Ethereum-focused blockchain firm ConsenSys announced a new product suite for commercial applications of decentralized finance (DeFi), called Codefi, today. Speaking at Ethereal, Tel Aviv, Lex Sokolin, global fintech head, ConsenSys (which funds Decrypt), said it will unlock value across a range of industries.
“[Codefi is] the blockchain operating system for commerce and finance,” he said, adding, “The goal of the project is to help institutions build on top of blockchains and emerging DeFi networks and take these solutions not to thousands but to billions of people that can benefit from them today,” he added.
The product suite will be focused on four areas: Payments, payment networks, data and analytics, and having digital assets that represent equities, real estate and bonds.
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ConsenSys is already focused on the commerical application of blockchain technology in general. It is currently running a project called Komgo SA, working with multiple energy companies to transfer know-your-customer data over the blockchain. It recently joined Hyperledger to focus on enterprise applications of Ethereum there.