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Introduction
Decentralized Finance or DeFi, as is popularly known, is the umbrella term for financial services rendered on blockchain networks. DeFi takes the basic premise of digital money and expands on it to create an entire digital alternative to the contemporary financial infrastructure, but without all the costs associated with the traditional banks and financial institutions.
Defi has taken the center stage in the recent evolution of blockchain networks. It uses smart contracts to give anyone access to banking using a decentralized public ledger. DeFi has brought in a new generation of users by removing the middlemen, bankers and brokers. Not surprisingly, the DeFi space has seen meteoric growth in recent times.
It has the potential to create more open, free and fair financial markets that are accessible to anyone with an internet connection. Blockchain technology has put more power in the hands of the people, and also revealed the economic division between those who can access financial services and those who cannot.
Although DeFi is disrupting legacy financial systems in the developed markets and creating fresh markets while driving compelling new use-cases, it has also further highlighted the economic divide between people who can easily access financial products and those who cannot.
This anomaly can be addressed through Real Finance or RealFi, which is about ensuring that all people have the same conditions for starting or running a business. RealFi heralds the advent of a new era of financial and societal inclusivity.
What is RealFi?
Lack of proper access to insurance, education and health services expose people to huge risks in life. RealFi harnesses the power of blockchain technology and digital identity platforms to offer a comprehensive solution to this quandary.
Digital identity enables access to not only financial products but also provides access to services that enable people to thrive on a level-playing field with their counterparts in more developed parts of the world.
RealFi is targeted at the people who really need new ways to access finance, creating that real value which is often missing from DeFi. RealFi is an ecosystem of products and technologies that reduce the friction between crypto liquidity and real-world economic opportunities.
Is it different from DeFi?
The core objective of RealFi is not much different from that of Defi. It is an ecosystem of products that remove the frictions between crypto liquidity and real-world economic activities to offer attractive yields to crypto holders and cheaper credit or financial products for real people in need of the same. RealFi makes it possible to connect everyone into a global community of capital and opportunity that is now open and offering the red-carpet welcome to them.
Impact of RealFi on the real world
Personal identity is central to everything. It opens up a world of opportunity and inclusivity. The Cardano blockchain network unlocks real economic value at the end of the transaction chain in the form of personal identity. Cardano is a global infrastructure that will be available wherever there is an active internet connection.
Real opportunity comes with access to essential services that were hitherto out of reach of many people. These include real finance such as loans to open a business or expand an existing one. Personal identity can be an asset in the form of a substitute for a collateral.
Once people have their own financial accounts and identity, they can get loans from businesses all over the world. The transfer of finance from developed countries to developing countries can really change the living conditions of a lot of people in different parts of the world. Western banks and, in a way the Western countries themselves, have always looked at their own economic interests and hence failed to build something like this so far.
The overriding concern of a lender is to ensure that loans as well as the accrued interest are paid back by the borrower. Although one way of ensuring the latter is by collateralizing the loan, if the lender has sufficient information about the borrower, the lender might be more comfortable and inclined to forgo the collateral.
This aspect of RealFi could potentially have a significant impact on the real world, as it will herald a new age of on-chain credit activity. Cardano owners currently hold crypto coins worth US $80 billion and many of them will soon be looking for more yield options besides staking.
The power and uniqueness of Cardano will shine through the provision of real finance to real people – a tangible real-world application of crypto, that many people fail to see in cryptocurrencies. As an example, validated identity can enable someone in Europe to have the confidence of making an uncollateralized loan to a business in Africa.
How does Immunify.Life make a real impact?
As mentioned earlier, Immunify.Life is a healthcare project that is utilizing the power and potential of blockchain technology to make a real impact on the lives of real people. At a time of unprecedented global health challenges, access to secure, relevant and reliable data has become key to optimizing the delivery of healthcare, including the management of national and global health emergencies.
Some of the world’s biggest health challenges, such as HIV and Covid-19, are still not addressed and healthcare systems around the world can be improved by encouraging people to own and benefit from sharing their medical data. All that is possible with the help of the Cardano blockchain and the $IMM token.
