In Ukraine, there's a plan to move all sorts of governmental registers on blockchain, as well as adopt cryptos and introduce a centralized local fiat-based cryptos in 3 years. However, the intention is not to replace the banking system with it, but to supplement it with blockchain. As for replacement, I think it's possible only hypothetically, but is highly unlikely. Scalability is a huge issue, so we either need it solved or we need lots of cryptos functioning in harmony to get the load of transactions reasonably distributed. It's all hard to pull off, not to mention the backlash by the banking industry.
That's actually pretty good because with blockchain having the ledger feature, transparency in the government dealings is going to be useful. I don't know much how Ukraine does but if they can probably stop the fight against Russia, they might have the money to expand and solve the scalability issue. 
Topic: Can blockchain replace the traditional banking system? - page 6. (Read 860 times)
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.
And that will depend on how transparent, immutable, decentralized the Banks Blockchain would be. If you take away some of the most important features like transparency, immutablity, decentralization, you would be attracting stronger regulation from central authority/government. The best way to keep them far away is to have no reason to be regulated by them.
I feel that it is hard to see government actually replacing their finical system with blockchain, that is due to the fact that the blockchain network has to be decentralized and uncontrollable by any part, which banks and the current finical system is against it, because they need to be in control to mange the transaction that are happening, which means they need to be able to stop a transaction if they want to, that is why currently banks exist.
In Ukraine, there's a plan to move all sorts of governmental registers on blockchain, as well as adopt cryptos and introduce a centralized local fiat-based cryptos in 3 years. However, the intention is not to replace the banking system with it, but to supplement it with blockchain. As for replacement, I think it's possible only hypothetically, but is highly unlikely. Scalability is a huge issue, so we either need it solved or we need lots of cryptos functioning in harmony to get the load of transactions reasonably distributed. It's all hard to pull off, not to mention the backlash by the banking industry.
I don't think that blockchain technology will completely wipe out banks. Banks will find a way to adapt to it, or at least create other aspects to continue to exist. Blockchain and traditional banking will coexist, and everything will become a fact of survival of the fittest at some point.
Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.
Not wipeout but replace although, I don't think that I am going to say that it can replace because it works in counter with banks, blockchain eliminates the middle man and banks in a sense are a middle man to any kind of transaction, so I don't think that they will probably allow blockchain to be the dominant one.Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.
Not quite yet, but it will eventually.
Whether blockchain technology will replace traditional financial services or not is a matter of political will and corporate interest. No one can guarantee that the blockchain economy will replace the existing banking system, but one thing is sure – blockchain technology will bring a new revolution to the way financial services are being used in the future.
There are many threads available in this forum that discuss this particular topic op.
Example: https://bitcointalksearch.org/topic/conventional-banking-and-blockchain-technology-5026105
Blockchain technology is being used for certain applications by various countries in different ways. Basically, expecting blockchain to replace the traditional banking system is silly. If it was actually possible, don't you think it would have happened already?
Example: https://bitcointalksearch.org/topic/conventional-banking-and-blockchain-technology-5026105
Blockchain technology is being used for certain applications by various countries in different ways. Basically, expecting blockchain to replace the traditional banking system is silly. If it was actually possible, don't you think it would have happened already?
I don't think that blockchain technology will completely wipe out banks. Banks will find a way to adapt to it, or at least create other aspects to continue to exist. Blockchain and traditional banking will coexist, and everything will become a fact of survival of the fittest at some point.
Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.
Not wipeout but replace although, I don't think that I am going to say that it can replace because it works in counter with banks, blockchain eliminates the middle man and banks in a sense are a middle man to any kind of transaction, so I don't think that they will probably allow blockchain to be the dominant one. Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.
I don't think that blockchain technology will completely wipe out banks. Banks will find a way to adapt to it, or at least create other aspects to continue to exist. Blockchain and traditional banking will coexist, and everything will become a fact of survival of the fittest at some point.
Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.
Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.
By design, blockchains are resistant to data modification. Blockchain is a distributed ledger, Blockchain was designed from the ground up to be secure and is an example of a distributed computing system with a high Byzantine Fault Tolerance (BFT). and if you look at it from here, actually the concept of blockchain is almost the same, just more modernization because you see civilizations that are getting more and more advanced.
Besides that, the feature that uses this intelligent centralized system I think is very beneficial for blogchem to continue to grow because I think this is very important apart from avoiding third parties with a decentralized system so transactions are faster.
but I prefer to use this as an alternative and not replace the existing system because now the system that implements this blockchain is not only Bitcoin and outline but there are others who use block chains as their means, for example, cdbc which is now already using blockchain whereas on the other hand cdbc is a currency with a fully centralized system.
Besides that, the feature that uses this intelligent centralized system I think is very beneficial for blogchem to continue to grow because I think this is very important apart from avoiding third parties with a decentralized system so transactions are faster.
but I prefer to use this as an alternative and not replace the existing system because now the system that implements this blockchain is not only Bitcoin and outline but there are others who use block chains as their means, for example, cdbc which is now already using blockchain whereas on the other hand cdbc is a currency with a fully centralized system.
Decentralized features, no need to rely on a third party, transaction Sudujia is fast
Not only decentralized currencies are making use of blockchain technology again. Although, it started from Bitcoin, while altcoins also make use of blockchain, now CBDC are also now making use of blockchain, but CBDC are completely centralized currencies. If you are relating it to decentralized currencies, just know that both centralized and decentralized currencies are existing for good reasons, decentralized currencies like Bitcoin as an alternative is the best, not a replacement but as alternatives.
Blockchain as whole decade old technology and it's based on public ledger. If we forget few instances in the past then blockchain truly complies with the "Data Integrity" structure and thus making it reliable platform to run the operations of traditional banking system. Even giants like MasterCard is already into this and plotting big plans for the adoption of Blockchain into its network.
Article: MasterCard and it's blockchain project This one is really deep article and everyone must read if they are enthusiastic about the MasterCard.
However, then we have things like Government, Political power, Big Bankers and those 1% who will never wish to give away the power to control monetary system at all. Lets remember one thing, current monetary system is so deep rooted that it can never be replaced by such new tech like blockchain.
"They may adopt it for certain usage, but they won't let dilute their power over it!"
Article: MasterCard and it's blockchain project This one is really deep article and everyone must read if they are enthusiastic about the MasterCard.
However, then we have things like Government, Political power, Big Bankers and those 1% who will never wish to give away the power to control monetary system at all. Lets remember one thing, current monetary system is so deep rooted that it can never be replaced by such new tech like blockchain.
"They may adopt it for certain usage, but they won't let dilute their power over it!"
Quote
Central banks are currently the dominant structure nations use to manage their economies. They have monopoly power and are not going to give up that power without a fight. While Bitcoin and other digital currencies have generated significant interest, their adoption rates are minuscule and government support for them is virtually nonexistent.
Amazing article related to your question - Article: Can Bitcoin Kill Central Banks? 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?
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?
The operating idea of the blockchain system is to replace traditional solutions with payment infrastructure with a higher level of security and efficiency. At present, major mainstream practitioners seem to have to face "either adapt or die."
The overall development trend can be said from four aspects:
- Decentralized features, no need to rely on a third party, transaction Sudujia is fast
- As a representative of the blockchain, Bitcoin has a higher safety factor and more and more application scenarios.
- Cross-border transactions can effectively evade the SWIFT settlement system. As a sovereign country, it can avoid US economic sanctions and hegemony threats
- The key factor is lower transaction costs, and future transactions will be faster without waiting.
I am very confident that blockchain and Bitcoin will replace the existing banking system in the future. The unfriendly policies of many countries also fully demonstrate that their interests are threatened, but the development of the times is unstoppable.
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
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