No, i don't think it is much easier. A bank account on blockchain is doing KYC like in an exchange. You have to take a selfie and send almost the same documents than opening a bank account.
Except you don't sign any document and there is nobody assisting you how to take the pictures and why the pictures are not recognize by the system.
And why would someone want to open a bank account with a company doing cryptos? To accumulate cryptos? But with the volatility i don't really see this happening. If it is only for trading, an exchange is enough.
And having a wallet for your crypto is enough. You don't need any intermediate to keep your cryptos. You don't want to give them your private keys.
Topic: Do you think opening a real bank account could be much easier using blockchain? (Read 1132 times)
September 11, 2019, 03:57:25 AM
September 11, 2019, 03:30:26 AM
I both use a digital bank and also my crypto. Its not about how easy it is or how hard it is, if people want to really speed up bitcoin and blockchain they could literally use lightning network and we would have miliseconds for transactions, lets say 5 seconds the difference is not really that big.
However, people are not after trying to change bitcoin and its blockchain, everyone has their own reasons and those reason could change, like exchanges want to charge more, casinos want to charge more, people want to use stuff their friends use. That is why digital banks are easier to use in the customer sense however crypto offers a lot more stuff than just being easy to use, it offers protection of your networth, it provides you with decentralized currency away from any dictators hands. Bitcoin and blockchain is far bigger than just ease of use.
However, people are not after trying to change bitcoin and its blockchain, everyone has their own reasons and those reason could change, like exchanges want to charge more, casinos want to charge more, people want to use stuff their friends use. That is why digital banks are easier to use in the customer sense however crypto offers a lot more stuff than just being easy to use, it offers protection of your networth, it provides you with decentralized currency away from any dictators hands. Bitcoin and blockchain is far bigger than just ease of use.
September 09, 2019, 10:00:10 PM
I think creating a bank account does look easier because you are assisted by several employees who work at the bank so creating a bank account is very easy, in contrast to a blockchain account which is a technology that does not help you to create an account and is ready to use for transactions.
If blockchain technology would be properly harnessed, you probably won't need help because you can all do it by yourself in a few clicks. Less hassle and much more smoother transactions/applications.
September 08, 2019, 11:51:31 PM
I think creating a bank account does look easier because you are assisted by several employees who work at the bank so creating a bank account is very easy, in contrast to a blockchain account which is a technology that does not help you to create an account and is ready to use for transactions.
September 08, 2019, 09:07:20 PM
Blockchain processing is proven much faster, easier and secured so i believe it will benefit any institution that will use the technology like the banks and any government related services. Although blockchain services is much costly due to mining services but still its worth if our time will be save for our other concerns.
September 08, 2019, 08:14:52 PM
Sure it could be much easier if we'll talk about how smooth the transaction would be. I haven't heard about SelfKey yet though. Are they even active now? Anyway, hopefully banks would give blockchain a chance. The greatest disadvantage if they'll be adapting to this new innovation, is that their entire system must be retooled.
Yes, pretty much active. i have just read their August progress report on their website. Everything's good so far.
September 08, 2019, 08:13:08 PM
Sure it could be much easier if we'll talk about how smooth the transaction would be. I haven't heard about SelfKey yet though. Are they even active now? Anyway, hopefully banks would give blockchain a chance. The greatest disadvantage if they'll be adapting to this new innovation, is that their entire system must be retooled.
September 05, 2019, 09:22:04 PM
A good thing in my opinion if it is applied. It will be very helpful in completing the process which has been considered too complicated. Hopefully, with the release of their bank account market, the complexity can be overcome.
I agree. The current status of KYC processes for financial services does take too long and so tiring to be honest. There's lots of room for improvement in this industry so I'm looking forward for this to be streamlined.
September 04, 2019, 11:00:05 PM
We can not deny the fact that banks offered more secured system because they are centralized. We can only trust our KYC with them. But when it comes to conveniency, we can trust cryptocurrency. More easy transactions, easier to access and fast to monitor our funds. However, when it comes to secured personal info, since it gives anonymous transactions aside from exchanges where KYC is needed, then it is also give benefits.
There are now alternative ways to manage KYC though like KYC-Chain. They're a compliance solution that offers fast and accurate Identity Documents Verification. It's a step forward for the standard KYC that banks traditionally use which obviously has a lot of bottlenecks in their process.
September 04, 2019, 01:58:05 AM
A good thing in my opinion if it is applied. It will be very helpful in completing the process which has been considered too complicated. Hopefully, with the release of their bank account market, the complexity can be overcome.
