käytettävyys, teknologian riskit, regulaation puute, skaalausongelmat, ympäristöhaitat, systeeminen riski, oraakkeli ongelma, spekulaatio, hajautuksen puute sekä laiton käyttäytyminen. Tämän tutkielman kontribuutio, taulukot DeFi:n hyödyistä ja rajoitteista voivat toimia pohjana tulevaisuuden lisätutkimukselle aiheesta ja voivat antaa arvokkaita oivalluksia alalla työskenteleville.
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New innovations such as blockchain and smart contracts have opened a door for new kinds of fully decentralized and open financial services, that work without the need for intermediaries. This movement has been given the name Decentralized Finance (DeFi). DeFi is an open and decentralized peer-to-peer open-source financial system. This thesis aims to study the advantages and disadvantages of these Decentralized Financial applications, in comparison to traditional financial services. This study was conducted by performing a literature review to act as a basis for an empirical study, which was conducted using qualitative methods and semi-structured interviews with professionals of the topic. As results, the study found that DeFi’s advantages are transparency, decentralization, interoperability, openness, efficiency, security, innovations and profits. DeFi’s disadvantages however are user experience, technology risks, lack of regulation, scalability, environmental impacts, systemic risk, The Oracle Problem, speculation, lack of decentralization and illicit activity. This thesis’ contribution, the frameworks of advantages and disadvantages of DeFi can act as a basis for future research and offer valuable insights for practitioners.
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