Topic: Banking is Dead… Long live Blockchain Banking! - page 9. (Read 1563 times)

Although banking isn't dead yet, it is going to happen. When those bankers caused the 1% protests in wall street it signaled that something has to change. Bitcoin is the driving force and so we should all get in now before it happens

it seems the bank has not died because at this time there are still many people who use the bank and still many people who do not understand digital currency so they still entrust their money in the bank.

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.

Well, there's BTCJam right now. I honestly don't understand how it's still standing up until now because people can just submit IDs of other people. It's so easy to get them on the Internet these days since people are so gullible anyway when doing a deal on the Internet. Even people that are only selling something are uploading their IDs on facebook to prove that they are that person. This opens them to an attack. The picture of their ID and their picture holding the ID are the only two things that you need to submit in BTCJam last time I checked. Those can easily be found in buy and sell groups on facebook (at least in my country that's the case because a lot of people are in that business). You can also simply deceive them by pretending that you're interested in buying something and that you need to see their ID to prove that they are actually the person selling the items. I'm not saying that you should do this but I'm saying that it's one way people get attacked on the Internet. We should be aware of things like this so we can avoid doing it ourselves.

I once asked in slack what about the people that didn't pay in BTCJam. They said that they go to jail. On the other hand, no one should go to jail because of debt according to the law (at least my country's law) so I really have no idea how come BTCJam is still running. The site is probably full of people lending money and never paying them since they can't really go to jail for it. And if anything, will BTCJam do so much effort to put someone in jail when they're on the other side of the world and only owe a couple hundred bucks? Of course not.

What you're saying is probably the most viable way in order to have a legit lending service that will not close down because of people not paying up. Plus if it's small scale, they can probably do collateral.

Yups they are now adapting to our technology and in sooner they will be begging for us to accept them as we are now enjoying the new world without them as third party

Banks will never die but they will need to accept us and bare with us for them to compete the market

Yups they are now adapting to our technology and in sooner they will be begging for us to accept them as we are now enjoying the new world without them as third party

Banks will never die but they will need to accept us and bare with us for them to compete the market

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.