Topic: Will Blockchain replace the SWIFT system used by Banks? - page 3. (Read 710 times)

I think we can now see a number of banks in countries that have legalized crypto many have adopted blockchain network technology. they seem to be many who will follow the development of the world. and when everyone uses Crypto I think this technology will really be very useful.

It's definitely something that seems inevitable, if we're looking at the trends with Ripple & now Stellar as well.
Now, I've heard many people say that banks won't let this happen, but I feel that they will have no choice in the end.

They can either get in early (because some of their competition will do so) or they can be left out.
Now, that's not to say banks won't come up with their own solutions, but those might also actually become compatible with Ripple and Stellar etc.

No. I don't think blockchain are going to replace SWIFT system used by Banks because blockchain would replace the banks entirely.
Banks are excessively costly agents with high commission. There is a high interest gap between what they provide to depositors and what they take from borrowers. Blockchain technology is going to make banks obsolete.

Banking sector has a big amount of inertia. I don't expect such move happen "swiftly" 
They like to play with buzz words trying to get young people use their services. Blockchain is a powerful buzz word lately.

SWIFT is a standard. If some banks don't want to use blockchain or will implement it late, they will not be left out.
So even if some banks would start using certain blockchains for their need, it could be an alternative to SWIFT, but not really a replacement. SWIFT will remain for backward compatibility.
And this will make such a "replacement" even harder/slower.

This is a very topical issue at the moment in which the only solution is to introduce cryptocurrency into the banking sector because, as far as I know, an international bank transfer may take several days or in some cases not even go through and this is not normal. That is why the cryptocurrency is needed in the banking sector.

All blockchain techs users knows that the system beats the traditional banking system in terms of speed, effectiveness and transparency.
Swift code method is like the analogy version of the blockchain that is digital.
With time analogy gives way to the digital system, just as automatic is better than manual system.

Besides this, banks will also turn to marketplaces because entrepreneurs are innovating new technologies which are causing disruptions in the business of banks. They will must start marketplace service because of the entrepreneurs if they don’t do so then their business will fall down. However, let’s talk about bank SWIFT which is making it easy for banks to identify other banks where sending and receiving money is easier between the banks.

Everything will depend whenever SWIFT adopts the Blockchain or not. If it doesn't, then it'll never be able to outpace Ripple itself. But if it does, then it'll become a true contender of many Enterprise Blockchain platforms known today such as Hyperledger and R3 Corda. Things aside, it's interesting to know that Banks have started to embrace Blockchain technology one way or the other. The recent Ripple partnerships, and IBM's World Wire Payments Network based on Stellar should transform traditional finance in many ways.

Whenever it's SWIFT that will remain a key player in this space or not, Blockchain technology will become a part of our daily lives within the future. The only downside to all this, is that Banks will gain more power over people's transactions as everything is transparent, and easily manipulated by centralized entities. Hence, we might be living in a world where Banks dictate what we do with our funds in a worse way than what it is right now. Just my thoughts

Of course, the SWIFT method, which banks used to transfer non-cash money earlier, has long been outdated. It will be gradually replaced by blockchein technology and this is already happening. Many large banks have already switched to using the ripple network and this will continue further until SWIFT disappears just like outdated technology.

Banks are follow the old methods so peoples are really accepting the new method so it will be possible in future. Current situation many countries are not accepting the cryptocurrency so peoples also think like that but once it will accepting entire world automatically peoples are change the direction and Blockchain is the ruling community of future market.

I think this is impossible that blockchain will replaced the SWIFT system by the bank. Because first of all bank will not do an easy way to kill blockchain because people will choose always a blockchain because on it's characteristic is good rather than bank. All we know that bank is full of requirements so people always choosed to have an easy transactions using blockchain.

Agree. Even after a decade of Bitcoin's inception, crypto and Blockchain tech are relatively new to the world. Issues are being discovered along the way as time passes by. However, issues are becoming lesser each day as the ecosystem matures in the mainstream world. Blockchain technology at its finest, it's still far superior than the outdated SWIFT system used by many Banks worldwide. Whenever, SWIFT will cease to exist in the future or not, it's another story.

Still though, Ripple's recent partnerships have shown us that Banks are slowly but surely starting to transition to a new Blockchain-based system for finance. As such, if SWIFT doesn't adapt to Blockchain tech, then Ripple will become its successor. There's no doubt about it. On the other hand, IBM has been working with Stellar over the past years to build it's own Blockchain-based system for the world. Now, IBM's World Wire Blockchain Network exists leveraging Stellar's capabilities within the mainstream world.

Therefore, all this means that the competition is getting tougher for SWIFT each day leaving it no choice but to adopt Blockchain technology or face total despair. Just my thoughts

Blockchain technology can replace the system we are currently using maybe in around 10-20 years from now but in the near future I dont believe the current system will be replaced

Maybe not replace, but did a good alternative payment system,yes, ripple have all chance did this

The technology of blockchain is still young and a lot more to improve. It's just a matter of time to maximize its full capability. Developers are continually doing their jobs to have blockchain fita to the current system.

Maybe so, mate. After all, Banks have been starting to adopt Blockchain technology at a slow pace. While the current SWIFT system is still outdated, there's nothing stopping it from upgrading towards Blockchain technology anytime soon. As for Bitcoin and other major cryptocurrencies, they're still unable to deliver a usable product for the mainstream world. The dreaded scalability issues, as well as, regulatory compliance, has kept major cryptocurrencies from becoming widely adopted in the mainstream world.

However, we do know that Blockchain technology brings up many benefits that could change nearly every industry in our world. Once the inherent issues within such revolutionary technology are fixed, then you could expect for companies, businesses, and financial institutions to adopt Blockchain at a large scale.

Most recently, the IMF and the World Bank have created a new cryptocurrency called "Learning Coin". The main purpose of the coin is to educate such entities about the Blockchain technology. This means that we're making progress, and eventually, traditional systems will modernize themselves by switching to Blockchain technology.

Hence, SWIFT could adopt Blockchain technology altogether, or become replaced by its competitors such as Ripple or IBM's World Wire Blockchain. Just my opinion

there has been a lot of interest in blockchain technology in different fields but so far i have only seen decentralized cryptocurrencies like bitcoin and one or two more altcoins outside of top 10 to deliver an actual product. so i don't really expect any revolution to happen in usage of blockchain technology yet.

as for SWIFT, i don't think it will be replaced. instead they may upgrade which people (as users) won't even notice since it would be an internal upgrade. they may advertise it to get the hype of the blockchain buzzword though.

If the banks can get benefits from Blockchain, then they might change their regulation and will integrate the system into blockchain. But yes, in the future, Blockchain can be used for many things and not just for the financial field only because blockchain offers so many benefits which never existed before. I believe that the traditional bank or financial institutions will transform into the digital system and they could use blockchain to handle every transaction without a problem.

Blockchain is the future. And many payment systems are already implementing it in their projects. Thanks to the blockchain, it will be possible to track all transactions and possibly work with other cryptocurrencies. Visa has already started the development, which indicates the great interest of potential investors. About ripple? They have no future as the developer holds the coin, not the community. Another thing stellar uses its blockchain for other tokens. This gives great prospects for the future.

I think it will, the emerging of sharing economy is the main reasons why we need blockchain to be the main tools for payment method and money transfer. Not to mention that many individual who are in the sharing economy system has been using blockchain now, but it needs such a big company to start using it, so the government have more concern on blockchain as a money transfer and payment method system.