Topic: Why Banks on blockchain? - page 6. (Read 24915 times)
The banks need to keep up with the trend and the change that the generation is adapting to. This is the reason that they are accepting the blockchain technology because they feel threatened b the increase in the popularity the market is getting day by day.
Blockchain has the potential to transform business models, to connect counterparties in a new way and to achieve a considerable increase in efficiency. Transactions based on CryptoFinance are handled directly between payer and recipients, which changes the role of intermediaries.
I think because they're the first one to lose business when blockchain and cryptocurrencies dominates. Another point is, the blockchain is unhackable and cannot be counterfeited.
https://cointelegraph.com/news/singapore-central-bank-partners-with-deloitte-nasdaq-on-blockchain-asset-settlement/amp
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain? Please share your opinions . Is it really helps rural banks and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the mass market and brings down the cost of service?
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain? Please share your opinions . Is it really helps rural banks and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the mass market and brings down the cost of service?
I dont think there are any reason for bank to join in blockchain for now.
Unless the cryptocurrency used globally in the world, there won't be any reason for bank to join i guess.
Cryptocurrency need more public awareness so the peoples will mass adopting the blockchain.
I think the main bank benefit is immutability. Blockchain holds data forever and it is distributed across the network.
The actual banking institutions along with other establishments noticed the actual success associated with blockchain. These people desired to adjust this in order that it can make their own dealings quicker as well as less expensive. In addition to that, it really is really simple to use. Blockchain includes a excellent possible later on.
https://cointelegraph.com/news/singapore-central-bank-partners-with-deloitte-nasdaq-on-blockchain-asset-settlement/amp
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain? Please share your opinions . Is it really helps rural banks and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the mass market and brings down the cost of service?
Of course, the introduction of blockchein technology in banks greatly enhances their effectiveness. If before that, transactions with the outdated SWIFT method took from several hours to several banking days, now, from the use of a ripple coin, transactions to any point of the globe hires just a few seconds.http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain? Please share your opinions . Is it really helps rural banks and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the mass market and brings down the cost of service?
Please explain to me why the blockchain will help banks? After all, in fact, the blockchain is a common database, which is in the public domain and it is not changeable. What's cute? Speed and everything else. It will take decades to adequately implement all this in the banking system. This is if we talk about the technology itself.
The banks are profit oriented, block chain can make them reduce cost,that means no matter how they fight the cryptosystem, they need the technology to for several things..
https://cointelegraph.com/news/singapore-central-bank-partners-with-deloitte-nasdaq-on-blockchain-asset-settlement/amp
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain? Please share your opinions . Is it really helps rural banks and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the mass market and brings down the cost of service?
Of course, the introduction of blockchein technology in banks greatly enhances their effectiveness. If before that, transactions with the outdated SWIFT method took from several hours to several banking days, now, from the use of a ripple coin, transactions to any point of the globe hires just a few seconds. http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain? Please share your opinions . Is it really helps rural banks and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the mass market and brings down the cost of service?
Perhaps they finally realized that this scheme is more universal and convenient. Many companies are trying to implement this scheme.
The same reason anyone else would need blockchain; low cost and swift financial transactions. Banks create agreements with other banks and institutions. Say, one bank wants to purchase stocks from the other. The conventional process takes days. The time it takes for the whole process is called settlement.
Blockchain reduces, if not eliminates, the time for settlement due to its digital nature. In other departments such as global currency exchange, using blockchain can provide better transaction security and decrease the time of the exchange.
Blockchain reduces, if not eliminates, the time for settlement due to its digital nature. In other departments such as global currency exchange, using blockchain can provide better transaction security and decrease the time of the exchange.
Peer-to-peer technology used in the Bitcoin network allows you to transfer funds faster and cheaper.
Blockchain is another universe in this situation If you often read news it seems everyone tries to move on Blockchain technology now almost one company from any service tries to test Blockchain it's like beta test if it will succeed and will be better then we will see Central banks are actively testing Blockchain technology for a variety of different use cases everything from new central bank digital currencies new payment systems, to records management having some kind of audit trail for certain functions and so on. Incorporating Blockchains central banks are taking advantages of this technology movement.
Blockchain makes the transaction more secure and profitable as it is very convenient to store data about customers.
In my opinion Blockchain has many advantages over the big books that banks use because bitcoin is decentralized and its records are not changed and not with the control of certain people. That's why banks realize that blockchain is a way to advance that they lock in better for it and their jobs.
As we all know blockchain is a most updated technology in digital world for data storage and transfer.It is much safer than the conventional way of banks for money transfer and data storage.So to keep up with the time, banking are on blockchain.
Blockchain is an advanced technology that, if applied, will be great for the process of creating and validating transactions openly and transparently. Bitcoin can be replaced by better altcoin, but Blockchain technology will thrive in the near future!
Blockchain makes the transaction more secure and profitable as it is very convenient to store data about customers.
Most of the banks are not on the same page of their actions, some of them hated crypto but liked the idea of blockchain technology and some of them hated the both of them close-minded to these technologies that can possibly shape the future of banking and most of the industries that we've known it would be a great deal if they are going to innovate and adopt it, some of them will fail to understand it but later they will realize.
In my view, Blockchain technology can change the banking system and make it far more efficient by making transactions faster, safer, and cheaper. Thanks to bitcoin which was first successful implementation of blockchain.
Also, Banks will be able to avoid any fraudulent transactions and secure the system.
Transactions will not be completed with just the knowledge of one person, the whole organization will know about it.
Other uses for bank-backed blockchain projects would include secured global currency exchange rate speeds and increased transaction security, among other benefits, eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearinghouses and other outdated mediums that exist between asset sellers and buyers.
Also, Banks will be able to avoid any fraudulent transactions and secure the system.
Transactions will not be completed with just the knowledge of one person, the whole organization will know about it.
Other uses for bank-backed blockchain projects would include secured global currency exchange rate speeds and increased transaction security, among other benefits, eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearinghouses and other outdated mediums that exist between asset sellers and buyers.
As we all know that decentralization has the power to boost the process with maximum security as compared to that of traditional infrastructure. No surprise that even the banking institutions are interested in blockchain technology. Adopting blockchain would improve their processing capacity but even in that case they won't share the control with others and hence it will be the internal tool for them to optimise their services.
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