Topic: Why Banks on blockchain? - page 9. (Read 24915 times)
The usual reasons are to cut down on overhead and money transfer fees, but really it's because they know they will not be able to compete with crypto so they need to jump in
Blockchain is a much more secure technology to process information.
The fact that some banks would consider adopting it means that they are finally thinking straight. This is a technology that will strongly help with the inner processes of any organization which decides to adopt it, it might reduce costs in fact - Depends on the use and the way of implementation.
Instead of trying to fight Bitcoin they should realize that there are possible advantages and that we all can win here.
The fact that some banks would consider adopting it means that they are finally thinking straight. This is a technology that will strongly help with the inner processes of any organization which decides to adopt it, it might reduce costs in fact - Depends on the use and the way of implementation.
Instead of trying to fight Bitcoin they should realize that there are possible advantages and that we all can win here.
I think banks on a block of flats are reasonable, they will be safer and will be very fast and quality)
In theory, if Blokchain and CryptoCurrencies are successful, banks may not need blockchain integration. More precisely, banks may not be. I know a lot of projects that if they succeed, they will be able to easily do what a bank does on the internet without a branch or employee. Including credits!
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?
For finance and money transfers, the blockchain simplifies this procedure by making verification and guarantees by banks and other financial organizations unnecessary and, as a result, significantly reduces the price of all financial transfers and transactions. Many banks do not sleep, and many already have their own block projects and tokens to keep up with progress!
Maybe to save recording fees and blockchain can also be used to track crime if fraud occurs in the bank. it is very easy to track it because the blockchain user in the bank has been verified and all the transactions he made were recorded and could not be deleted.
What is the possible reasons why banks adopt of joining blockchain?
I believe, the reasons are pretty obvious even for such conformist organizations as banks: they have started seeing their apparent benefits.
For instance, the transaction costs even for large amounts are meager as compared to the standard banking rates. The security and reliability of the blockchain is like a dream come true for the banks, so no wonder they are willing to adopt it.
Obviously all institution will surely sign up on blockchain and to me is not any reason but one thing that blockchain has shown the world as a revolutionized platform is in deeed enough. This will help the bank system. Nice move, good things speaks for themselves.
Maybe it looks different from the traditional way of banking, but what it provides is bigger than ever. It provides an efficient way of functioning which we cannot expect with any of the other services. Now the adoption from banking will make their services cost effective and more effective.
Taking a quick glance on the article, the information you're looking for is already laid out in front of you. To add little bits of my own insight, I see blockchain greatly complementing the services banks can offer, or in other words, they're compatible albeit the differences between bitcoin and banks. It offers cost-effective, secure and fast solutions to an already laid out process, further honing it to cater the fast-paced environment of banking and finance.
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?
Not only it has been talked a lot of times already that some of us may start to get an overdose with it. But your question is answered in the articles links you posted. So are you telling us you didn't bother to read the articles but was just interested to make a post about something debated thousand of time here?
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
Also see this article: https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a
These articles are discussing the benefits of trasferring money abroad. A swift transaction usually takes about one working day to go through, because bank workers are doing it manually. Cryptos don't have any borders, so transactions even with such a slow coin as btc take for now a couple of hours or even less on priority payment (which is stiil a lot cheaper than the one for transferring solid amounts of money). Not only this means speed increase, but some mediators can be remoed as well. There's another important improvement for financial systems that comes with blockchain. The data cannot be faked, so a lot of problems with coding the information in the most efficient way is out of the question.
Blockchain technology is the latest innovation in financial market, why banks need to adapt blockchain is because currently banks take 3-4 days to transfer money from one country to another and charges are quite high, transactions are also not transparent, whereas after using blockchain technology transactions will be fast, secure , cheap and transparent.
that is the most appropriate reason if all banks in the world immediately join the Blokchain technology, all transactions will become modern as the development of banking technology 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?
blockchain is trend these days, and everyone want to follow this trend, so they have to join
The banks did not initially see bitcoin and blockchain technology as competitors..Later, they saw that the technology was spreading rapidly and chose to use it..Because this technology is both fast and cost-effective.
The technology blockchein really very well helps banks. Banks began using ripple crypto currency, which is based on blockchein technology. They replaced it with an outdated SWIFT-medod, whose help funds were transferred. If earlier, using this method, the confirmation of the transfer had to be expected for several banking days, then when using the ripple coin this became possible in just a few seconds.
Nothing special about ripple though.
Blockchain technology is the latest innovation in financial market, why banks need to adapt blockchain is because currently banks take 3-4 days to transfer money from one country to another and charges are quite high, transactions are also not transparent, whereas after using blockchain technology transactions will be fast, secure , cheap and transparent.
The technology blockchein really very well helps banks. Banks began using ripple crypto currency, which is based on blockchein technology. They replaced it with an outdated SWIFT-medod, whose help funds were transferred. If earlier, using this method, the confirmation of the transfer had to be expected for several banking days, then when using the ripple coin this became possible in just a few seconds.
The reason is this "blockchain technology", So banks can't go out of it now. People will see them as in the stone age in few years if they ignore this. That is the truth
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