This is the most important thing for me since first i met blockchain at 2017 , when i understand the technology my brain exploded and I got goosebumps. But now i see i was so naive .
First of all it is very difficult to change people and their habits , How can i convince my father when i can't even convince my friends ?
and there is at least 999999 other problems we have but after all i still believe one day people gonna accept this technology , hope we can see it.
Topic: Can blockchain replace the traditional banking system? - page 2. (Read 826 times)
The huge potential of cryptocurrency and blockchain has been released, bringing many innovations to the traditional financial industry. Blockchain system technology can effectively solve traditional solutions by using payment infrastructure with higher security and efficiency.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.
system, performance and benefits I admit that cryptocurrency can be relied on. but some aspects that must be improved is the issue of the value of the currency itself. which is highly volatile and difficult to control. This is also actually a hassle because if it is implemented by a country, the country must at all times take steps to stabilize prices Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.
Most areas of blockchain technology have gradually become known and used, but it will not completely replace the traditional banking system. As long as the government exists, the bank will not disappear.
Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.
Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.
After many companies are actively developing blockchain, it will soon be applied in various fields, especially blockchain technology is proven to be faster and cheaper than bank systems that require many servers and large maintenance costs.
It has been proven for several years since the beginning of Blockchain, only that Government system still too hesitant for this particular ideas. Hopefully this will continue to influence other bigger companies so it would be applied successfully without any conflicts of interest. Educating different sectors will be a good start for them in order to prove them the good and bad sides of cryptocurrency.
Banks already partially use the blockchain and, in particular, the ripple network. However, their use of the blockchain does not mean that something will change significantly in this system, including towards its decentralization. Only the efficiency of banks' work on the old traditional principles will increase. So nothing significant in the banking system will change.
Well the Banking system can not be dumped which is the foundation of financial institutions of several countries. This guarantee the economy of a country which the government uses to back laws and policies and I don't think blockchain will entirely dominate the banking system but can be adopted to enforce laws and control financial activities of her citizens.People are gradually embracing Blockchain which I believe would be the next generation currency where there would be no need to trade will Fiat or whatsoever. There is need to for proper regulation of the blockchain interface to reduce the number of scam projects so that there will not be much victims of fake coins affecting the blockchain market.
Most areas of blockchain technology have gradually become known and used, but it will not completely replace the traditional banking system. As long as the government exists, the bank will not disappear.
Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.
Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.
Yes. Where is the poll?
Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development, we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.
I think we can "sort of" guess what can happen in the future. Blockchain is not the way to go, it is so easily traceable and the fact that politicians basically just do illegal stuff in the world and get away with it, being in blockchain world will not help them at all. Let's be honest being a decent good human being who wants to better every human in the world is not a way to become a politician, unfortunately anyone who is like that usually ends up not winning everything, people literally run against that feeling and get elected, saying "I will help everyone" is a bad thing, seen as a bad thing and others who say "I will help certain people only" gets elected.This is why blockchain would make all those crimes politicians who are bad and do bad things come out into public and people who are in power who have the only right to make that switch will not allow that to happen.
Your opinion regarding the current political situation where there is a lot of corruption is indeed reasonable. Dirty politicians who are elected really
want illegal activities to be untraceable, therefore they still need a banking system. Because the banking system is much easier to manipulate
by dirty politicians nowadays. While blockchain technology, which makes it easy to track financial transactions, makes some politicians
uncomfortable with it. In the end, it is impossible for blockchain technology to replace the banking system, especially in countries with
high levels of corruption.
The huge potential of cryptocurrency and blockchain has been released, bringing many innovations to the traditional financial industry. Blockchain system technology can effectively solve traditional solutions by using payment infrastructure with higher security and efficiency.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.
Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development, we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.
I think we can "sort of" guess what can happen in the future. Blockchain is not the way to go, it is so easily traceable and the fact that politicians basically just do illegal stuff in the world and get away with it, being in blockchain world will not help them at all. Let's be honest being a decent good human being who wants to better every human in the world is not a way to become a politician, unfortunately anyone who is like that usually ends up not winning everything, people literally run against that feeling and get elected, saying "I will help everyone" is a bad thing, seen as a bad thing and others who say "I will help certain people only" gets elected.This is why blockchain would make all those crimes politicians who are bad and do bad things come out into public and people who are in power who have the only right to make that switch will not allow that to happen.
I don't think that blockchain technology will completely replace the traditional banking system. In the event of the abolition of the conventional monetary system, the government will create a specific cryptocurrency for its country and the government must seek the help of the central bank to use and control it. Moreover, the system is an important factor in managing the overall economy of a country and through it the monetary system of the country is balanced. So it can be said that the banking system can change based on the medium of transaction but it does not seem to be completely extinct.
