Developing financial services and products that run on blockchain networks without the use of conventional middlemen like banks, brokers, or centralized financial institutions is known as building a Decentralized Finance (DeFi)-based application. DeFi apps provide a range of financial services, including lending, borrowing, trading, investing, and more, by utilizing smart contracts, cryptocurrencies, and blockchain technology.

• Blockchain-Backed DeFi Security: Blockchain-based DeFi protocols can be utilized to improve security and transparency if your app includes financial transactions (such lending, borrowing, or payment systems). Smart contracts reduce fraud and human mistake by automatically enforcing contract requirements in trustless systems.
• Blockchain-Enabled KYC and Anti-Money Laundering (AML): Blockchain technology can support KYC and AML procedures. By utilizing the transparent and unchangeable characteristics of blockchain technology, you can guarantee that all KYC data is impenetrable, making audits and compliance simpler.