The world of finance as we know it has not changed for a considerable stretch of time. Maybe, the way we access it has changed from simple papers to smartphones, but the entire ecosystem has remained constant. Banks have exercised power over our funds, and transactions take a long time to get executed, even during the era of superfast Internet.
The delay can be attributed to the intermediaries involved in executing the transactions. In other words, The responsibility of executing these transactions lies with centralized institutions like banks.
With the birth of Bitcoin, the concept of banks has been partially rendered obsolete. This currency can exist without a bank and purely as a digital entity. While this can be seen as a small flicker, efforts have been on the way to reinvent finance, and this new financial ecosystem will not have any centralization or intermediaries. This new type of finance is called decentralized finance, commonly abbreviated DeFi.