Topic: Blockchain adoption by banking sector (Read 3318 times)
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i think the banks is already learning and trying to implemented blockchain technology but they are not make any statement about this and i think they want to test it to make sure that the blockchain is really help them with their technology. unfortunately, we don't know what the banks do with the blockchain technology but i am sure that in the future, if the banks is ready, they will make press release and tell the people that blockchain technology can give benefits for them.
For banks efficiency is now more important than ever.
I am sure they have some capable people in their software departement.
If they can manage to adapt the blockchain technology in their system, they will be able to save some money (and fire some people who are now not needed anymore).
From the point of view a bank has, that makes perfect sense.
I am sure they have some capable people in their software departement.
If they can manage to adapt the blockchain technology in their system, they will be able to save some money (and fire some people who are now not needed anymore).
From the point of view a bank has, that makes perfect sense.
they are going to put themselves under a series of troubles if they operate under a blockchain network. its going to be a big decision for them and i doubt they'd really implement such unless of course their own chain can be altered all the time. for that they can hide all the transactions that could get mess them up.
Why would any centralized company/organization wants to use blockchain? they are in control of everything and they have all the records.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
Blockchain might have some benefits for banks.For instance reducing internal costs due to process and workflow improvements.For those institutions it's all about efficiency.
Furthermore when banks are making businesses, trades with other banks, they often depend on an intermediary.
With Blockchain they may get rid off that 3rd party.
it is blockchain (the technology) not bitcoin. which means the banks and so many other financial groups are very interested in this technology and want to "create their own altcoin". they will make a ledger and possibly not even make it public and use the technology to increase their security, and speed for internal transactions.
The bank are only interested in using the technology and create their own private larger, I agree with your comments on the reason why bank are developing they own blockchain. They might not using bitcoin but this will promote bitcoin as bitcoin created the foundation for blockchainer. When banks start to work with blockchain technology, I'm sure a lot of people think that this includes bitcoin somehow.
To me that is some free promotion bitcoin gets.
it is blockchain (the technology) not bitcoin. which means the banks and so many other financial groups are very interested in this technology and want to "create their own altcoin". they will make a ledger and possibly not even make it public and use the technology to increase their security, and speed for internal transactions.
The bank are only interested in using the technology and create their own private larger, I agree with your comments on the reason why bank are developing they own blockchain. They might not using bitcoin but this will promote bitcoin as bitcoin created the foundation for blockchainer. Just probably for fancy, its not like they can make it decentralized unless they are creating their own token under an algo which any one can mine or perhaps under a platform like ETH. If the blockchain technology are just there for tracking the fiat of individuals, its still not going to be something as useful as it should be, the government still hold its value and not the market itself.
Why would any centralized company/organization wants to use blockchain? they are in control of everything and they have all the records.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
Yes, its probably just for records so they can track the riches of someone.
it is blockchain (the technology) not bitcoin. which means the banks and so many other financial groups are very interested in this technology and want to "create their own altcoin". they will make a ledger and possibly not even make it public and use the technology to increase their security, and speed for internal transactions.
The bank are only interested in using the technology and create their own private larger, I agree with your comments on the reason why bank are developing they own blockchain. They might not using bitcoin but this will promote bitcoin as bitcoin created the foundation for blockchainer. 
Why would any centralized company/organization wants to use blockchain? they are in control of everything and they have all the records.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
Becasue they're connected to each other, and they're using an old and slow system at the moment to exchange data between their systems. World is changing, now, when you can send an email in some minutes to the farest country, why your money would still remain slow? Today, if you want to transfer money from a bank to another bank in a different county, you have to wait 2-3 days. If banks have a blockchain based clearing system, they will clear transactions in an hour, and not in 2-3 days time. This is the goal, this is why they're trying to find a solution, but as long as they are only developing the technology, it's quite a slow process.It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
Why would any centralized company/organization wants to use blockchain? they are in control of everything and they have all the records.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
Becasue they're connected to each other, and they're using an old and slow system at the moment to exchange data between their systems. World is changing, now, when you can send an email in some minutes to the farest country, why your money would still remain slow? Today, if you want to transfer money from a bank to another bank in a different county, you have to wait 2-3 days. If banks have a blockchain based clearing system, they will clear transactions in an hour, and not in 2-3 days time. This is the goal, this is why they're trying to find a solution, but as long as they are only developing the technology, it's quite a slow process. It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
Why would any centralized company/organization wants to use blockchain? they are in control of everything and they have all the records.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.
