Blockchain will not replace banks. However, the emergence of new technologies such as blockchain technology will force the banking industry to reform.
Blockchain is a distributed shared ledger and database. It has the characteristics of decentralization, non-tampering, openness and transparency, and can solve the problem of trust in transfers.
Inter-bank transfers between banks need to pay high handling fees, and the transfer amount will be limited by the banking system. Blockchain is a point-to-point transmission method that does not require a third party, which can save costs and improve transfer efficiency.
Topic: Can blockchain replace the traditional banking system? - page 4. (Read 860 times)
Judging by global trends, this is a very realistic scenario. But again, there are not so many specialists in this now, so we will wait and watch what happens.
The blockchain system has proven to be effective than banks, it's time for us to make it a priority by doing a lot of studies and research, I hope there are serious companies to develop this blockchain system so that bank transaction fees can be faster and cheaper.
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.
well, the issuance of various regulations regarding cryptocurrencies, I think it's because the use of banks is disturbed by it. Moreover, blockchain is currently one of the newest, and even profitable, payment methods. however, it could replace the current banking system. I also heard that some countries are developing their own cryptocurrencies. Well, it can happen, but it seems like a lot of regulations will hinder that.
The opportunity for banks to adopt blockchain technology is greater than the opportunity for replacement. Converged encryption continues to provide services for people and provide ordinary people with more control. The government will do its best to try to combat any skipping of using cryptocurrency services. In many countries, the government is considering using a digital version of the local currency, which will use blockchain technology.
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Central bank won’t allow this thing because banks is an established business for a decades now but I believe those banks can adopt blockchain technology to help improve their system and I know some banks already do this one so there’s no need for a blockchain to replace the traditional banking system. Fiat money will still be here despite of growing cryptocurrency, we can’t just live without it.
Replace traditional banking is yes, but as the beginning maybe we should say cooperate with traditional banking system first, as we know theres traditional banking sytem who has adopt blockchain on their operational, this is good start to merged fully to blockchain system, i think people knowing that traditional banking system is not transparant and has so many crack to scam us, so in the near future, we will see they are totally move to blockchain system.
Judging by global trends, this is a very realistic scenario. But again, there are not so many specialists in this now, so we will wait and watch what happens.
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?
https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844
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?
https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844
Blockchain technology itself is the best system for storing and transmitting data at the moment, but you should understand that if, for example, a banking system wants to use a blockchain, then it will develop its own blockchain. This is important, since some people think that banks will use, for example, the blockchain bitcoin or ethereum, but this is not the case. It is possible that the existing algorithms of other blockchains will be used in the banking blockchain, but in the end it will be its own blockchain and it will also be controlled by the banking system. This will probably also apply to the launch of their cryptocurrencies.
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Central bank won’t allow this thing because banks is an established business for a decades now but I believe those banks can adopt blockchain technology to help improve their system and I know some banks already do this one so there’s no need for a blockchain to replace the traditional banking system. Fiat money will still be here despite of growing cryptocurrency, we can’t just live without it.legendary
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Blockchain technology can be implemented in the banking system. In fact, it is the hope of all customers to be able to get a fresh banking system and also be more fair in the distribution of data.
However, here the bank has other considerations before deciding to implement Blockchain in the system. They risked their power of control by taking considerable risks. The use of blockchain is certainly safer from the customer's point of view, but from the company's point of view it will limit the movement of companies which results in reduced their income.
However, here the bank has other considerations before deciding to implement Blockchain in the system. They risked their power of control by taking considerable risks. The use of blockchain is certainly safer from the customer's point of view, but from the company's point of view it will limit the movement of companies which results in reduced their income.
The term blockchain here seems to be so one-dimensional. Blockchain alone, well probably yes if we have set up a whole reliable smart contract environment, it might be possible one day. One problem will be dispute resolution though. I don't know if you can solve any problem that can occur in financial relationships through mathematical equations. You would have to frequently tweak the incentive structure such that one day you really have a system that is sufficiently flexible to also be able to deal with yet unforeseen events. That will be hard to achieve, but maybe not impossible.
- Blockchain is decentralized, it will not be controlled by anyone, and it can effectively prevent problems such as data leakage or database intrusion in the banking system.
- Blockchain cross-border transactions can avoid many processes and links of bank transactions, and the transaction fees are low and fast transactions.
- The application of blockchain technology can provide traditional banks with a lower cost, efficient and safe transaction method.
