Topic: Banks Could Use Cryptocurrencies to Mitigate Financial Crises - page 2. (Read 289 times)
Yes, in my country one bank is already testing blockchain technology to optimise their internal infrastructure but I am not sure when the bank will start implementing it for the regular routine work. However, even in that case, the bank will keep the control with itself so it doesn't make any sense, in my opinion, to call it a decentralized blockchain based process. There are some banks which have made agreements with companies like Ripple and using ripple protocol instead of rolling out their own blockchain are cryptocurrencies.
Exactly, as the users above me stated, what the banks are trying to use is the blockchain technology. They are not using bitcoin. However, it can still be beneficial to them as blockchain tech obviously offers a range of benefits to the user, even if it means that it's not decentralised.
I'm still not that sure of the correlation between corporates having their own blockchain and decentralised blockchain currencies is even present. But I mean, it's still blockchain adoption. It's nothing negative, just doesn't change the structure of anything much apart from what underlying technology is used.
If you want to protect your finances for a financial collapse, invest in some precious metals and bitcoin. Both of them are proven store of values. Don't buy into centralised blockchain tokens, thinking that they will offer the same benefits.
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Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
I'm still not that sure of the correlation between corporates having their own blockchain and decentralised blockchain currencies is even present. But I mean, it's still blockchain adoption. It's nothing negative, just doesn't change the structure of anything much apart from what underlying technology is used.
If you want to protect your finances for a financial collapse, invest in some precious metals and bitcoin. Both of them are proven store of values. Don't buy into centralised blockchain tokens, thinking that they will offer the same benefits.
However, the problem I foresee in using blockchain technology in banking transactions is that lose of data especially from customers would be very high because they might not be able to secure very well there codes, except there will be provisions for a kind of retrieval which I think is impossible with blockchain for now.
I am not sure if I understand what you are saying correctly, but having a blockchain, which by design functions as immutable ledger, means that no data will and can be lost at the moment it entered the blockchain. That goes up even for centralized blockchains as long as the main authorities don't alter the blockchain themselves. Nodes are meant to make sure that every block will be validated and accepted, and also to function as backup in case the blockchain of certain nodes corrupt or whatever. I don't see how data can be lost in this case. It just doesn't sound very logical. If that's not what you meant then please formulate your thought or concern differently.
I think what they mean by cryptocurrencies is probably just blockchain technology in general. What they really want to use is simply the properties of blockchain to make their transactions for efficient, and potentially, that could mean launching their own coin/token.
Even though it seems like that they are planning on using decentralized cryptos like bitcoin, it really isn't the case.
I don't see how blockchain technology alone would help banks or customers of these banks survive an economic crisis, though. IMO, holding a proven store of value through whatever financial crisis instead of fiat/shares/property is key, and that includes bitcoin. It does not include centralized cryptos that are essentially fiat on blockchain.
Even though it seems like that they are planning on using decentralized cryptos like bitcoin, it really isn't the case.
I don't see how blockchain technology alone would help banks or customers of these banks survive an economic crisis, though. IMO, holding a proven store of value through whatever financial crisis instead of fiat/shares/property is key, and that includes bitcoin. It does not include centralized cryptos that are essentially fiat on blockchain.
But not all cryptocurrencies will be huge, bitcoin will be huge, and protocols that are very useful for this revolution like 0x or more little ones like aventus will be huge as well.
I thinks banks are going to slowly and surely going to move towards blockchain technology sooner or later, blockchain can make financial and business transactions safe, secure, traceable and transparent that can revolutionize banking system as well.
Not even the transparency involved in it but the security will be very high because the blockchain technology is highly secured which will benefit both the bank and her customers.
However, the problem I foresee in using blockchain technology in banking transactions is that lose of data especially from customers would be very high because they might not be able to secure very well there codes, except there will be provisions for a kind of retrieval which I think is impossible with blockchain for now.
I think in future both the centralized and decentralized system will run side by side. They will take help from each other wherever needed. People have already started to look things in this perspective.
This is possible too. I'm looking at that too. A situation where decentralized and centralized coin would work with even banks to harmonize on financial transactions. What I also know is that the banks also would not want to be thrown away with the oncoming financial "revolution".
Payments: Many banks across the world are trying to shift their payments system on the blockchain technology. This would offer higher security and simultaneously reduce the costs involved in processing the payments between their clients and organizations.
Know your customer: Financial institutions spend a great deal of money to meet the KYC norms. In this case, the blockchain technology would allow the organizations to access the individual verification of each other’s clients. This will reduce the administrative costs.
I think in future both the centralized and decentralized system will run side by side. They will take help from each other wherever needed. People have already started to look things in this perspective.
This is possible too. I'm looking at that too. A situation where decentralized and centralized coin would work with even banks to harmonize on financial transactions. What I also know is that the banks also would not want to be thrown away with the oncoming financial "revolution".
I thinks banks are going to slowly and surely going to move towards blockchain technology sooner or later, blockchain can make financial and business transactions safe, secure, traceable and transparent that can revolutionize banking system as well.