In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.
Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development,
we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered
ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain
technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels
comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider
the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.
If we try to extrapolate a little bit what we have seen so far that blockchain is able to do and what it is not able to do, I think we can get at least an idea where we might be heading. Blockchain can sure solve certain problems or deliver services that banks are used for these days. Algorithmic loan provision based on reputation systems and so on, but those need time and data to develop. There will be a lot of prototyping to make sure the credit default rate is in range with what can be accepted compared to the banking system and their rigorous screening procedures, but still I do believe we will see certain banking functions be replaced blockchains or let's say protocols and algorithms.
In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.
Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development,
we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered
ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain
technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels
comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider
the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.
Blockchain technology adoption is still yet taking place, right now i believe blockchain about to be adopted in sector supply chain and many other sector that helping businesses more efficient and less cost. I do think soon blockchain could replace the traditional banking system such as DEFI that could works to replace the traditional banking system. We also see many crypto project that working on sector lending which is similar to banking product.
In the traditional payment model, the transfer of funds is done through bank clearing. The payment workflow takes several minutes to several hours, and intermediaries also charge certain fees. For cross-border payment business, the process is more complicated.
Compared with traditional payment, blockchain payment makes full use of the technical advantages of blockchain. Payments are made directly between the two parties, without intermediary agencies, even if part of the network is paralyzed, it will not affect the operation of the entire system, with higher efficiency and low cost. . Blockchain payments are significantly different from traditional payments in terms of payment structure and reserve accounts.
I think blockchain payment can completely replace the current payment system in the near future. What is missing is consensus.
Compared with traditional payment, blockchain payment makes full use of the technical advantages of blockchain. Payments are made directly between the two parties, without intermediary agencies, even if part of the network is paralyzed, it will not affect the operation of the entire system, with higher efficiency and low cost. . Blockchain payments are significantly different from traditional payments in terms of payment structure and reserve accounts.
I think blockchain payment can completely replace the current payment system in the near future. What is missing is consensus.
Banks may study and add blockchain technology. If they can better use blockchain technology, they will greatly reduce their own operating costs and enable the bank to develop better.
The decentralization of the blockchain will also make the entire deposit and loan process more convenient. Users who need to deposit money can receive the deposit yield by transferring the money to the wallet on the chain. Improve the security and traceability of bank fund operations, make fund supervision more convenient, and reduce the efficiency of bank clearing, making banks more transparent, fair, and business innovation and change.
The decentralization of the blockchain will also make the entire deposit and loan process more convenient. Users who need to deposit money can receive the deposit yield by transferring the money to the wallet on the chain. Improve the security and traceability of bank fund operations, make fund supervision more convenient, and reduce the efficiency of bank clearing, making banks more transparent, fair, and business innovation and change.
It is a good question that you ask. And my answer is yes, Blockchain technology can really replace the traditional banking system. And the reason is quite obvious in fact. Blockchain technology is stronger and safer compared to the traditional one. Hacking the system is much more difficult when it comes to Blockchain. I don't say it as "impossible" because every kind of technology can be hacked.
In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.
Government wouldnt just let that thing to happen because even how great decentralization is, there would be always that centralized stuff that would be always holding into the top.
They cant really just easily switch up on things since they do know that there would really be con's on doing that and also this industry doesnt only need decentralization
but also it would be needing some governing body on handling everything.
In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.
Blockchain can replace traditional banking system surely and it must replace the old system also. Because Blockchain technology is a much better system than the one that we have been using for many years. It is much safer. It is harder to hack. And I believe that this will really happen also and Blockchain will start being used like this.
Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them.I don't think we will see blockchain tech replacing the traditional banking system in our lifetime. Maybe, we will see it co-exist but not totally replacing the traditional system. Though blockchain tech will offer so much efficiency in their financial system, but it will take time for them to fully understand what it can do to their old system. Just be grateful that more and more companies are recognizing the benefits derived from utilizing blockchain tech, but it is too early to speculate that this tech will replace the traditional banking system.
blockchain attempts to fill certain roles that traditional multi-layered payment systems cannot and lead to high costs incurred by the payment system itself.
Blockchain seeks to bring people who are unbanked for various reasons into the financial ecosystem, using a hybrid approach.
So along with the development of technology, traditional banking will also implement blockchain into its work system, because this will become a demand and a necessity.
In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.
Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.
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