I dont expect blockchain to replace traditional banking system, central bank will always be centralized and will always want to be in charge of their financial system. I expect the traditional banking to merge with blockchain wherebye enabling the use of stable coin alone, not the volatile coin but they can be stored as digital asset for the country for the future.
Same views and beliefs because as long do government exist then its just normal that they wont really be letting everything would be on transparent and being mixed with that decentralized stuff.They would always like that they should be always in control and its true that there might be some add ups but i dont really believe that it would replace that traditional banking system.
Innovation is good but placing something which had been used through ages and as long there are people who are on the top of the chain then they are the ones who would
making out those rules and never intent to adopt something which is totally opposing on what they do have in control.
It can be adopted and used, but not really for replacing for this time. But not know the future, maybe after the mass adoption and everything is ready already.
Not only on banking systems but also in several other systems in various companies or institutions.
However, maybe the adoption period will be compensated there is a government or control holder in the company. Because not everyone wants to change quickly. So it might take a longer time for adoption times like this. Especially if this happens in some countries that still have a lot of traditional payment methods.
Not only on banking systems but also in several other systems in various companies or institutions.
However, maybe the adoption period will be compensated there is a government or control holder in the company. Because not everyone wants to change quickly. So it might take a longer time for adoption times like this. Especially if this happens in some countries that still have a lot of traditional payment methods.
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Btw, Blockchain is a technology, not only about crypto. They can use blockchain technology for their system and that doesn't mean that they must create cryptocurrency also. But I do agree that it may not replace the traditional bank system for this time (not know about the future) They may adopt the technology like creating their own CBDC, but they won't be replacing their traditional banking anytime soon. This will really take time and consumers are not ready for this. Just be happy that today they are more open in this technology and trying to integrate it in their system via CBDC. But not all governments are into this development. Implementation of blockchain tech is not that easy when it comes to government because they have a lot of considerations, they need to think of their citizens that would possibly use it.
It can be adopted and used, but not really for replacing for this time. But not know the future, maybe after the mass adoption and everything is ready already.
Not only on banking systems but also in several other systems in various companies or institutions.
However, maybe the adoption period will be compensated there is a government or control holder in the company. Because not everyone wants to change quickly. So it might take a longer time for adoption times like this. Especially if this happens in some countries that still have a lot of traditional payment methods.
Not only on banking systems but also in several other systems in various companies or institutions.
However, maybe the adoption period will be compensated there is a government or control holder in the company. Because not everyone wants to change quickly. So it might take a longer time for adoption times like this. Especially if this happens in some countries that still have a lot of traditional payment methods.
-snip-
Btw, Blockchain is a technology, not only about crypto. They can use blockchain technology for their system and that doesn't mean that they must create cryptocurrency also. But I do agree that it may not replace the traditional bank system for this time (not know about the future) 
I dont expect blockchain to replace traditional banking system, central bank can will always be centralized and will always want to be in charge of their financial system. I expect the traditional banking to merge with blockchain wherebye enabling the use of stable coin alone, not the volatile coin but they can be store as digital asset for the country for the future.
Central bank won’t allow this thing because banks is an established business for a decades now but I believe those banks can adopt blockchain technology to help improve their system and I know some banks already do this one so there’s no need for a blockchain to replace the traditional banking system. Fiat money will still be here despite of growing cryptocurrency, we can’t just live without it. 
I think it is far too early to say that "Although it is well known that it cannot replace cash". I am not saying this can happen anytime real soon, it's absolutely possible that this could happen down the road. I think blockchain has the potential to change a lot of different ways companies keep track of information or transact data and we are already seeing banking systems making these type of implementations.
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?
https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844
Banks are not imposing any changes into their financial system since all they are trying is to suppress the new blockchain digital payments with the tag of criminal money. Some governments even banned cryptocurrency without strong reason or simply because it affects their cashflow system. 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?
https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844
While cryptocurrency is completely decentralized means no one can stop you from using it but you need mass people to realize that.
I don't think so, at least not in the near future. Too much is tied to banks, such as loans. Will people be able to take out loans in cryptocurrency?
Will it be safe, because cryptocurrency is extremely volatile and in case of growth, you will have to pay much more than you took.
- There are also some crypto loan services in the moment, the principle may be rudimentary and relatively risky and not as optimal as the rule of a traditional bank, but this is also considered a breakthrough for people to have loans on the blockchain platform and help blockchain have opportunity to replace traditional banking. Perfecting and honing these rudimentary principles to the best, blockchain will be partially used in the future but it will be parallel, rather than a stand-alone alternative. Will it be safe, because cryptocurrency is extremely volatile and in case of growth, you will have to pay much more than you took.
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