Can Blockchain Replace Banks? - page 7.

iv4n

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Quote from: veleten on November 04, 2019, 10:28:12 AM

you confuse two things that are different in nature: banks are institutions and blockchain is a technology
the question should be either can Blockchain help xxx to replace banks , or can Blockchain replace banking
and the answer would be no , at least not at the current stage of its development
while distributed ledger is widely used nowadays , it has its drawbacks if we speak about banking in its fullest
blockchain does allow a faster processing and cheaper transactions ( ideally )
but the infrastructure is simply not ready , the idea of multiple banks adopting one and the same blockchain implementation is close to zero
lets get back to this when banksters develop one global payment infrastructure , before that it is not possible for blockchain to overtake the banking world

Why no? Banks already started with implementation of blockchain. After 10 years of life bitcoin is well known to many, and popularity is growing. But while they are trying to implement blockchain cause with blockchain technology they can have faster and safer transactions, here we talk about decentralization. Its a concept, and even thou many people don't understand what that means, that will unite people around the world. We can work together, we don't need third party services controlled by banks or governments.
My opinion is that banking sector is in the problem! In near future people will turn to crypto, they will learn about crypto and people will have a choice to use centralized or decentralized services. What you use its what you support, and when you do the math its far more better to support decentralization!

GideonGono

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Quote from: aysg76 on November 04, 2019, 09:52:29 AM

Quote from: Unblock_news on July 10, 2019, 09:37:31 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

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty. Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

veleten

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you confuse two things that are different in nature: banks are institutions and blockchain is a technology
the question should be either can Blockchain help xxx to replace banks , or can Blockchain replace banking
and the answer would be no , at least not at the current stage of its development
while distributed ledger is widely used nowadays , it has its drawbacks if we speak about banking in its fullest
blockchain does allow a faster processing and cheaper transactions ( ideally )
but the infrastructure is simply not ready , the idea of multiple banks adopting one and the same blockchain implementation is close to zero
lets get back to this when banksters develop one global payment infrastructure , before that it is not possible for blockchain to overtake the banking world

aysg76

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Quote from: Unblock_news on July 10, 2019, 09:37:31 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

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

poldanmig

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Quote from: khimer_rangers on November 03, 2019, 02:24:38 PM

I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

Talking about banks, actually there is already support from banks. I've seen the Ripple and the Bank several times. and Ripple has received support from the Bank. Recently Ripple and Euro Exim Bank held an exclusive meeting Source : https://www.americanbanker.com/news/could-ripples-xrp-replace-correspondent-banks-this-bank-says-yes .

Regarding the issue that many banks actually hate the decentralized system should be suspected of what reasons make them dislike it.

sirminesalot

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Quote from: khimer_rangers on November 03, 2019, 02:24:38 PM

I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

I agree with your opinion that the bank is a state tool that has strong laws in the field of economics that is used to be used in the country's economic system if the blockchain system is created by using technological and age developments and your opinion is correct if one day the bank will also use a system that used by blockchain

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Quote from: cutesgirl on November 03, 2019, 10:28:16 AM

Quote from: JC btc on November 03, 2019, 10:23:26 AM

Quote from: matchi2011 on November 03, 2019, 09:58:09 AM

Quote from: toast on November 03, 2019, 09:29:31 AM

Quote from: DaveWave on October 24, 2019, 09:50:05 AM

I don't believe that banks can be replaced. But banks in the future will adopt blockchain technology and implement it into their systems. Some banks will create their own blockchains and some will use finish blockchain products depending on what benefits them most. Banks are too powerful and influential in this world to be replaced. Not that easy. Some of them may fall but there will be another ones that will arise and will continue to work with their systems.

I agree with your opinion that the bank cannot be replaced but the bank will adopt the system used in the blockchain and we all know the blockchain with the crypto currency economic system created using technological advances and times and along with the times the bank will also use the economic system blockchain

Banks knows how to play business and if they see the potentials using blockchain they will easily adopt and use for their own benefits.
They won't be replaced in anyhow as they know how business works and how they will see the every opportunities, they might be vocal
with opposing blockchain but if this technology will proceed surely they will adopt and accept the change.

