Banks now are starting to adapt blockchain a technology for them to ride to the future
I have read some threads here on forum about banks that getting nearer to accept reality
I am wondering crypto and banking sooner will work together to produce good service to the people
Topic: Banking is Dead… Long live Blockchain Banking! - page 6. (Read 1563 times)
Banks can not afford increasing expenditure of the old technology anymore they will have to adapt to the change.
Talking about technology and banking, Blockchain, will disrupt the financial domain with certainty. Much has been discussed, debated and discussed about this distributed ledger, both online and offline. So this innovative technology does not require a special introduction at this time. Calling it 'annoying' is a disparaging statement. To understand what a blockchain is, look at bitcoin or cryptocurrency. It has achieved many 'never heard' scenarios in the financial domain. Since technology has been introduced in the banking world, experts are always struggling to create safe and secure means of transactions. A person must go through a third party application or an intermediary or regulatory body to transfer money. But here is the digital currency - completely unfocused - and has broken all conventional banking laws. Today, a person can send money to anyone in the world immediately without having to go through the hassle of what I experienced. It has happened in many parts of the world. You can transfer money via WeChat, Whatsapp, and even Facebook Messenger right now.
Believe it or not, blockchain is a breakthrough technology that can be applied to your domain-name. From agriculture, aviation to supply chains, finance, and the food industry, blockchains are everywhere.
A lot of organizations around the world are already experimenting with this technology. Major financial organizations such as the SBI Holdings, Goldman Sachs and Citi group have already invested in blockchain. Back home, the State Bank of India (SBI) has grand plans in place to use blockchain for a number of processes, including the KYC system. South Indian Bank seamlessly carried out an international transaction using this technology. ICICI, YES Bank, Bank of Baroda, Axis Bank and Kotak Mahindra are some of the few banks that have hopped on to the blockchain bandwagon. While some banks are experimenting with this digital ledger and achieving impressive results, some financial institutions are gearing up to reform and redefine huge chunks of their banking processes.
Good for them and their customers!
As far as my bank is concerned, I recall reading this article which showed that out of Fortune500 in last 50 years, 84% of them are dead today. In the next 10 years, I am happy to predict just a few banks will remain in Fortune 500. Most financial institutions will have either absorbed blockchain tightly OR they will be gone.
The funniest thing is that after saying all these rubbish, if we check, you still have a bank account and you’re still making a transaction with it and going to the Bank ATM almost everyday. Dude, stop all these, it makes no sense and is helping no one. Talking about technology and banking, Blockchain, will disrupt the financial domain with certainty. Much has been discussed, debated and discussed about this distributed ledger, both online and offline. So this innovative technology does not require a special introduction at this time. Calling it 'annoying' is a disparaging statement. To understand what a blockchain is, look at bitcoin or cryptocurrency. It has achieved many 'never heard' scenarios in the financial domain. Since technology has been introduced in the banking world, experts are always struggling to create safe and secure means of transactions. A person must go through a third party application or an intermediary or regulatory body to transfer money. But here is the digital currency - completely unfocused - and has broken all conventional banking laws. Today, a person can send money to anyone in the world immediately without having to go through the hassle of what I experienced. It has happened in many parts of the world. You can transfer money via WeChat, Whatsapp, and even Facebook Messenger right now.
Believe it or not, blockchain is a breakthrough technology that can be applied to your domain-name. From agriculture, aviation to supply chains, finance, and the food industry, blockchains are everywhere.
A lot of organizations around the world are already experimenting with this technology. Major financial organizations such as the SBI Holdings, Goldman Sachs and Citi group have already invested in blockchain. Back home, the State Bank of India (SBI) has grand plans in place to use blockchain for a number of processes, including the KYC system. South Indian Bank seamlessly carried out an international transaction using this technology. ICICI, YES Bank, Bank of Baroda, Axis Bank and Kotak Mahindra are some of the few banks that have hopped on to the blockchain bandwagon. While some banks are experimenting with this digital ledger and achieving impressive results, some financial institutions are gearing up to reform and redefine huge chunks of their banking processes.
Good for them and their customers!
As far as my bank is concerned, I recall reading this article which showed that out of Fortune500 in last 50 years, 84% of them are dead today. In the next 10 years, I am happy to predict just a few banks will remain in Fortune 500. Most financial institutions will have either absorbed blockchain tightly OR they will be gone.
If you think bank is over, then move all your money into Bitcoin and won’t be sorry for you when you will end up a complete loser. Blockchain is not beating banks in anyway, and Blockchain wasn’t made to replace them, it’s just a way of making payments and investment.
I think it's not already in fully implemented since there are still countries that are banning cryptocurrencies/blockchain technology. Besides, some people are also reluctant to embrace the technology even if that country is legally utilizing the said technology as they still prefer to do traditional banking.
Blockchain is the future. Some countries are already using/studying Blockchain for their banking purposes. It is fast and much cheaper than traditional banking methods. So yeah, it beats banking methods with a great margin.
A lot of countries now are seeing a way they can at least make the best out of the blockchain technology. Also, so many companies are already making use of blockchain to bring the best to their system. It is obvious this is the future and not just the future, but a technology that is here to disrupt the banking space and solve all the B.S that banking could not solve. It is a change for the better and one that almost every blockchain enthusiasts cannot wait to be a part of.I already lost faith in the banking sector a very long time ago considering how screwed up it has been over the years and how they have used their monopolies and manipulations to affect a whole lot of things.
