Topic: Will blockchain kill traditional banking? (Read 806 times)
I think that large Banks, banking systems, just do not see the point in the use of blockchain technology. In a few years, when the blockchain system will show itself from all sides, then it is possible that banks will think about this.
Blockchain technology will change the way the world handles things - not just banking. Concerning "traditional banking", I don't believe that it will be killed, it will just take another, weaker form, unfortunately.
Yes it is true blockchain technology has the high possibility that could destroy the traditional banking that's why a lot of banks out there participating here at cryptoworld printing as much as money as they can just to collect as much as they can the supply of Bitcoin and ETH. Right now they really aware what effect of blockchain technology can do to them.
Blockchain technology will change the way the world handles things - not just banking. Concerning "traditional banking", I don't believe that it will be killed, it will just take another, weaker form, unfortunately.
I do not think that blockchain & crypto-currency will be able to replace traditional banking system completely. It is possible that they will exist in parallel. Today, crypto currency is more a commodity than money.
I doubt that traditional banks will die. I am sure that banks will start using blockchain technology and earn even more money.
There are a lot of functionality that the blockchain technology could manage to cater what traditional banks is doing. This will definitely hurt the bank system and it may materially affect their operation. Some banks may close because of this but not basically all.
Blokchan is a very young technology that is not so popular in the socium as banking. I think it's just not enough to introduce blockchain.
A bunch of blockchain tech founders debate the question here: https://bitnewstoday.com/opinion/will-blockchain-kill-banks-or-financial-sector-can-use-this-technology-to-improve-its-efficiency/
James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.
The Blockchain and the Banks operate on two different models, one is centralized whereas the other is decentralized. Each has a unique feature the other cannot provide. Replacement of the bank by blockchain seems quite impossible but the worst that can happen in the future is the banks coming to accept Blockchain technology and its cryptocurrency in its operations. Right now, what scares the banks is the decentralized nature of the blockchain which is capable of giving power back to the people in terms of financing(no authoritative third party interference). James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.
Probably not in the near future. But it can be good alternative to classic payments. Because you are owner of your coins and no institution has access to it if you have it in your own wallet.
I don't think blockchain will kill traditional banking. We still need the banks, you know? However, since blockchain has started to take over in the near future, the banks have no other choice but to ride on with the trend.
In the Philippines, one of the banks has decided to ride with the blockchain trend. They have partnered with Ethereum when it comes to blockchain payments using their platform. I believe that other banks around the world will slowly adopt to this trend.
In the Philippines, one of the banks has decided to ride with the blockchain trend. They have partnered with Ethereum when it comes to blockchain payments using their platform. I believe that other banks around the world will slowly adopt to this trend.
Perhaps, as such, the banking system will not exist soon, but it is unlikely that we will see it. And the blockchain technology itself will soon be implemented in all sectors of the economy, not only in the economy. This is already happening now, they say little about it, but soon we will all see.....
Blockchain is not going to kill banking. There is also an adaptive phase that they can do to make their systems stronger in the economy.
Perhaps, as such, the banking system will not exist soon, but it is unlikely that we will see it. And the blockchain technology itself will soon be implemented in all sectors of the economy, not only in the economy. This is already happening now, they say little about it, but soon we will all see.....
Traditional banks are an indispensable attribute of each state. Implementation of the plan for the development of the country's economy and financing of all projects of the country takes place through banks. Therefore, banks will always exist. In addition, the main function of banks - the issuance of loans at interest with the advent and introduction of crypto currencies into our lives will also remain virtually unchanged. Now more and more banks are switching to the use of a digital ripple coin with its advanced blockchein technology. That is, banks adapt to the technology of crypto currency and will exist in parallel with it.
No it won't kill it, but I could see the 2 merging, and having traditional banks using blockchain technology. There are to many problems that the blockchain has to limit it's success. A huge one being hackers/scammers.
The majority of people will choose the safety net the banks offer over any benefits switching over to a blockchain will give.
The majority of people will choose the safety net the banks offer over any benefits switching over to a blockchain will give.
In my opinion It will not kill the traditional banking. I think the both will co-exist and work together with the traditional banking serving as off chain
No one can predict the future. All we do is to assume but i thin its really is so hard to destroy the traditional banking and Blockchain will be a good helping hand for those banks to improve their service and transaction speed. Blockchain was being recognized all over the world and even well known banks and business are now using it. Blockchain will evolve in time together with traditional banking system. A bunch of blockchain tech founders debate the question here: https://bitnewstoday.com/opinion/will-blockchain-kill-banks-or-financial-sector-can-use-this-technology-to-improve-its-efficiency/
James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.
Yes it is possible. From the term itself "traditional" traditional system serves Us well until the modern thing was discovered and much more advantage. So yes, blockchain can replace traditional system soon. James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.
Banks will always be banks and it will remain even if cryptocurrencies are already dominating. It will just affect traditional banking in many ways but let's don't forget Ripple which is backed by big banks around the world.
In other words, banks are already embracing the blockchain technology and it will just make a new breed of banking which is a hybrid one.
In other words, banks are already embracing the blockchain technology and it will just make a new breed of banking which is a hybrid one.
the Government will not let the traditional banking is dead because each country still requires it. blockchain itself does have a great system but not yet applied in all countries and also not even all countries accept it. blockchain system itself seems thus will become advocates for traditional banking as their security systems and if true could join will certainly be better.
The existence of a blockchain may reduce some of the bank's business, but it cannot replace banks. After all, people in society don't like risk. Some of them like stable income. Even if profits are low, they don't want to take the pressure.
I don't think so, I think with time the both will find a common balance or better still our traditional banks will move to implement and adopt their own blockchain to serve solely for banking industries and I see that happening in the near future.
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