Indeed, as in the matter of fact we do have here in our country wherein they are already studying how blockchain works, that they believe in the power of crypto, so little by little they are adopting it as well as studying how to adopt blockchain in their bank, it will be like few years before it will be fully implemented as it takes time and still needs approval from the government if they will allow it.

Need trial more than one year blockchain can replace bank position because many people do not know with bitcoin and altcoin as currency payment. If country have adopt bitcoin as legal currency maybe just few people have use bitcoin under 5% from people population in one country have understand how bitcoin working, need trial one year teach every people with bitcoin and altcoin working.

Also if Bitcoin or any other coins that uses blockchain technology as the substitution of banks then therefore they need to set some solid ground rules and regulations in order for it to happen. Another thing is the backing of the government by legalizing and going through scrutiny by the central bank and the legislators for it to pass. But honestly if what I aforementioned would happen then I think the essence of Bitcoin itself being decentralized and whatsoever would lessen. I think bank would still exist providing the services that the cryptos could not provide and vice versa.

riso2015

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Quote from: khimer_rangers on November 03, 2019, 02:24:38 PM

I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

Yeah, I also believe that later all banks will adopt Blockchain technology to facilitate their task for storing important bank data. Especially after the Chinese president called for using Blockchain technology in their government. I think other countries will follow that step.

EdvinZ

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Hypothetically, this could happen. But in reality, banks will simply introduce blockchain into their systems and I think they will make every effort not to lose their customers. The banking system is well established, so I think that the owners of banks know how to persuade customers to use their services.

Oneandpure

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Quote from: Unblock_news on July 10, 2019, 09:37:31 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

Blockhcain can replace bank if almost bank member know with bitcoin, right now many bank member do not know what is bitcoin and how save money in the bank with bitcoin. When bitcoin popular and using by many people blockchain can replace bank, needed more than twenty years later blockchain can replace bank position with educate bank member with bitcoin and altcoin working.

Landak

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of course it can, because blockchain is a technology. and in fact, several banks around the world have started to learn this blockhain technology and one of them is a bank in my country.
If, can bitcoin replace the bank, the answer is clearly impossible.

X-ray

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Quote from: meliodas on November 04, 2019, 01:14:32 AM

Quote from: khimer_rangers on November 03, 2019, 02:24:38 PM

I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

Banks are actually getting started into jumping to blockchain technology. There are some banks in the Asia that are now trying to merge their system from traditional into blockchain technology because the realized the advantages of blockchain technology and how secure it is to rely on. In the next 10 years, I believed that banks all over the world will become fully blockchain powered.

basically "if you can't beat them join them", If blockchain technology to be discovered beneficial to all these banks they will no doubt starting to implement it within their system and the dream of blockchain replacing bank will just be a dream.
So many company are starting to do some reseach regarding blockchain technology and many popular universities across the world are opening courses for blockchain. Blockchain will be implemented everywhere in no time if that's the case.

Apened

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I don't see blockchain to replace banks as of now. I attend and heard some topics in the open discussion where the panels are working in the banks and other business sectors.

To summarize, banks can use blockchain or inject it on their system as the bank block developer said and they can use crypto like eth for example with low fees. That's the whole point. Having said that they didn't tackle about financial problems or how banks would be able to earn if they adopt blockchain and if they will still use the traditional fees to impose along with the new blockchain system.

zeingrind777

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Of course, the blockchain can replace the bank. Blockchain technology will replace banking services and poor registration processes so that those days will be a thing of the past, where people have to visit a local bank or find the right officer to help them with their documents. Blockchain technology will simplify the process and make it easier for everyone to use it. What's more, blockchain technology, combined with a variety of smart devices, will help investors track investment conditions and find out whether everything has been repaired or replaced on schedule. Individuals will get updates in real-time and this will help to eradicate all the complexities associated with the current system.