But I see banks are very slow moving and do not want new things using blockchain to be safe and very easy. It is unfortunate if banks do not keep up with the times that use blockchain. Because blockchain is great for transactions.
Banks would most likely adapt cryptocurrency since most people are investing in crypto rather than saving their money in banks. If banks will not do this they will just become extinct and maybe just become a part of the history. They should realize that using cryptocurrency can bring convenience and profit at the same time.
I thinks banks are going to slowly and surely going to move towards blockchain technology sooner or later, blockchain can make financial and business transactions safe, secure, traceable and transparent that can revolutionize banking system as well.
Investing on bitcoin is profitable also banks are doing business also so if they have financial crises they can invest money on btc where as they invest normally in gold so btc price is high and they can solve their problem with this coins so investing on bitcoin is the best opportunity and smart idea for future and this is how they can solve their problems.
The use crypto currency by the bank will give several benefits. Firstly it will help to reduce transaction fees as we know that the transaction in the crypto currency market especially in bitcoin is very low and another benefit is that it will have a faster transaction processing systems. Moreover it will help the bank to reduce financial crisis. All banks should give attention to this. They can use the crypto currency market to reduce financial crisis.
Banks are not blind to the advance of blockchain technology, and they are aware of the great advantages it can bring to their business. Everyone knows that banks are very interested in blockchain technology and not so much in bitcoin or the most of the known cryptocurrencies. It's normal since banks can't work with bitcoin, they need a cryptocurrency that is centralized and has a private blockchain.
"Morgan Stanley, One of the biggest banks in the world: Cryptocurrency could help Banks reduce fees and even save them from a financial crisis. Are we on the verge of revolution?
Things are getting more interesting in the cryptoverse, as more interesting research is being carried out. Every sector in the world is clutching on to cryptocurrencies and the technology that powers them – Blockchain.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
https://cryptopotato.com/morgan-stanley-says-banks-could-use-cryptocurrencies-to-mitigate-financial-crises/
Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
They are the reason why there is a huge fee in the banks, it is because of their greed. Now they have no choice but to adopt the technology because they know that they will get bankrupt if they against the new technology. Things are getting more interesting in the cryptoverse, as more interesting research is being carried out. Every sector in the world is clutching on to cryptocurrencies and the technology that powers them – Blockchain.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
https://cryptopotato.com/morgan-stanley-says-banks-could-use-cryptocurrencies-to-mitigate-financial-crises/
Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
I think in future both the centralized and decentralized system will run side by side. They will take help from each other wherever needed. People have already started to look things in this perspective.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
Bitcoin has the potential to change the entire financial industry, researches and development are carried out and it will take a long time for these transition to take place, i am not sure whether they will be using blockchain technology to overcome these situation or use bitcoin, unless some banks take the initiative it is hard to tell what will happen.
From my point of view i think banks are adopting with blockchain technology if they grave this technology they will be benefited. Now a days we all connected with bank for this reason they also need innovation.
"Morgan Stanley, One of the biggest banks in the world: Cryptocurrency could help Banks reduce fees and even save them from a financial crisis. Are we on the verge of revolution?
Things are getting more interesting in the cryptoverse, as more interesting research is being carried out. Every sector in the world is clutching on to cryptocurrencies and the technology that powers them – Blockchain.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
https://cryptopotato.com/morgan-stanley-says-banks-could-use-cryptocurrencies-to-mitigate-financial-crises/
Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
Things are getting more interesting in the cryptoverse, as more interesting research is being carried out. Every sector in the world is clutching on to cryptocurrencies and the technology that powers them – Blockchain.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
https://cryptopotato.com/morgan-stanley-says-banks-could-use-cryptocurrencies-to-mitigate-financial-crises/
Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
According to me, I think Banks will adopt blockchain technology to avoid being displaced during this revolution - There are more opportunities for them if the adopt blockchain and i don't see any reason why they will not. There will be no replacement of banks just a change in operating business models in existing banks to adopt blockchain technology.
"Morgan Stanley, One of the biggest banks in the world: Cryptocurrency could help Banks reduce fees and even save them from a financial crisis. Are we on the verge of revolution?
Things are getting more interesting in the cryptoverse, as more interesting research is being carried out. Every sector in the world is clutching on to cryptocurrencies and the technology that powers them – Blockchain.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
https://cryptopotato.com/morgan-stanley-says-banks-could-use-cryptocurrencies-to-mitigate-financial-crises/
Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
Things are getting more interesting in the cryptoverse, as more interesting research is being carried out. Every sector in the world is clutching on to cryptocurrencies and the technology that powers them – Blockchain.
A report released by a team of researchers at Morgan Stanley revealed that Bitcoin and cryptocurrencies could help central banks to cut interests rates, which would help reduce the impact of any financial crisis in the future. "
https://cryptopotato.com/morgan-stanley-says-banks-could-use-cryptocurrencies-to-mitigate-financial-crises/
Thoughts? I think it'd be very interesting to see banks use cryptos in a lot of areas and it's the first step in the right direction. Would love to see this grow.
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