Decentralized databases such as blockchains allow for quick and reliable transactions without the need for oversight from a central authority. No matter how fascinating cryptocurrencies becomes, its importance in different financial and non-financial industries should not be undervalued. A new generation of financial services powered by blockchain technology will be more decentralized, creative, interoperable, and transparent than those currently available. With the use of blockchain technology-based decentralized financial services, entrepreneurs and innovators will be able to access a wider range of financial services, encourage open access, and adopt permissionless innovation. The benefits of decentralized finance are examined in this thesis, as are the challenges and limits of current business structures.