Why Banks on blockchain? - page 8. | Bitcointalksearch.org

Athanasios Motok

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Quote from: Sexie on August 24, 2018, 08:32:37 AM

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?

It seems to me that the blockchain system and banks can work. But cryptocurrency and banks are incompatible. The blockchain system was created for transparency, if banks are ready to work transparently, so that everyone can see the transitions of transactions and payments, perhaps it will be a new economy.

zimpleskill

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The banks and other institutions saw the greatness of blockchain. They wanted to adapt it so that it will make their transactions faster and cheaper. Aside from that, it is really very convenient to use. Blockchain has a great potential in the future. So that's why they are joining ....

bitfocus

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as far I can recall this topic was very popular on this forum, you can search in the forum, also, this one might help you understand
https://www.bookingbug.com/blog/what-blockchain-will-mean-for-banks/

Fretcy

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The opportunity to start banks with low cost is attracting many new fintech people and banks are trying to reduce transaction cost and papers so banks are attracted towards blockchain . The wide circulation of blockchain and the popularity of cryptocurrencies and the boom of ICO's has contributed ,could not deny their potential of blockchain technology . Blockchain can solve lots of problems and it has a transpiracy and no manipulation can be done and blockchain technology provides high security .

kolsernik

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Banks need to abandon the old paradigm and adopt blockchain technology in their sphere.The sooner the better.Already now there are banks in the European Union that introduce this technology and legalize.For example https://wbb.io/

vy99

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Quote from: AXELNetwork on August 24, 2018, 01:32:38 PM

It can make transactions more secure and cheaper.

Also see this article: https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a

Good read. As someone who isn't crazy about banks I really hope this comes to fruition.

Mark Tabicas

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Blockchain may indeed be exactly what big data analytics needs to scale the ecosystems appropriately. This technology will undeniably help AI realise its potential and open up development opportunities that have previously only been available to proprietors of data.

Brandon Thompson

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I think Blockchain with the feature of transparency can help banks with clearing and settlement. In fact, the tangled web that records loans and securities costs investment banks billions of dollars to run. That amount of money can be lowered by using blockchain technology to improve the efficiency of clearing and settlement. It's likely that Blockchain can restructure banking industry.

Pamela Andrade

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Blockchain can be quite resilient, it can also be a way to create greater transparency into central banking, more credibility because of the rules a blockchain-based system enforces. Nowadays, banks are thinking about moving to a electronic money-based system, so Blockchain, with the above features, is of great importance.

Crypt0Hoe

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It will eventually become the standard.

Justin Jones

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Banks, especially central banks, are moving away from physical cash to a completely electronic money-based system. Blockchain is resilient and has zero downtime, so it is extremely helpful and important to banks' transformation into the completely electronic money-based system.

Brenda Smith

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Blockchain is a innovative technology and why not bank apply Blockchain? 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. I think the resilience and transparency of this technology is the reason why central banks like to apply this technology.

CorneliaMarket

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Blockchain is a digital technology by which a banking system can be changed and can be more efficient by making safe, fast and cheap transaction. Also banks will able to avoid fraudulent transactions.

fidelium1

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Blockchain technology is a technology of the future and any institution that wants to be relevant in the future must look the way of blockchain technology. With blockchain technology, transaction is much more easy.

CorneliaMarket

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Our current digital world is transforming by blockchain technology day by day. Blockchain is a very secure record keeper mechanism by which banking system can get benefit much.

Ucy

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Well, Bank as we know it is incompatible with Blockchain ideals. Their own kind of Blockchain would probably be the so called Private/closed Blockchain, which makes no sense.
I think they are also trying to adapt to the current reality. In my opinion, there is no way they can compete with with the true Cryptocurrencies unless unduly favored by governments as usual.

Bounty_Hunter

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I think so banks want to show their transparency and honesty, because the blockchain is an honest system and there can not be fooled by the user.

crazybtclover

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Initially the banks did not even deem the crypto market and the blockchain technology as a threat, let alone as a competition. But as the time went by, the market got more and more popular and thus it has come to this now. They need to keep up with the pace in order to survive in this competition.

absurde

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Transaction will be faster and cheaper by blockchain technology, that means cost price of financial instruments will reduce instanyly.

shield132

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It has to do nothing with the fear of bitcoin and etc... Blockchain is another universe in this situation.
If you often read news, it seems everyone tries to move on blockchain technologies because of it's advantages, it's an extra layer of protection after all. Now even goverments move on it. Just google: Blockchain pros and cons <-- You'll understand everything yourself.
From my eyesight, 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 massive movement on BC.

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