Can blockchain replace the traditional banking system? - page 3.

conected

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Quote from: Sayeds56 on August 07, 2021, 11:16:39 AM

Quote from: Semar Mesem on August 07, 2021, 09:24:49 AM

Quote from: Duzter on August 06, 2021, 07:58:39 PM

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

Absolutely right, The Blockchain Technology has capabilities to replace not only current Banking system but also other areas of ecocmy including, Travel, health care sports and many many others. It has capacity to make systems efficient more transparent , decentrlized and easy traceabilitity of transactions as well as minimizes possiblities of corruption in economy which is good for everybody.

- Technologies like Blockchain were not created to start a struggle with old technologies, they are just a refinement of the better over time to complement an old version, the core thing remains the same, it means that Blockchain has no substitute for traditional banking decisions, it's just a recruitment and then traditional banks will convince some of its applications to their field. Blockchain only inserts on the back part of the bank to make the interface and handling of the old system better, no ability to rewrite old parts, it's too long and hard to replace

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Quote from: Semar Mesem on August 07, 2021, 09:24:49 AM

Quote from: Duzter on August 06, 2021, 07:58:39 PM

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

Absolutely right, The Blockchain Technology has capabilities to replace not only current Banking system but also other areas of ecocmy including, Travel, health care sports and many many others. It has capacity to make systems efficient more transparent , decentrlized and easy traceabilitity of transactions as well as minimizes possiblities of corruption in economy which is good for everybody.

imstillthebest

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not blockchain but cryptos maybe because it was the cryptos where you put your money and not the blockchain although blockchain is like a home of cryptos .
. bfor now there are no signs that banks got weaker because of cryptos of blockchain but who knows maybe in the future there will be a transition that will happen . lots of people are going to love it for sure because finaly after a long years ,
there a big change that happen in the financial industry

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Quote from: Duzter on August 06, 2021, 07:58:39 PM

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

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Quote from: cabron on August 06, 2021, 08:11:45 PM

Quote from: Duzter on August 06, 2021, 07:58:39 PM

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Blockchain will not just change the blockchain system almost everything including as long as it needs recording or databases. NFTs are just one of the purposes of it and we wouldn't even count what it could do to piracy.

The banking system will however have to adopt the technology for its relevance. If you look at what paypal and Visa did for cryptocurrency, they will also do it.

every development that provides effectiveness and efficiency in a job will replace the old system, to make the work easier. we can see the relevance of blockchain, and actually can represent the banking system for now. whereas in a country of course there is a bureaucracy that must be obeyed, so it cannot be easily replaced, of course there must be several relevant agencies that approve it

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Quote from: Duzter on August 06, 2021, 07:58:39 PM

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Blockchain will not just change the blockchain system almost everything including as long as it needs recording or databases. NFTs are just one of the purposes of it and we wouldn't even count what it could do to piracy.

The banking system will however have to adopt the technology for its relevance. If you look at what paypal and Visa did for cryptocurrency, they will also do it.

Duzter

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BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

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Quote from: CaVO32 on August 06, 2021, 07:45:43 PM

Quote from: Johnyz on August 06, 2021, 06:49:12 PM

Quote from: ?? on ??

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.

We have been using the traditional banking system for a long time, it will not be easily replaced. So I agree that blockchain will not replace
the traditional banking system, at least in the near future it is very unlikely that this will happen. Although some banks are starting to learn
blockchain technology, but that does not mean the traditional banking system will be replaced. In my opinion, the most ideal is that both traditional
banking systems and blockchain can co-exist, that's the best for now. Moreover, it seems that the government is still comfortable with
the traditional banking system, so there is no urgent need that requires replacing it with blockchain.

CaVO32

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Quote from: Johnyz on August 06, 2021, 06:49:12 PM

Quote from: ?? on ??

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.

Johnyz

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Quote from: ?? on ??

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.

Viscore

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Quote from: ?? on ??

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.

