The future of banking industry in blockchain

TrevorS

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Quote from: brotherwood12 on April 19, 2020, 10:57:38 AM

hope after this pandemic end , the future bank still begin , also this pandemic tell us that "online"-ing something was really important nowdays i guess

The pandemic forces us all to be online, so the number of online values is increasing.
Whether the banking system will change after the crisis or not depends on what will happen during the crisis. Historical things are happening now, such as an unprecedented drop in oil prices.
Many banks will go bankrupt due to this event.

n0ne

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Through BlockChain technology usage lot many changes have been experienced on most of the functional sector. In specific banking industry has now began to use BlockChain technology much more than other sectors. As of now most were in the testing phase and small level financial service renders have used BlockChain technology completely. Possibly within 2022 we can expect a big change through the technology advancement.

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Quote from: TrevorS on April 21, 2020, 02:55:05 PM

Quote from: brotherwood12 on April 19, 2020, 10:57:38 AM

hope after this pandemic end , the future bank still begin , also this pandemic tell us that "online"-ing something was really important nowdays i guess

The pandemic forces us all to be online, so the number of online values is increasing.
Whether the banking system will change after the crisis or not depends on what will happen during the crisis. Historical things are happening now, such as an unprecedented drop in oil prices.
Many banks will go bankrupt due to this event.

Why do you think banking system is directly affected by the drop of oil price? Do you really think that they will bankrupt due to this? I don't think so, or maybe i misunderstand your point.
Banks have their products that still can be marchandised even in crisis periods. Not all products are available, i know, but the chance for banks to survive is much more significant than many other industries.
Banks also has their online products that would have a huge growth during the pandemic. Take the example of digital paiement methods like apps and virtual cards.

Cratoon

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I had high hopes for NEXO as an alternative (blockchain) banking system, but heard they got some problems with the law in the US soil which affected some of their investors.
I believe we can make the banking industry in blockchain as our future, if we will use some crypto for daily transaction (buying basic items, paying for services). Until that, we have to deal with exchanges, banks and the traditional payment systems.

brotherwood12

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hope after this pandemic end , the future bank still begin , also this pandemic tell us that "online"-ing something was really important nowdays i guess

lixer

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It is not a shock to world that banks would eventually move to blockchain, it is basically the best ledger system in the world and it is decentralized as well so you can actually never crack it but also you can never destroy it or never lose it neither. So, all these banks could have their own version of ledgers and literally in a world where technology no longer exists, if they can find just a single computer in all world, they could put the blockchain into USB and then print it whenever they want.

So, this is basically the 100x better version of what they were using which was usually built in house server systems that shows the same thing but much less reliable. This is basically no shock to anyone that banks are starting to use blockchain because why not? It is better after all.

Smitty Werben Man Jensen

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Quote from: verita1 on April 18, 2020, 07:57:44 AM

Quote from: silversurfer1958 on April 18, 2020, 05:11:06 AM

I cannot access the website you have posted here, but I would also like to recommend a case where blockchain has been successfully applied in a bank.
In Vietnam, a private bank TPbank has officially applied blockchain through Ripplenet system and everything works great. Now people can transfer money across countries easily with just a few minutes and low transaction fees.

The link is broken, you can access it with this one. The article has good information that I did not know before. And since we support the blockchain industry we like to be well informed.

https://changelly.com/blog/blockchain-in-banking-industry-use-cases/

I think Ripple will lead the blockchain technology in banking. Thanks for sharing your experience.

naturally if Ripple became a future banking candidate. because the mass adoption rate is very high, making Ripple the most active project in advancing the banking industry in blockchain technology, but it is still very early if banks depend on the Ripple project, competition is of course very tight, don't trust 100%

celot

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I know is not actually correct news when band want to adopt bitcoin and blaockchain in their system working, more than last three years when bitcoin on the top price many good news with some project want to be partner for bitcoin and altcoin, but at the least when bitcoin going down not have new platform to be partner for bitcoin.

verita1

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Quote from: silversurfer1958 on April 18, 2020, 05:11:06 AM

I cannot access the website you have posted here, but I would also like to recommend a case where blockchain has been successfully applied in a bank.
In Vietnam, a private bank TPbank has officially applied blockchain through Ripplenet system and everything works great. Now people can transfer money across countries easily with just a few minutes and low transaction fees.

The link is broken, you can access it with this one. The article has good information that I did not know before. And since we support the blockchain industry we like to be well informed.

https://changelly.com/blog/blockchain-in-banking-industry-use-cases/

I think Ripple will lead the blockchain technology in banking. Thanks for sharing your experience.

verita1

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Take a look at the link and I've followed the information on the Banks to discover how the technology applies and choose.
Banco Santander (Spain)
It has announced in April 2018 the launch of OnePay FX, a new blockchain service using Ripple’s xCurrent technology to carry out transfer services in Spain, the United Kingdom, Brazil, and Poland.
It is unavoidable. Banks will embrace blockchain technology because they will have to satisfy the needs of their users.

Blockchain in Banking Industry Use Cases
https://changelly.com/blog/blockchain-in-banking-industry-use-cases/

One Pay FX: blockchain for streamlining international transfers
https://apps.apple.com/us/app/one-pay-fx/id1363143795

silversurfer1958

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I cannot access the website you have posted here, but I would also like to recommend a case where blockchain has been successfully applied in a bank.
In Vietnam, a private bank TPbank has officially applied blockchain through Ripplenet system and everything works great. Now people can transfer money across countries easily with just a few minutes and low transaction fees.

bdivrik

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What Blockchain offers us. A more transparent transfer system. And what's the most important thing? Approval in blockchain transactions is not a state guarantee. Blockchain transfers are guaranteed by mathematics. Yes, there are suspicious things that need to be resolved. But it's still a good alternative.