Blockchain is the future and I am sure a lot of those in the banking sectors are beginning to catch a glimpse of what it is going to be like. I know a lot of things will change positively with this technology and like you said, this is going to be a global positive movement, where the banks are totally left out from the scene.
Blockchain is indeed a good technology that can change a lot of thing but it won't end banking as that kind of thing won't happen. Bank is not stupid and they find a way to integrate their system with blockchain. People don't realize that banks play a very important role in our life and cannot be easily displaced.
Blockchain is good technology that can applied in any bussiness sector. Banks right now want to adopting blockchain technology in their platform. Banks will survive in cryptocurrency era because banks have a lot experience in any economic condition.
Blockchain technology can make bussiness more eficient and more secure and if company want to reducing cost, better using blockchain on their platform
Blockchain technology can make bussiness more eficient and more secure and if company want to reducing cost, better using blockchain on their platform
That's the thing with companies. They need to adapt to the ever changing market to keep afloat. Nokia failed because they did not choose Android OS. Kodak failed due to sticking with film and did not take digital photography seriously. So now blockchain is the next best thing and it would be wise for them to get on board.
Your assertion above is indeed very appealing to the ear but the urgly truth remains that banks are their to service the selfish interest of of government which Blockchain Banking may not be willing to do, hence i don't really see banks dead but humbly working hand in hand with Blockchain Banking
Blockchain is the future. Some countries are already using/studying Blockchain for their banking purposes. It is fast and much cheaper than traditional banking methods. So yeah, it beats banking methods with a great margin.
A lot of countries now are seeing a way they can at least make the best out of the blockchain technology. Also, so many companies are already making use of blockchain to bring the best to their system. It is obvious this is the future and not just the future, but a technology that is here to disrupt the banking space and solve all the B.S that banking could not solve. It is a change for the better and one that almost every blockchain enthusiasts cannot wait to be a part of.I already lost faith in the banking sector a very long time ago considering how screwed up it has been over the years and how they have used their monopolies and manipulations to affect a whole lot of things.
Blockchain is the future and I am sure a lot of those in the banking sectors are beginning to catch a glimpse of what it is going to be like. I know a lot of things will change positively with this technology and like you said, this is going to be a global positive movement, where the banks are totally left out from the scene.
Bank does not affect.
Blockchain is still a testing technology. Not everyone is happy with it.
Most people are still trying to understand its function. But I believe it will officially enter into good standards.
Ease of use brings many values to the community. The belief in tomorrow is certain.
Blockchain is still a testing technology. Not everyone is happy with it.
Most people are still trying to understand its function. But I believe it will officially enter into good standards.
Ease of use brings many values to the community. The belief in tomorrow is certain.
Yeah bank cant make a good profit in holding a longterm that. Thats its so very clear that bank will no more in the future. Because of the crypto.
we are in era of blockchain based banking that is the future of banking we will see more banks designing crypto products as investment and loans as well
This is what will happen in the long run.Banks will be outdated due to their robotic system of transactions and cryptocurrency will surely reign.This is one of the major reasons why people hit cryptocurrency because they know the long term effect against them will be bad in that they will be jobless
It is not as simple, every time a new technology appears it may seem like it is going to displace all the other technologies and yet it takes a lot of time, just take the radio and the television as an example, when the radio appeared everyone recognized its power and then the television appeared and everyone thought that it will replace the radio and yet to this day the radio has a bigger audience than the television.
Most likely banks will actively resist crypto. They understand that they live out their last years, but they will not give up their positions that way. In addition, crypto still causes little confidence in the mass of people.
Maybe so, but i think destroying an economic system that has been with us since the beginning of economics itself would be very difficult and would require a heck of alot of time to even place a dent on them. As it is, crypto currency and blockchains are weak and investors wouldn't even consider them as a viable option over fiat.
I dont believe banks will dead because of blockchain banking or cryptocurrency. Banks have a centuries experience about how to run bussiness and banks always survive in any condition. Cryptocurrency will be new world for banks bussiness but i do believe banks will evolve and adapting blockchain and crypto to their bussiness
The competition of banks and crypto is the same as the competition of a horse and a sports car. Technologies of the banking business, their approach to the client and money are very archaic and have long required reform. Crypo provided a technological opportunity for this
I would not say that banking in the way we know it is dead. Dont forget that there are still people in the world that no nothing about blockchain technologies and even about computers and how Internet works. Believe old-type branches with cashiers will still stay for quite a while.
The conventional banking system is the main rival for this crypto platform but this it needs a lot of time to overcome banking system because It's been established as a reliable platform for saving and taking the loan. so people feel comfort by involving with that conventional banking system. so blockchain system also needs to gain this credibility then people will get engaged in this platform.
"Blockchain is a technology that allows anyone to send anyone else a piece of information, currency or data in a secure, transparent and anonymous way,"
And that is one definition that goes against the banking section for a very long term now at the detriment of those they should really be serving but because of greed and some sort, they have decided to manipulate every single aspect of the fiat space to their own advantage and the advantage of just very few while the masses take the hit for their bullshit.
Enough is enough and this is why the blockchain technology is going to bring a huge solution and who does not want solutions?
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