Can Blockchain Replace Banks? - page 3.

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Quote from: Coinbees on February 08, 2020, 02:02:31 PM

I will not say replacement, but a way to improve their technologies yes. Moreover, this is why different banks are already working on the subject and that some have already been talked about on the proposal of the blockchain solution with banks

Banks have been working for a long time to use blockchain in their work. But not all banks are working on creating their own product. It's easier to use a ready-made solution by working with Ripple. Therefore, we see that banks respond to changes by adapting to new realities.

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Quote from: BlackFor3st on February 17, 2020, 10:41:26 PM

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

This will likely happen in the future if the governments will not try to stop the Blockchain virus but as what I see if the adoption will continue to spread. Most of the governments will find a way on how they can turn the table by adapting the future of Blockchain while taking a control of it.

If banks will disappear someday, then there is a big possibility that the bank owners will move to Blockchain industry and continue their operation.

- Considering the development of blockchain is staggering when it is only in a few years, its reputation has risen very high, it forced the government and industries to have more research on it but after a while learning about it, perhaps the application will reach a certain limit and not be as widespread as we expect. Because the blockchain has irreparable disadvantages as we cannot fix it when the contract is confirmed while transactions in the bank often occur mistakes, forcing banks to repair transactions, that makes blockchain in the banking industry not particularly interested

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It could be possible with the advent of technology in the society wherein day by day its is slowly transforming the traditional transactions such as in financial in automation and cashless environment. But, taking into consideration the complexity of crypto currency, it would be hard and would take time for it to be implemented in our society.

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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

This will likely happen in the future if the governments will not try to stop the Blockchain virus but as what I see if the adoption will continue to spread. Most of the governments will find a way on how they can turn the table by adapting the future of Blockchain while taking a control of it.

If banks will disappear someday, then there is a big possibility that the bank owners will move to Blockchain industry and continue their operation.

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Quote from: Leviathan.007 on February 17, 2020, 06:35:39 PM

Imagine everything in world who can't get a bank account, can create a new wallet easily
also privacy matters
That's why the old system should disappear or change!

You are right because every bank is acting in its own interest they're going to not work unless they need a nasty profit through blockchain There are many benefits to blockchain transactions this is often why i feel it's best to vary these rules as blockchain isn't okay to replace banks with blockchain because it is usually used for Bitcoin transactions.

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Imagine everything in world who can't get a bank account, can create a new wallet easily
also privacy matters
That's why the old system should disappear or change!

spike420211

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You are probably right, however, you need to understand what kind of blockchain banks will use. Not every bank benefits from the transparency that the blockchain provides.
Indeed, often in banks around the world, schemes are used to launder money and fraud.
As we know, all banking systems are bubbles and sooner or later they can collapse and burst, as has already happened.
Blockchain can prevent this, however, in this case, all bankers' transactions will be visible, which they do not always want.

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Blockchain technology will be used by banks in future no doubt about it may at that time more advanced concepts will introduced related to Blockchain. As for now it is difficult to implement it as they have to design their custom blockchain with current database system and thats little tricky but hope so we will see some bank in action regarding Blockchain technology.

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Quote from: AleSergio on February 09, 2020, 12:52:07 PM

No it cannot replace banks, but it can be a great addition to banking system. Just because blockchain technology has its own unique things. It is much more faster, than an ordinary bank transaction. It is much more secure and banks can use it to save your funds.

I think blockchain technology can be developed and used to combine bank technology and blockchain technology, although it does not completely replace the role of the existing system at the bank, but implementing blockchain technology can provide higher security than before and all transactions will be easy to trace.

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Quote from: dvmmayowa on February 10, 2020, 08:24:25 AM

Blockchain can not and will never replace banks totally, it can only be integrated in the banking system to for more effeciency and transparency, there are some banking aspects that blockchain can never fill in.
As much as we all know that blockchain technology is the next technological revolution, we must also know that there are some conventional systems that are totally indispensable such as banking sector.

