Topic: Can Blockchain Replace Banks? - page 5. (Read 5501 times)

Bloclchain replacing banks? That doesn't make sense. It is a technology which will make banks more effecient. Your rally think these governments gonna let a decentralized currency govern them and replace banks for some of the fundamental operations? Never.
Money is central part of anything be it business, government or home. Give their control to something completely decentralized don't make any sense. So no replacement will take place but banks will integrate bloclchain for some of their core functions to make them more effecient.

Exactly. Very well said. Even if there are so many advantages lf blockchains and cryptocurrencies still it cant be replaced the traditional currency and traditional banking because as what you have said the traditkonal banking has a lot of advantages that cannot be performed by the blockchains. Blockchains can just help our financial stability but it cant fully replace the traditional way of banking due to its own disadvantages.

At best, Blockchain should only be a management tool or a currency or unit of property.  For the original purpose of the creator of bitcoin and blockchain aimed at a kind of security and privacy currency.  The bank has many functions such as lending, deposit, investment, monetary reserve, issuance and cash flow regulation.  And above all banks and governments are inextricably linked.  Blockchain cannot replace banks.

Blockchain is not a threat to banks, its an innovative tool to make their services more effective and efficient. The two industries can harmoniously, some banks already realize and applied the technology in some of their services and yet its a good start for a new breed of banking system.

Banks have already started using blockchain technology. The effectiveness of their work will increase significantly, but they will do the same work that they did before the introduction of blockchain technology. Therefore, nothing will change significantly. Blockchain simply cannot replace banks, since blockchain is only a technology, a tool, and certain work is carried out by banks.

A blockchain is a system whereas a bank is an institution that raises public funds. Blockchain can never replace the specific functions of banks as "agent of trust" and "agent of service"

Judging from the perspective of consumer choice between blockchain and bank?

- Blockchain only offers the convenience of transfers and payments to other parties, or
- Super Bank (a bank that adopts blockchain technology) that provides all service choices ranging from conventional to digital. Judging from the variety of services offered by banks, it can be a one-stop service for customers. And the advantages of a guaranteed refund if an operational error occurs from the bank is the choice deciding factor of the customer to the bank institution.

In the industrial era 4.0 ... Creativity and innovation in business ideas are indispensable. Similarly, the bank as an institution will conduct a series of innovations to maintain its existence. being the winner in the technological era is very important looking in the mirror of the newspaper industry that dies when the internet and smartphones emerge. So what must be changed from the bank is the business system, not the service qualifications.

CMIIW.

Blockchain will not exactly replaces banks but their present way of working. Banks can and should use blockchain technology to improve their existing systems. Not only this, banks will also have to accept digital assets and most probably, all of them will be releasing their own crypto coins. Or at least, this is highly expected by the governments of the world to introduce digital currencies of their own.

There are no any possibilities that blockchain could replace banks because banks was existed for a long time ago and it was supported by the government. Unlike, blockchain technology it is not supported by the government, that is why banks will never be replaced and it will still be existed in a long term.

Waiting with how respond from government with blockchain technologies can adopt in country or not, without not legal by government maybe impossible blockchain can replace bank although have good service and transparent data payment using blockchain, other side by adopting bitcoin with bank many people will increase their assets every time depend with bitcoin price.

Blockchain can not replace banks all alone but blockchain technology already used cryptocurrency to  big transaction like bank.I think blockchain can not take this as a bank they can give the useful method like blockchain is secure technology.Blockchain can provide the security system to banks. They could be work together in future.

You must have a logical thought about this, Blockchain will not replace banks, banks are run by people who are mostly very intelligent, they know they will take Blockchain to improve their processes in banks, they cannot go against the technology.

In several countries such as Spain, Blockchain is being implemented to improve processes, both in control for their identities (which is stopped, due to independence problems in Catalonia), but in food control processes, such as eggs, and Many more cases.

You cannot see a Banking versus Blockchain approach, because it does not exist, Blockchain technology is leveraged in Pro-Banks, bank owners will never go against technology.

What they can do in conjunction with Blockchain is to apply Artificial Intelligence to make their security systems, identifications, etc. be even more powerful, that is the vision that will be taken.

An example of change is the Chinese, who removed all advertising and labels from NO-Bitcoin and No-Blockchain, now it is pure love with Blockchain, speaking not very well of Bitcoin, but opening the way to its cryptocurrency, which they do not take into account is that its stablecoin that will be launched at any time, people will look for Bitcoin.

Now so much is his love that bitcoin is front page news in China: Bitcoin makes front-page news in China what they are looking for the most is the adoption of Blockchain, and they do it through news, training, among others, they are paying the ground for Blockchain.

Viola you have no idea what you are talking about, which blockchain has a huge sums of money  Lets learn about the entire tech aspect before teaching other about bitcoin and blockchain, since you are not aware of it, both are different aspects and blockchain and bitcoin are separable.

Blockchain will be implemented by banks but it might not accept the currency part of decentralized currency and bitcoin is not created to replace the banking structure but the system might be changed, to use blockchain you do not need to permission of any government if you are not aware about it .

Definitely, banks plays a vital in our life, in each business and in our economy, without bank I don't know how money is circulating right now. And although we are aware and we believe that cryptocurrencies are the future digital currency doesn't mean that establishments such as banks will be vanished, they will just regulate and will add crypto to their transactions but banks will never disappear.

it will not replace the banks, government will never let that happen, since banks are being regulated by them, if blockchain and crypto will replace it, government will be alarmed and they will gonna try to stop it or they will do something to be able to regulized it and put some taxes on it. banks and governments are connected in order to improve the economy of a country.

The crypto was born with the precise intent to replace the banks, and - theoretically - could succeed.
The point is that banks are unlikely to be willing to renounce their power, so a fierce war should be expected.
We'll see who wins.

Blockchain can not outrightly replace banks in the future. Looking at the characteristics of a bank, the bank can inculcate the use of blockchain in most of its services. People will still need to walk into a physical building to transact some banking business. In areas where the literacy level is low and blockchain adoption is still far-fetched, you think it's possible to introduce someone to blockchain that can't even use an ATM,a smartphone or a bank's mobile application?😁. How about those that will want to get loans?.Banks act as intermediaries. Imagine removing them out of the picture. Do you know how many people will lose their jobs? We will now start another discussion on unemployment.

If Blockchain has to replace the banks, then Bitcoin should become the main currency for ordinary people. As long as they use fiat cash, it is not possible. You need the banks to store fiat currency, and there is no alternative for that. And with Bitcoin being used more as a speculative investment asset (rather than as a currency), any chance of that happening looks quite remote.

You have misunderstood it, when it comes to banks getting replaced by blockchain means the functions taking place at the moment on traditional system will move onto the blockchain technology. Now itself more banking services have begun to use blockchain technology, so in future there are chance for higher level of adoption than the present.

I think blockchain can replace Banks can, but not "decentralized", It is not the idea of ​​bitcoin and satoshi

Blockchain can be an innovation in banking system, when banks adopt blockchain they will be in the next digitale generation they will earn a lot of money from miner and cryptocurrency owner's. BLOCKCHAIN will give banks many advantages like the rapidity of transactions, the transparency of wallets, the trust of customers and many other advantages... Well Blockchain will be the key of banks to move from the classic way to the modern way. In conclusion blockchain can't remplace banks but it can be the soul of banks in the next years.