Throughout the years, the global economy has seen volatile phases of the traditional financial market. It has evolved right from being the earliest prototype banks, where the merchants gave grain loans to farmers and traders who carried goods between cities.
This was an enormous evolution from the Late Bronze Age up to the advanced DeFi era. Despite the evolution in the traditional financial space, it has many shortfalls which affect the community drastically.
Lack of Transparency is one of the shortfalls in the traditional financial space. There are multiple layers of managerial hierarchy due to which information easily gets lost or forgotten in the complex chain of command. Alongside hierarchical management, structure hinders creativity, agility, and flexibility — all drivers of innovation, making it a time-consuming and rigid infrastructure.
Another barrier that extensively causes misfortunate is the unknown transactional fees that the financial corporations charge. Each financial transactions have puzzling costs. This hurdle results in a correlated barrier which is counterparty risk. Every financial transaction, i.e., loan transactions, contains a risk that the other party will not meet the payments due to the increased charges.
A few more barriers to the traditional financial system are unequal access to financial services. According to the World Bank, about 1.75 billion people worldwide do not have access to financial services due to being ineligible. Surprisingly this number is on the rise.
The good news is that we already have an emerging solution for it!
Decentralized finance (DeFi) is a rocket-shooting industry that emerges to be the solution for the traditional financial shortfalls. This advanced technology promises to transform the traditional finance sector with its open, transparent, and secure key features.
TribeOne, in a similar approach, leverages a set of progressive, agile tools, i.e., community-driven governance, a boundless approach, that gives complete control to all users. However, all of this should be essential in the financial sphere since it is one’s own hard-earned money.
Addressing many of these shortcomings in the current traditional financial system, TribeOne challenges the old order by offering new possibilities such as being a community-driven organization with globally available services and transparent functioning. Successfully removing the need for an intermediary, giving the users complete control of their finances. Efficiently eliminating human error as it is being built with DeFi that runs based on smart contracts deployed on the blockchain. Designed to be self-executing and independent technology that knows no bias.
Need more info on TribeOne? Find us below:
