Four large accounting firms like KPMG and Deloitte will become an important part of the decentralized finance ecosystem, or DeFi, over the next decade, according to the Berlin-based non-profit think tank dGen.
In its report, „Decentralized Finance: Use Cases and Risks for Mass Adoption,“ dGen focuses on what they call „the hottest topic in today’s blockchain industry.
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According to dGen, although DeFi is still in its infancy, it „could surpass the current FinTech industry by providing a new financial services structure“ in the years to come.
Researchers support this thinking by making a number of bold predictions regarding DeFi.
In their opinion, DeFi will become a multi-billion dollar industry and „provide revenue for thousands of players, streamers and influencers“ by 2030. It will also be adopted by European financial institutions that will switch to offering „DeFi enabled savings and pension accounts“.
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The panel further argues that four large, well-known companies, KPMG, EY, Deloitte and PwC „will be a crucial part of the DeFi ecosystem in the coming years.
In developing this, dGen co-founder Jake Stott told Cointelegraph: „As more traditional financial institutions are exposed to the benefits of DeFi and its complexity, there will be a greater need for professional services firms to service and audit these activities. The big four companies can specialize in auditing and compliance for DeFi to capture greater market share.
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Stott is very excited about DeFi in general, adding that „we can start seeing a lot of interest from traditional people who are fed up with not earning any interest rates on their bank savings.
When asked about the industry’s main weaknesses, Stott told Cointelegraph:
„DeFi’s biggest weaknesses right now are the risk of losing all your funds and the complexity involved in interacting with so much of the DeFi ecosystem. Both are being actively addressed and may not be as significant in 12 months‘ time.
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Other reports on the boom in this sector
According to DeFi’s second quarter report released by ConsenSys earlier this week, industry growth has been driven by the growing popularity of yield farming and Bitcoin Lifestyle tokenization protocols.
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Importantly, the report also highlighted major security incidents targeting some DeFi platforms such as Uniswap, Lendf.me and Bancor, which have so far seen a total of USD 26 million stolen from them.