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Web3 in Financial Services: Decentralization and Disruption
Web3 represents the next evolutionary stage of the internet, characterized by decentralization, user ownership, and token-based economics, all built primarily on blockchain and Distributed Ledger Technology (DLT). In the Banking, Financial Services, and Insurance (BFSI) sector, Web3 is not just an upgrade; it's a paradigm shift that challenges the fundamental role of centralized intermediaries.
The core promise of Web3 in finance is to create a system that is permissionless, transparent, and trustless (relying on code, not institutions).
Key Applications and Opportunities
Web3 technologies are creating efficiencies and new business models across financial services:
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