September 04, 2019, 01:46:57 AM
Sorry, maybe a little off topic. But can someone explain to me why I should provide my personal data to any cryptocurrency startup or bank? Why do they need my personal data if all operations occur with an account, and not with my name.
In SelfKey's case, they're offering an identity management system wherein the wallet users hold their data so you won't actually need to provide your personal data directly to them. Instead your digital identity will be stored in your device, thus, incase banks or SelfKey's servers may be hacked, your data won't be compromised like what just happened in the Binance KYC hack that spread just recently. So yeah, convenience in applying for financial services is what they're offering and i find their concept actually great.
September 03, 2019, 06:51:07 PM
There are factors to consider like the required KYC documentation for the chosen bank account and AML stuff. Selfkey would be releasing their bank accounts marketplace though. It seems like it will make the application process more efficient and easy that it can be completed in a matter of minutes. What are your thoughts on this?
It's not too far to happen more likely. Several banks are using Blockchain technology for their transactions for the sake of transparency, speed, and probably transaction costs. I'll be glad if all of banks worldwide would adopt Blockchain even though they'll require KYC or whatsoever since before it will happen, fot sure that there will be regulations and rules that banks need to obey and inplement to their clients hence action of money laundering is still not tolerable. September 03, 2019, 03:27:17 PM
Sorry, maybe a little off topic. But can someone explain to me why I should provide my personal data to any cryptocurrency startup or bank? Why do they need my personal data if all operations occur with an account, and not with my name.
September 03, 2019, 02:36:22 PM
This will really make the complete process of opening back account faster and easier.
Though, we have to see how the banks will use it. At the moment most kyc records are in centralized manner, introduction with blockchchain technology will definitely change it.
Though, we have to see how the banks will use it. At the moment most kyc records are in centralized manner, introduction with blockchchain technology will definitely change it.
I use banks more often (I have to do it as I have the main job), and it is OK with me to open an account in a bank. However, we should all remember that the money in your bank account is a liability - in other words, the bank owes you. However, in fact, due to the fact that the balance of your account on the ATM screen, in fact, shows the amount of debt, if the organization, the "debtor" has problems, you are likely to lose your funds.
September 02, 2019, 09:16:28 PM
The technology shift will lead to it and I see that the blockchain is already being looked at by banks, just look at Ripple isn't it intended for banking?
September 02, 2019, 09:09:04 PM
Once it is done using blockchain, it isn't real bank account any longer it is blockchain banking. Yes it is possible to use the blockchain technology and apply to banking system, such banks will do well than what we already have in our conventional banking system. It will correct most errors in today's banking system.
September 02, 2019, 08:42:12 PM
This will really make the complete process of opening back account faster and easier.
Though, we have to see how the banks will use it. At the moment most kyc records are in centralized manner, introduction with blockchchain technology will definitely change it.
Though, we have to see how the banks will use it. At the moment most kyc records are in centralized manner, introduction with blockchchain technology will definitely change it.
True. It might take a while before centralized entities would be more open to opportunities that can be brought by blockchain technology. But at least we can see that something is being done to at least start this kind of innovation.
September 01, 2019, 09:21:44 PM
What are you talking about , what selfkey?
If you are thinking of some kind of digital key which is unique for any of us, then it would be very similar to the KYC. ID is unique information of each of us. Im this case there is not much difference anyways.
If you are thinking of some kind of digital key which is unique for any of us, then it would be very similar to the KYC. ID is unique information of each of us. Im this case there is not much difference anyways.
Hmm the difference would be how the whole process is now streamlined. Aside from it having a marketplace that lists many jurisdictions in one app, the KYC process is more efficient as you won't need to complete your KYC info over and over again when you'd want to process your bank/corporate application. 'Cause as I observed, most who were looking to sign up for any financial services will find most KYC procedures create fiction, resulting in a poor user experience.
September 01, 2019, 12:16:45 PM
What are you talking about , what selfkey?
If you are thinking of some kind of digital key which is unique for any of us, then it would be very similar to the KYC. ID is unique information of each of us. Im this case there is not much difference anyways.
If you are thinking of some kind of digital key which is unique for any of us, then it would be very similar to the KYC. ID is unique information of each of us. Im this case there is not much difference anyways.
September 01, 2019, 12:09:15 PM
It is planned to be launched in September. And I am also waiting to have a look at the app, when it is ready
Makes sense! And I will also be waiting for the launch. Thank you very much for your recommendation mate
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