Aronu Ugochukwu, Co-founder and the CEO of Xend Finance, spoke in a session during the event focused on DeFi (Decentralized Finance). DeFi which is one of the outputs of blockchain technology has created a new phase of how the global financial world operates.
We no longer need to depend on centralized systems to make things work as they used to. While all these are the good side of DeFi, the CEO of Xend Finance explained that there are challenges as well.
There are times when “people get hacked,” Ugochukwu said and to prevent such occurrences, owners of projects need to audit and put security measures into the codes of their products.
“At Xend Finance, in the last one year, we’ve spent over $500,000 in protecting our code,” said the Computer Scientist. The aim is to preserve the authenticity and genuineness of the products they are building.
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Application of the Blockchain Technology
While the majority of people think that blockchain is all about making money, Ugochukwu reaffirmed that creating workable, useful, and relevant products is what is needed especially at a time when the industry is still at its infant stage.
He made an illustration using the time of Henry Ford and how he made the car assembly lines by focusing on building the most important elements for that industry.
For the blockchain enthusiasts, he stressed the need why people should look beyond buying and selling and begin to develop essential fundamental assets that will make the technology useful and adopted in all industries.
The Alumnus of the University of Nigeria, Nsukka, used Wicrypt, a blockchain-based product designed to help people access the internet globally without relying on the current system, as another illustration.
With the Wycrypt system, people can earn tokens that can be spent to buy goods and services.
“If you want to work in the blockchain (industry),” he said towards the end of his presentation, “you need to work on infrastructure. You need to work on things that will stand the test of time.”
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