The healthcare ecosystem includes crucial medical data owned by patients and doctors to share and benefit from. It also captures real-time treatment and outcome data and encourages pro-health behavior.
Immunify.Life’s functional cognitive artificial intelligence analyzes data sets, graphs and natural linguistics, thereby enabling it to sell the Big Data insights to government and non-governmental organizations. The data will be accessible to everyone through a no-cost-to-end-user mobile phone application.
Immunify.Life has recently partnered with World Mobile to bring relief to people in African countries with poor connectivity and deficient healthcare services. This partnership will include the deployment of Immunify’s blockchain-based healthcare app to the World Mobile ecosystem, offering additional utility and services to users on the World Mobile network.
Immunify.Life’s international financial projects
Immunify.Life provides an all-in-one platform and ecosystem to capture full, transparent health records of secured patient medical information. It also offers the patient direct access to personal data via a unique health identification tag.
Immunify.Life provides the ability to consolidate this data and enable Big Data for Health with a vision to empower all patients and emerging economies with the tools to own and manage the future of their health and related data and collaboratively engage in the global health landscape.
Immunify.Life has projects in multiple countries in Africa such as Zambia, Cameroon, Kenya and the Immunify.Life Kenya initiatives are the first steps of a much longer journey towards global fairness and inclusiveness.
Immunify.Life has partnered with Kenya’s Masinde Muliro University of Science and Technology (MMUST) and has completed the groundwork for a large-scale HIV/AIDS treatment outcome study that is now formally launched.
The joint project will utilize blockchain technology to transform health outcomes in Western Kenya and is aimed at enhancing outcomes for HIV and AIDS patients with suspected treatment failure through technology and innovation. Kenya, as is well known, has the dubious distinction of having one of the world’s largest populations of people living with HIV/AIDS and approximately 30 percent of them are not taking treatments.
Chronic diseases such as HIV usually lead to loss of follow-up which then results in increased HIV transmission as well as increased mortality. The situation becomes more critical because as high as 42 per cent of all new HIV infections in Kenya are adolescents and young adults.
The Immunify.Life project has critical components such as HIV and AIDS screening, laboratory tests, treatment, follow-up care, peer group support, tracking of treatment outcomes, tracking of retention on treatment and enhanced paperless data.
The Immunify.Life data capture and processing platform will be used in the HIV/AIDS treatment outcome study and the results of the study will contribute to the future strategic direction on HIV treatment in Kenya.
The findings of the project, themed “Enhancing Healthcare through Innovation and Technology”, will be evaluated to inform the rollout of the application in Western Kenya and the entire country. It is also expected to impact healthcare practice in Kenya and Africa through the integrated cloud-based system for purposes of improving treatment outcomes for patients with suspected treatment failure.
It is the start of a drive to end the marginalization of the disadvantaged sections of the society while offering attractive yields to the holders of cryptocurrencies. Immunify.Life is built on the Cardano blockchain because it makes financial services available in developing countries. Financial inclusion and meeting the “bank the unbanked” narrative are the ultimate goals for the Cardano project.
Conclusion
The real mission of RealFi is the creation of real financial value for real people and this forms the key differentiator between Cardano and other blockchain platforms. RealFi also enables Cardano to become the beacon of identity provisions to help people help themselves.
Immunify.Life has more than 60 years of combined healthcare, technology and finance expertise across multiple markets globally. The technology being used by Immunify.Life is designed to address the challenges of HIV and AIDS, tuberculosis and vaccination programs.
The mission of Immunify.Life is to transform the current landscape of health management and data utilization by strengthening global health systems via an incentivized behavior change system and data capture tool developed for the Immunify.Life disease register.
Since the respective missions of both Cardano and Immunify.Life are geared towards the upliftment of the marginalized sections of society and both have relevant domain expertise in their respective fields, this partnership is likely to create a win-win situation for both the marginalized sections of society as well as for cryptocurrency investors.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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