Today one of the most significant innovation is with the use of cryptocurrency because we all know that one of the goals of using the blockchain is to convert our currency and make the transaction faster to make easier to transfer some funds and also turn the real currency or fiat currency into digital and lessen having too much queue management for the banks that do not support the use of crypto. One of the excellent innovation today is with the use of banks with cryptocurrency, but this kind of action are still not accepted for over the world only a few countries will do that. Also, it is more efficient for the people who have a cryptocurrency and do not want to waste their money because of having a high transaction fee; it is more favorable to the people. I think the community still does not accept the use of blockchain to replace the bank because the banking system already gained the trust of the people, and also, they know the money they have is secured than into the online world. We cannot blame them now because they want to adopt; they still wish to protect their wealth.

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Blockchain can not and will never replace banks totally, it can only be integrated in the banking system to for more effeciency and transparency, there are some banking aspects that blockchain can never fill in.
As much as we all know that blockchain technology is the next technological revolution, we must also know that there are some conventional systems that are totally indispensable such as banking sector.

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Quote from: JessicaVL on February 05, 2020, 03:13:28 AM

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

I don't think that banks will ever be replaced, and if they ever are it won't be in our lifetimes. I do think that crypto banking is something that is going to become more prevalent. There are already companies such as Tap that have come out with crypto banking apps, and I think this is just the beginning of the future of blockchain banking.

Crypto has its own place and banks have its own so if we say bitcoin or any other crypto is made to replace banks it's not right stall. We should keep the value of crypto and of the banks at the same time. But the reality is people now prefer to use crypto for storing money because it gives them a chance to earn and save at the same time. If we will store money in banks it will give us no profit.

crytocurrency is indeed associated with blockchain. but I don't think banks want to lose their place, because this is related to the economy of a country and the government that governs it. instead banks will adopt a blockchain to expedite bank tasks. I think the government will find a way for banks to continue to exist

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No it cannot replace banks, but it can be a great addition to banking system. Just because blockchain technology has its own unique things. It is much more faster, than an ordinary bank transaction. It is much more secure and banks can use it to save your funds.

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Quote from: Coinbees on February 08, 2020, 02:02:31 PM

I will not say replacement, but a way to improve their technologies yes. Moreover, this is why different banks are already working on the subject and that some have already been talked about on the proposal of the blockchain solution with banks

I accept as true with you that through the blockchain banks can substitute for improvement it's utilized in transactions with banks and its language is complex. nobody can easily access the blockchain without knowing it However the banks will rise above their profits.

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Bitcoin was created to give relief to human beings and be financially independent. Although it might not totally replace all the functions of the banking systems, but to a large extent, it will take care most of their operations is a stress-free way

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Quote from: Coinbees on February 08, 2020, 02:02:31 PM

I will not say replacement, but a way to improve their technologies yes. Moreover, this is why different banks are already working on the subject and that some have already been talked about on the proposal of the blockchain solution with banks

This is main point I also feel blockchain cannot replace banks but this could be revolutionary for them as many changes will happen in banking mean transactions speed could be fast fees could be low but banks still going to do work as they are on blockchain is just a system which will increase good things for them.

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It would be possible if we experienced another big crash and bailout. You say that it's impossible and I don't agree. There are no impossible things and you just need things to go really bad for people to change their minds about banks. Now they still use them because not enough people were affected and lost their money but most of those who did started to hold cash Bitcoin, gold and other valuable assets.

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Bitcoin opened the door of the new economy. Blockchain is a high security system. People can say it is voluntary. However, the internet required for Blockchain is already required for all banking systems. Also, the internet will be a basic need in the near future, such as Water or Electricity. And in the near future, we will receive internet service through cloud systems.

thesmallgod

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Blockchain is different from Bank. Blockchain is the technology while the bank is a place where the financial transaction takes place. The bank transaction platform is built by combining so many programming languages that are complex. It is no more news that many banks are already embracing the blockchain technology for an effective transaction which can be achieved cheaply. In fact, some blockchain platforms that house crypto such as XRP is specifically design for banking purposes. The use of blockchain technology is banking will be increasing every year and it is most likely it can takeover the traditional technologies being used in industries.

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I will not say replacement, but a way to improve their technologies yes. Moreover, this is why different banks are already working on the subject and that some have already been talked about on the proposal of the blockchain solution with banks

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