Kimonoe

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Quote from: pragna on December 25, 2019, 08:56:19 AM

Quote from: btc_love on September 11, 2019, 10:55:19 AM

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

If so this is very good news for us but matter of sorrow that this article did not opening here. Basically if any government try to use blockchain technology widely that must be in financial system i think. Because every county financial system is major portion and beside this other side can be use it. So think as other sides cover blockchain technology, banking system will also cover it soon.

especially now that some banks have reportedly started using the blockchain, of course this can be a stimulus for other banks so as not to lag behind in terms of service to the public. of course people will also choose fast and safe services

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Quote from: South Park on December 27, 2019, 02:57:08 PM

Quote from: btcmurat on December 23, 2019, 09:40:00 AM

Banks can invest in blockchain. But they need more time. The current order was established in almost 150 years. I don't think they will be very enthusiastic about a new economic model or a transfer model. Maybe they'il have to change.

Revolutionary change is not possible when things are still relatively stable, that is why we do not see people very enthusiastic about adopting bitcoin because they do not really see the need for it when according to them the fiat system is still working great, but at the same time we know that the current system is flawed and that it cannot last forever, and we also know that bitcoin is going to be around here for a long time since governments do not have the power to destroy it, and finally when the system begins to show that it is about the fall that is when everyone including banks will try to find a way to include bitcoin in the new economic system.

Revolutionary changes will take immediate effect with certain things, when it comes to financial development or financial accessibility people are much used to the fiat system as well as the banking system. With blockchain technology integrated into the banking this will be made more efficient than the present banking process followed. Already more banks have begun the process understanding the need of blockchain technology while few are under testing after development.

South Park

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Quote from: btcmurat on December 23, 2019, 09:40:00 AM

Banks can invest in blockchain. But they need more time. The current order was established in almost 150 years. I don't think they will be very enthusiastic about a new economic model or a transfer model. Maybe they'il have to change.

Revolutionary change is not possible when things are still relatively stable, that is why we do not see people very enthusiastic about adopting bitcoin because they do not really see the need for it when according to them the fiat system is still working great, but at the same time we know that the current system is flawed and that it cannot last forever, and we also know that bitcoin is going to be around here for a long time since governments do not have the power to destroy it, and finally when the system begins to show that it is about the fall that is when everyone including banks will try to find a way to include bitcoin in the new economic system.

pragna

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Quote from: btc_love on September 11, 2019, 10:55:19 AM

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

If so this is very good news for us but matter of sorrow that this article did not opening here. Basically if any government try to use blockchain technology widely that must be in financial system i think. Because every county financial system is major portion and beside this other side can be use it. So think as other sides cover blockchain technology, banking system will also cover it soon.

iv4n

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Quote from: FanEagle on December 23, 2019, 04:02:01 AM

Banks are already working in hand with crypto companies as we speak right now.
For example, in my country ripple is working with two banks to help them get their transactions faster and cheaper.

Yes, I don't like ripple but that means banks that are working with ripple are looking into crypto and if they succeed and get better deals thanks to ripple they may also start to hire more blockchain developers themselves and move into in-house system which would be awesome.

Banks will not become blockchain based over night, that could never happen, these are trillion dollar goliaths that are super high end, it will take years before they could even slightly alter anything, even digital banking took over 10 years to reach where it is right now and we still have a long way to go, but as long as it is in the path right now that means we will get there eventually.

You are right, some banks already work with some crypto currencies, ripple is just one of them. Some banks will do it like that, they will just take existing coins and they will develop their business with them, but some banks will make their own coin or token, they will create their chain, explorer.
Generally it's what we discussed here on forum years ago, that one day entire banking system will use blockchain in one way or another. Blockchain is better, its faster and more secured, traditional systems don't have a chance against blockchain. We are in the middle of transition times, I believe that first banks that fully embrace blockchain will be the banks that will be on top.

GideonGono

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Quote from: X-ray on December 23, 2019, 05:36:42 PM

Quote from: tartibaya on December 23, 2019, 05:05:05 PM

Mobile banking will become much more important in the future. Bitcoin is reaching everyone's cell phone. But many people in the world still don't have bank accounts. There will be a new situation. I don't think bankers will miss this.

Even today mobile banking is already much important than it is a year ago. So many countries are already implementing that's called cashless society and financial technology already dominates every corner of society. But unfortunately, it's in favour of the bankers because these fintech are essentialy an extention of these banking industry and just a bank in disguise.

Also not all the investor do agree from bitcoin. Also some crypto currency do connect with the banks to convert the digital money into fiat. Banks I think does not never disappeared, maybe it can reduce it's users but it will never be lost.

kotik085

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That's why they are small banks to deal with crypto. It should be borne in mind that large banks do not require blockchain.

X-ray

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Quote from: tartibaya on December 23, 2019, 05:05:05 PM

Mobile banking will become much more important in the future. Bitcoin is reaching everyone's cell phone. But many people in the world still don't have bank accounts. There will be a new situation. I don't think bankers will miss this.

Even today mobile banking is already much important than it is a year ago. So many countries are already implementing that's called cashless society and financial technology already dominates every corner of society. But unfortunately, it's in favour of the bankers because these fintech are essentialy an extention of these banking industry and just a bank in disguise.

Topic: The future of banking industry in blockchain (Read 2855 times)