For now, i don't see any chances that blockchain will come to replace traditional banking system. Yes, its more reliable compared with the old one but what i am seeing is that blockchain can be integrated into the traditional one which will help to cope up the fast changing technology we have at the moment.

People will definitely choose what will be more convenient and useful for them but this is a long way process before realization. Who knows? Maybe in the future blockchain will replace the traditional one but for now, the chance is very slim.

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Quote from: Argoo on August 01, 2021, 02:51:46 PM

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.

I think this is a question about whether or not blockchain can also fulfill many of the service functions that banks offer these days. Custody, financial management, and whatever else banks sell to people. Loans of course of different terms (short, medium, long-term).

With DeFi growing strong recently I think we will still need some time to figure out what blockchain can actually do for people compared to banks, but the thing is that development in blockchain is going at a high pace and won't stop while banks don't really know what to do against that. Now they start to slowly embracing it just to stay in the game for as long as possible.

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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.

sapnu

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When it comes to blockchain replacing the traditional banking system, I don't think we should seek after it cause it may work well if the two would collaborate on making things effective for the investors. Obviously, the traditional banking system is under the government's property which means they have control towards it as well as the ability to shut it down and that may happen if blockchain technology will get involved in it cause most of the people in the government is against it. Nevertheless, we should seek for improvement towards both always.

ilovealtcoins

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The function of a bank is to coordinate cash flow, so the bank is always controlled by the state. Blockchain is a good technology and it can help the banking industry to help with better regulation. Replacing the bank is such a lofty idea and it's not allowed because governments won't let that happen.

laredo7mm

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Blockchain based electronic money can replace traditional banking system but bitcoin alone can not. We can instead integrate blockchain to the current banking system and make some changes so that it can work in a decentralized way. Build and replace a current system with totally a new one takes lots of time and resource. So it will be better to upgrade the current system instead of replacing it with something totally new.

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Quote from: Dragonfund on July 28, 2021, 05:21:48 PM

There is something you need to know my friend.
Traditional financial institutions are the most corrupt set of organizations to ever exist and do you want to know why, tell them to employ blockchain for transparency, they will ignore and wouldn't want anything that will be public, they want to do everything at their way.
Banks would actually do and perform better if and if they accept blockchain and it fundamentals but I still be believe government would be limited on how they explore most of this thing as they dislike things they can't control.

This is true, banks are known to allow all kind of criminal organizations to use their services for a fee and they keep doing this because when the government realizes this instead of giving a very strong sanction to the people behind those banks what they do is that they give them a fine and since the fine is lower than what they charge to those criminal organizations then there is no incentive for banks to change their behavior, so it is likely that the blockchain technology is going to be used against us but not against clients that could be affected by it.

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Quote from: Obito on July 31, 2021, 04:27:45 AM

If we are talking about the system, probably we can use blockchain to replace the current banking system because I think using blockchain will help with the transparency in the banking industry since we can use it to trace people's dealings if we suspect them of foul play.

This is a good idea, currently account holder data is very confidential so there is a lot of financial crime and corruption, the presence of blockchain in banks is certainly an effective public control to reduce financial crime.

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Quote from: jinneas on July 27, 2021, 09:55:33 PM

The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?

I strongly believe in Blockchains and different innovations. I do hope that I will move to the Internet one day. I will not depend on anything physical then. I am going to create a digital identity for myself. And of course, in that world I will not need fiat money and banks, only digital currencies, that can't be regulated by anybody. Moreover, there are currencies that don’t change their value every day, so we can use them for payments easily.

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Quote from: Obito on July 31, 2021, 04:27:45 AM

If we are talking about the system, probably we can use blockchain to replace the current banking system because I think using blockchain will help with the transparency in the banking industry since we can use it to trace people's dealings if we suspect them of foul play.

Many countries are planning to launch their own central bank digital currency and we will see many in the next 5 years but the problem is that whether they will gain the momentum they are expecting, yes having every transaction in a blockchain will create a transparent economy but how many will be willing to move all their transactions like that, may be it might take another decade to see those changes.

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