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Topic: Can blockchain replace bank? - page 34. (Read 4209 times)

member
Activity: 458
Merit: 10
October 06, 2018, 03:43:18 PM
Blockchain and bank are different. Blockchain is a new technology that brings improvement on the technology used by bank. Therefore its not possible for blockchain to replace bank because bank is an organization while blockchain is a technology. Its however possible that in the future, the banks may adopt the blockchain technology.
sr. member
Activity: 854
Merit: 253
l0tt0.com
October 06, 2018, 03:36:06 PM
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?

The blockchain is a technology-only concept that is used in many industries, not just cryptocurrency. Therefore, it can not be said that blockchain can replace the bank as this is totally unfounded. That I can assert that cryptocurrency cannot replace the bank in the future.
full member
Activity: 476
Merit: 100
The BISTOX exchange - OWN WHAT YOU TRADE
October 06, 2018, 03:05:48 PM
I see a great interest in banks to decentralized systems, many are already testing the blockchain in their work. Blockchain provides great opportunities for banks in the field of smart contracts for automation of their activities. But everyone is waiting for proper regulation, at least in my country. At such moments, I want to move to Japan. Grin
sr. member
Activity: 1372
Merit: 322
October 06, 2018, 02:10:46 PM
"Will the banks use blockchain technology?"
Banks are already using blockchain for transactions. Ripple can be a good example but the only thing I hate about Ripple is about their centralized system. There is no mean of being centralized. Anyway, I think soon people will force Banks to use blockchain.
full member
Activity: 476
Merit: 100
October 06, 2018, 02:07:44 PM
I think blockchain is not created to replace existing structures, they are present as a complement or other alternative that can be an option
full member
Activity: 784
Merit: 101
October 06, 2018, 02:04:50 PM
I don't think the blockchain will be able to replace a bank, even though Crypto has an advantage that is not owned by the bank, but the bank also has advantages that Crypto does not have, and both of these cannot be replaced
member
Activity: 504
Merit: 10
October 06, 2018, 01:43:07 PM
Of course, maybe today I know several projects that want to introduce blockchains in the bank’s system, and there are several world banks that are already considering such a proposal.
full member
Activity: 686
Merit: 100
October 06, 2018, 01:17:54 PM
of course that will happen, if each blockchain technology has clear asset and transparency security to protect its consumers from losses due to blockchain it is an investment whose value changes. especially for every situation market
maybe Blockchain can replace banks, but I think it's still very far because it's not easy to replace something that has been attached to many people, especially banks are still fine now.
but if the bank uses blockchain technology then I think the possibility is very big to happen.
member
Activity: 910
Merit: 12
October 06, 2018, 01:10:06 PM
I don't think that's gonna happen in the near future. Perhaps 4-5 year later, banks will start to use blockchain technology. But I think it is impossible for the banks to close completely.
member
Activity: 322
Merit: 10
Proof-of-Stake Blockchain Network
October 06, 2018, 01:05:39 PM
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?

Theoretically, he can do it. The main thing that the project team has registered a legal entity in the pages where it will carry out activities.
full member
Activity: 938
Merit: 137
October 06, 2018, 12:34:21 PM
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?
No, neither blockchain technology nor cryptocurrency will ever be able to replace banks. This is impossible if only because banks perform a number of specific functions. Banks serve the economy of each state, the state budget, crediting the economy and social programs, maintain current and other accounts of businesses and individuals, and much more. Banks actually became part of the state and will exist as long as the state exists.
full member
Activity: 672
Merit: 100
October 06, 2018, 12:29:25 PM
of course that will happen, if each blockchain technology has clear asset and transparency security to protect its consumers from losses due to blockchain it is an investment whose value changes. especially for every situation market
full member
Activity: 602
Merit: 100
October 06, 2018, 12:23:16 PM
If you ask this question, then I think that you should already understand that such questions imply a very large amount of faith in you, think for yourself, blockchain is just a registry, but if you add smart contracts there, everything will work.
member
Activity: 406
Merit: 11
October 06, 2018, 12:18:09 PM
Blockchain and banks are in different field and capability.
Blockchain will stay forever and many businesses will adopt this technology.
While banks will not disappear as they will adjust with cryptocurrency for the people to continue use them.

Yes I agree, banks and blockchain are entirely different as there are many major set backs in cryptocurrency. Bank will provide real money as loan, credit etc. Similarly you do not have such option here. Government will look into the entire process and it's stability.
jr. member
Activity: 406
Merit: 3
October 06, 2018, 12:17:58 PM
Perhaps in the future, banks will use blockchain technology, I think it would be very convenient.
full member
Activity: 476
Merit: 100
October 06, 2018, 12:16:08 PM
To date, the blockchain is not yet ready to completely replace the banking system. There are still a lot of bad things that need to be eliminated. In future? Yes! I admit this opportunity!
full member
Activity: 448
Merit: 100
October 06, 2018, 12:15:32 PM
The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?

The key things that make crypto more reliable than banks is the transparency and low cost fees. The question is not whether blockchain can replace the banks because use cases show it can. The issue is if government or banks are willing to switch to this technology, bearing in mind that they need to become transparent.
full member
Activity: 644
Merit: 103
October 06, 2018, 12:10:20 PM
I think bank is not easy to replace, but bank can adopt blockchain technology in future to bring transparancy to ecosystem, this will bring more people to bank itselft because they feel more secure because can check and trace their fund more easy
member
Activity: 462
Merit: 10
October 06, 2018, 12:08:34 PM
The blockchain is still blockchain which is a sophisticated technology.
And the bank is a fiat storage place which later can also adopt crypto with blockchain.
full member
Activity: 450
Merit: 100
October 06, 2018, 11:59:15 AM
No. Blockchain is a technology while bank is an organization. They can't replace each others.

Right. And many people believe bank very much than blockchain and cryptocurrency. Crypto loving people loved cryptocurrency very much, but whole world not fully involved with crypto. So it is not possible to replace.
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