Transforming the FinTech Landscape: The Web 3.0 Revolution and its Implications

International Journal of Computer Science and Engineering

© 2023 by SSRG - IJCSE Journal

Volume 10 Issue 11

Year of Publication : 2023

Authors : Kalpesh Barde

10.14445/23488387/IJCSE-V10I11P105

How to Cite?

Kalpesh Barde, "Transforming the FinTech Landscape: The Web 3.0 Revolution and its Implications," SSRG International Journal of Computer Science and Engineering , vol. 10,  no. 11, pp. 36-42, 2023. Crossref, https://doi.org/10.14445/23488387/IJCSE-V10I11P105

Abstract:

The rise of Web 3.0, which is based on independent technologies like blockchain and smart contracts, marks a big change in the financial technology field. This research looks at all the different ways that Web 3.0 can be used in FinTech by looking at real-life examples from Ethereum, Betterment, Wealthfront, DeversiFi, Synthetix, Kyber Network, and Curve Finance. By combining ideas from McKinsey's research, the study shows that Web3 lending sites are growing quickly. In 2021 alone, they gave out over $200 billion in loans. The study shows how Ethereum can be used for smart contracts, how Betterment and Wealthfront's robo-advisory services use AI and machine learning, how DeversiFi's decentralized exchange handles privacy issues, how Synthetix creates on-chain digital assets, how Kyber Network's blockchain-based liquidity protocol is put into use, and how Curve Finance's decentralized platform handles stablecoin transactions. Although there has been success, integrating these technologies is still very hard. The main problems are unclear regulations and technical issues with security, scalability, and interoperability. The final success of Web 3.0 in FinTech will depend on how well these problems are solved, which will help find a good balance between fast technological progress and strong risk management.

Keywords:

Web 3.0, FinTech, Blockchain, Smart contracts, Decentralization, Scalability, Security, Ethereum.

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