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Quote from: khimer_rangers on November 03, 2019, 02:24:38 PM

I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

Banks are actually getting started into jumping to blockchain technology. There are some banks in the Asia that are now trying to merge their system from traditional into blockchain technology because the realized the advantages of blockchain technology and how secure it is to rely on. In the next 10 years, I believed that banks all over the world will become fully blockchain powered.

ufaiz50

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Banks can still get loopholes in blockchain technology, we know that banks from China adopt blockchain technology like digital banks. The bank offers a security system for each of your transactions, because a anonymous network vulnerable to hacking. As we know from the news, banks think rather than fight it is better to adopt it. Actually if the blockchain gets legal permits, users can just replace their dependence on banks to blockchian technology.

khimer_rangers

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I don't think it will replace the bank because banks have become very big businesses in every country, but maybe someday in the future some banks will use blockchain technology because of technological advances I find it difficult to stem.

Darooghe

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I don't think so, at least for decades, because Blockchain technology might be suitable for some use cases, but it won’t ever be a solution for all use cases. also Blockchain technology cannot be considered ready for mass adoption by an enterprise. the technology platforms are not mature, standards are not in place, the uses and implications of the technology are not understood as well as other more prevalent technologies used in regulated industries such as Banking, and the networks required for a network-effect type technology like blockchain are not in place. However, I wish we'd drag ourselves into the modern age and do this immediately.

cutesgirl

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Quote from: JC btc on November 03, 2019, 10:23:26 AM

Quote from: matchi2011 on November 03, 2019, 09:58:09 AM

Quote from: toast on November 03, 2019, 09:29:31 AM

Quote from: DaveWave on October 24, 2019, 09:50:05 AM

I don't believe that banks can be replaced. But banks in the future will adopt blockchain technology and implement it into their systems. Some banks will create their own blockchains and some will use finish blockchain products depending on what benefits them most. Banks are too powerful and influential in this world to be replaced. Not that easy. Some of them may fall but there will be another ones that will arise and will continue to work with their systems.

I agree with your opinion that the bank cannot be replaced but the bank will adopt the system used in the blockchain and we all know the blockchain with the crypto currency economic system created using technological advances and times and along with the times the bank will also use the economic system blockchain

Banks knows how to play business and if they see the potentials using blockchain they will easily adopt and use for their own benefits.
They won't be replaced in anyhow as they know how business works and how they will see the every opportunities, they might be vocal
with opposing blockchain but if this technology will proceed surely they will adopt and accept the change.

Indeed, as in the matter of fact we do have here in our country wherein they are already studying how blockchain works, that they believe in the power of crypto, so little by little they are adopting it as well as studying how to adopt blockchain in their bank, it will be like few years before it will be fully implemented as it takes time and still needs approval from the government if they will allow it.

Need trial more than one year blockchain can replace bank position because many people do not know with bitcoin and altcoin as currency payment. If country have adopt bitcoin as legal currency maybe just few people have use bitcoin under 5% from people population in one country have understand how bitcoin working, need trial one year teach every people with bitcoin and altcoin working.

JC btc

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Quote from: matchi2011 on November 03, 2019, 09:58:09 AM

Quote from: toast on November 03, 2019, 09:29:31 AM

Quote from: DaveWave on October 24, 2019, 09:50:05 AM

I don't believe that banks can be replaced. But banks in the future will adopt blockchain technology and implement it into their systems. Some banks will create their own blockchains and some will use finish blockchain products depending on what benefits them most. Banks are too powerful and influential in this world to be replaced. Not that easy. Some of them may fall but there will be another ones that will arise and will continue to work with their systems.

I agree with your opinion that the bank cannot be replaced but the bank will adopt the system used in the blockchain and we all know the blockchain with the crypto currency economic system created using technological advances and times and along with the times the bank will also use the economic system blockchain

Banks knows how to play business and if they see the potentials using blockchain they will easily adopt and use for their own benefits.
They won't be replaced in anyhow as they know how business works and how they will see the every opportunities, they might be vocal
with opposing blockchain but if this technology will proceed surely they will adopt and accept the change.

Indeed, as in the matter of fact we do have here in our country wherein they are already studying how blockchain works, that they believe in the power of crypto, so little by little they are adopting it as well as studying how to adopt blockchain in their bank, it will be like few years before it will be fully implemented as it takes time and still needs approval from the government if they will allow it.

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