Defi is known to be the popular Decentralized Finance, meaning that you don’t have to rely on a third party for your transaction. I can’t help but think of how this works? So I was scrolling through Twitter and I came across this post from UQUID official Twitter account announcing its partnership with our dear Hive.
Twitter
Complete full details on how this partnership will be beneficial to us was not given, but seeing the Hive blockchain partner with other platforms gives me great joy. This takes me back to 
But I have a little idea based on what I read and understood. Currently we are the internet and the internet is us. We can’t separate ourselves from the internet because the internet is where our lives reside in currently. Before the vast use of internet about 30 years or 40 years ago, imagine telling someone they could do their shopping online, that is, see what they like, pay for it and it get delivered to them. Some of them might take a while to trust paying before delivery. Imagine having to send your money to someone you don’t know or haven’t met, then trust they will send your stuff to you. So now all you have to do is have trust, you need to develop trust that you won’t get duped and your stuff will get to you.
So this style of shopping or rather this style of the internet is known as the the Web 2.0 where big tech and organizations are being relied on for these services. This leads to centralisation and gives these platforms lots of power.
With the creation of blockchain which helps DEFIs work better, the idea of trust is eliminated and smart contract is put in place of trust. Due to programming codes and languages, commands are executed when certain conditions are met before a transactions can be achieved. This way you don’t have to worry about being scared or trusting the party. This way you get safer transactions, no time delays and transparency because it’s all on a blockchain.
Now for this to be integrated into e-commerce we are expecting to see more reliable services eliminating the regular basic faults found in Web 2.0 e-commerce. This is expected to help reduce the rate at which fraud is being experienced in e-commerce. And you know that crypto is the only asset with a beautiful community that rewards you for using it. So expect loyalty rewards for using defi, crypto and e-commerce. We might be seeing lots of people make cool money from shopping online. This is because they get NFT rewards for using Defi and e-commerce or points which give them the opportunity to redeem it as an NFT or airdrop or whatever useful thing.
We can’t help but see how this is all preparations for the metaverse. The world is gradually preparing us for the metaverse and slowly we are beginning to incorporate it into our lives. So Hive’s partnership with UQUID just reminded me of how lucky and early we are on this platform. This will probably bring more exposure and more Dapps relating to e-commerce get built on Hive.