If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume
Why you are forgetting to consider the infinitely divisible feature of electronic formats ?If you consider bitcoin's satoshi as a basic unit there would be 17 M *10^8 bitcoin units in circulation against dollars. Again we can have centi-satoshi and milli-satoshi if needed. If volume is the big consideration, I believe bitcoin is already versatile to cover up this
Obviously, you miss the whole point of my post
Infinite divisibility is irrelevant to it. In essence, I'm talking about the load on the network (read number of transactions processed per unit of time). If Bitcoin circulation comes close to that of the US dollar (in fact, if it just increases a few times beyond what it is now), the load on the network will increase multifold as well (unless we have something like LN implemented) and it will just get stuck being unable to process these trillions (or just billions) of transactions. I hope now you understand how inconsequential your remark is to my thought
Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it
I have similar thoughts about this matter, here in thread no one knows for facts how much is cost for fiat maintenance and in my seeing bitcoin is easier and cheaper to maintain then it is fiat.
You can't override bitcoin, and maybe banks will try that with some new alt coin in the end I don't agree with lordquanta words, if banks accept blockchain that will be huge boost for bitcoin community. People will start to read what is blockchain, what is alt coin, and they will see what bitcoin is
We don't know that for sure
Bitcoin may be cheaper to maintain than fiat by simple virtue that it is not yet as big as fiat (and which fiat exactly?). If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume
Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses.
Not just time and expenses, blockchain technology will cover many other aspects of banking sector preciously security features. The efficient data management in secure way is the top layer benefits of adopting blockchain technology to be benefited by banks.If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume
Why you are forgetting to consider the infinitely divisible feature of electronic formats ?If you consider bitcoin's satoshi as a basic unit there would be 17 M *10^8 bitcoin units in circulation against dollars. Again we can have centi-satoshi and milli-satoshi if needed. If volume is the big consideration, I believe bitcoin is already versatile to cover up this.
Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it
I have similar thoughts about this matter, here in thread no one knows for facts how much is cost for fiat maintenance and in my seeing bitcoin is easier and cheaper to maintain then it is fiat.
You can't override bitcoin, and maybe banks will try that with some new alt coin in the end I don't agree with lordquanta words, if banks accept blockchain that will be huge boost for bitcoin community. People will start to read what is blockchain, what is alt coin, and they will see what bitcoin is
We don't know that for sure
Bitcoin may be cheaper to maintain than fiat by simple virtue that it is not yet as big as fiat (and which fiat exactly?). If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume
Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it
I have similar thoughts about this matter, here in thread no one knows for facts how much is cost for fiat maintenance and in my seeing bitcoin is easier and cheaper to maintain then it is fiat.
You can't override bitcoin, and maybe banks will try that with some new alt coin in the end I don't agree with lordquanta words, if banks accept blockchain that will be huge boost for bitcoin community. People will start to read what is blockchain, what is alt coin, and they will see what bitcoin is.
Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it
Currently banks are in testing phase and nobody knows whether blockchain technology implementation would work correctly for them or not. What would happen unknown blocks or what will be correct blocksize for them.Thus it is too early celebrate. One thing I don't understand is why people connect bitcoin acceptance with banks are experimenting with blockchain. Many people think that acceptance of blockchain is directly proportional to the bitcoin acceptance. Blockchain acceptance has nothing to do with bitcoin acceptance. Even if banks or any other sector implement blockchain then it is not going to affect the bitcoin world at all.
Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it
I dont believe that big westerness banks are intersted in blockchain,it will cut his transaction profit.Blockchain is to much transparent ,big banks prefer hide everything in his bank books
But blockchain banking will occur in China,Chinise are working on that kind of project and we can expect similar things in Swizerland.World is changing fast so maybe in close future blockchain banking will be available all over the world
But blockchain banking will occur in China,Chinise are working on that kind of project and we can expect similar things in Swizerland.World is changing fast so maybe in close future blockchain banking will be available all over the world
France biggest bank BNP Paribas,Barclays in UK, Santander in spain and citigroup have all started showing interest in blockchain technology.Blockchains has an unparalleled potential to revolutionize the banking system by improving efficiency and limiting costs.Large business to business transfers could be completed with significantly lower costs.Latest technologies are always adopted by banking systems as how they introduced online payments and ecommerce in the mid 90s and now, the block chain technology.
The interest shown by many, but to introduce this technology has not yet wish. I think banks are not willing to ensure that all operations keep open. There, too, corruption is rampant
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