Can Blockchain Replace Banks? - page 13.

RealMalatesta

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Quote from: bitkanu on July 27, 2019, 04:01:19 AM

But banks and many company as of now are trying to take advantage what blockchain offers by implementing it in their system. I just can't see it replacing banks in the upcoming time also considering that so many people are still putting their money in those banks anyway. Most of them don't even care how is their money or even the risks involved so it is just kinda hard to imagine blockchain could do that much.

First question that that person needs to be asked first is if bank is a technology. Blockchain would, never replace bank indeed, blockchain is a technology that is meant to be used by bank to improve the financial sector, banks are actually supposed to be the ones that would need blockchain technology the more, but because of the cryptocurrency product if blockchain that will disrupt their activities, that is why they have been finding it difficult to use blockchain or seeing the blockchain itself as the threat, meanwhile it is not.

It is time that many organizations needs to look beyond cryptocurrency and then understand exactly what blockchain is and how it can positively add value to their already existing system, even the entre government itself.

Periodik

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Quote from: Unblock_news on July 10, 2019, 10:37:31 PM

It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

You are a little advanced, mate. I don't think there is an existing blockchain that can process millions of transactions per second as of now. The highest are on the thousands only.

Quote

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

The two may not be completely opposite to each other. There are already banks that use blockchain in their services. In the same manner, that there are now crypto banks.

imking

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Quote from: Unblock_news on July 10, 2019, 10:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

The possibility that blockchain will replace banks will be almost impossible because the bank is the mainstream of all transaction all over the world, even in the 3rd world country. Blockchain is high tech, but it doesn't mean that it will take over or replace the old tradition banking system. Theirs a possibility that blockchain can be the top transaction system, but it will never replace bank.

joelsamuya

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This is actually exciting to watch -- on how the blockchain technology and in extension the cryptocurrency infrastructure be replacing the many services and products offered by banks. In my view, banks are gonna evolved because of this trend and because they possess the very important resources under their sleeves they are gonna be staying for good but for those who failed to catch the need to innovate they can be left slowly dying.

Big banks right now are recognizing the shifting sands of the marketplace and so many of them are already having big plans for the next many years -- this can result into changes affecting millions of people. They are doing this to survive and still flourish into the future. Banks will soon be adopting the blockchain technology too and there is no stopping them to do so.

Zemomtum

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CitizenFinance.io

It can replace some function of Banking system but not in its entirety. Bank will still remain but will struggle when digital assets are adopted globally. It might not come any time soon, but that will be the future.

Harlot

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Why can blockchain replace banks if banks are already trying to implement them with their system? Remember blockchain is just a technology and can be use by anyone who wants to implement it with their organization or business. A lot of companies are already filing their patents for their own version of blockchain so I doubt that one kind of tech could kill a certain industry when they are already part of it.

Carreuh

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Although blockchain technology has been very popular lately and many have been used by several large companies but the blockchain will be very difficult to replace the bank that already existed before it and has been very trusted by the people in a country but in the future we will know what will happen

ene1980

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Quote from: Unblock_news on July 10, 2019, 10:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.
With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

The blockchain technology will give a solution to almost all the conventional way in which we store and save data but one thing you must understand is that it is not meant to replace the banking sector but it would help improve the banking industry by giving them a robust system that could be transparent and could make things better for their business and that too at a minimal cost if they implement the blockchain technology.

Ozero

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Quote from: Unblock_news on July 10, 2019, 10:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Of course, this will never happen, because the blockchain or cryptocurrency technology, by its nature and function, cannot replace banks. Banks are not only the transfer of money over a distance. They perform many functions and above all they serve and credit the economy of any state, that is, they act as an integral part of the state. No state will ever allow itself to be destroyed with impunity, even if it were possible.

inoes

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United Crowd

Technologically, blocks are more profitable than the Bank system. in order to shift the Bank I think it is difficult, given the Regulation from the government and also the Cash Revenue for the State. because every country has a bank, but not every country has a cryptocurrency. other than that there is dependence on Fiat money which is free of time and place considering Blokchain needs internet and electricity connections.

barabarian1

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blockchain give you many offers, so it will make easy user in anu facility, any field, make ideal so its good for transaction. blockchain is too good and it have big change if someone or party use it, but im not sure if blockchain will replace bank. maybe, now, blockchain lead the future, but if bank implement what blockchain system, i think bank will get the name again

Spaffin

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It seems to me that many users misinterpret the possibility of implementing blockchain in a person’s daily life and its influence on the existence of the banking system. Today, the banking system very successfully tests the blockchain technology in its systems and I am sure that this technology will work synchronously with banks and other financial structures in any state.

aan001

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My opinion blockchain will not be able to replace the bank's position. but if blockchain technology is implemented in the bank system, it's likely to happen.

Dannaey

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It's not the banks that will be replaced, and it's the system used by banks that can be replaced by blockchain. Blockchain is a powerful technology that can change the flaws of our banking system today. We knew how well the banking system performing now, but there are still flaws in the system that are prone to attack. Maybe when banks use blockchain, attacks or hacks are reduced or totally eliminated.

kingpin4321

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Blockchain will not replace banks this will not happen bank will still be used and can still get their duties put into the blockchain technology and hold their reputation as a bank is just by changing their technology. Blockchain technology is not a bank and a bank Is not a block chain technology they can not replace each other

Upgrade00

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I would rather it remained an alternative to banks and cryptocurrency an alternative to fiat. If the blockchain were to completely replace banks then it means the government would have imposed strict regulations on it and that would take away most of it's core values. And the banks would likely issue their cryptocurrency to be run on it.

The blockchain is constantly evolving and new applications being introduced beyond the financial sector.

BennyK

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Although the Blockchain technology works fine on decentralization, the banks can also harness it. Blockchain can virtually be used in all fields where information and data storage is paramount. This is achievable through the digital ledger feature of the Blockchain.

xabre

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Blockchain never could replace bank position how ever bitcoin have higher price at the next time, bank always have good place with many people keep save and hold their money assets in bank.

justdimin

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I wonder how the future of banks will be like. I mean we have seen them improve their systems with blockchain slowly, some are them working with Ripple, some of them are building their own systems, some of them are not doing anything about it.

I assume in 10 years time banking system as we all know it will change, the money sending and receiving will be 7/24 all globally and cheap I assume, like thanks to this blockchain system integrating with the banking system someone from USA will be capable of sending 5 bucks to someone in China easily without paying much cost, at least that is what it should turn out to be with time. If they can actually use blockchain to do that, it would diminish the power of ease for Bitcoin and would only leave the small anonymity it provides and I don't know how valuable that is.

Naida_BR

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Quote from: Unblock_news on July 10, 2019, 10:37:31 PM

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Blockchain cannot replace banks as there will be always some citizens that would as for a central authority to exist and control some transactions or money.
Additionally, blockchain can provide a secure substitute to bank operations and ensure that there will be always another alternative to bank services.

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