Mobile phones are becoming increasingly smarter and they are slowly swallowing a wallet. We already have a cryptographically secured money, called cryptocurrency, but a wallet is also about documents: identity and healthcare cards, driver license, and vehicle registration are all necessary to prove who you are and that you have access.
Smart contracts turn code into law
Why would anyone want smarter contracts? Because they allow significantly reduce the probability of fraud and enforcement costs in many commercial transactions.
Smart contracts on Bitcoin blockchain
Decentralization in practice means that anyone can access a service without special permission. In the financial world decentralization directly translates to faster borderless payments and lower transaction fees, when we compare #DeFi to the legacy fiat financial system.