Will Blockchain replace the SWIFT system used by Banks? - page 4.

Abiky

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Quote from: Red-Apple on April 05, 2019, 11:14:59 PM

all these systems will surely upgrade their underlying technology to improve and be able to continue competing with bitcoin as the serious and only decentralized currency which is threatening their business. so in that process they are testing a lot of different altcoin's technologies to adapt into their own system. they will never use any of the altcoins themselves though.

so no you can't say blockchain will replace SWIFT,... the only thing that will happen is that they will lose the market to bitcoin and then upgrade their systems to try and take some of it back.

Well, time will tell us if we were wrong once financial institutions start adopting Blockchain technology at a large scale. The old SWIFT system being large in user base, could become bigger than ever if it grasps the benefits of Blockchain tech. So far, Ripple and IBM have been working on payment networks with the purpose of bringing cheap and efficient transactions for the world. They have higher chances of overcoming SWIFT in the future if the latter doesn't adapt to the latest technologies.

Still, it's becoming more evident that Blockchain tech will transform nearly every aspect of our lives in the future. It's not only about finance, but also healthcare, transportation, and more. All of this means that Blockchain will soon replace old traditional systems, bringing everything towards the 21st century. Once that is complete, then physical cash will cease to exist, and Banks will be able to provide their customers with digital money instead.

Powered by either Ripple or IBM's World Wide Network, our economy will flourish in many ways that were never thought possible. Just my opinion

CryptoCoinArbitrage

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The bank sector is joining crypto space as they are already investing in many crypto related projects. They will use the advantages of blockchain technology sooner as we could expected.

Emmy92

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Let's be frank, how efficient is the current blockchain systems or payment systems in terms of TPS (transaction per speed) and fast confirmation of transactions? I think for blockchain to replace centralized payment systems, there is need to enhance its services through this way not only replacing payment systems but achieveing mass adoption.

Adriano2010

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I think in some years yes, the blockchain will replace the SWIFT system if banks wants. In my opinion is more easy to use the blockchain technology then what is used now in banks and more secure than the system used.

redsun114

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Yes, if they are not smart enough and learn from the lessons of the past, then we are going to see that the blockchain is going to send banks to extinct, this is why so many banks are fighting so hard to upgrade their system to that of the blockchain because they know what might happen to them in the future if they refuse to do this.

It might take a lot of years because the bank have already eaten up all the system in the world but I am sure it's going to happen if they don't upgrade their system to suit the blockchain.

FanEagle

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With the evolution of blockchain technology, it might end up changing lots of things in our financial institutions which banks are not exceptional, they might be playing hard to get now but it is only in a matter of few years before they realized that they are being left behind in the game if they don’t join.

Swift might not loo relevant too, I am sure that the team in charge of swift will also be preparing right now too to adopt the use of blockchain technology in their transactions, so most of this existing player will end up joining too if they don’t want to lose out or lose their relevance.

CryptopreneurBrainboss

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The sign of this already occuring are everywhere. The banking institution aren't against blockchain technology as they know using the technology will give them more credibility and gain trust of their clients as the technology is transparent, decentralized and less time consuming. The issue the bank has is with bitcoin and alternative Currencys, they know those cryptocurrency have the power to kick them out of business that's they don't have much of a interest toward accepting them but in accepting blockchain technology I'm sure they would have no choice if they want to keep up or they'll be left behind.

Red-Apple

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all these systems will surely upgrade their underlying technology to improve and be able to continue competing with bitcoin as the serious and only decentralized currency which is threatening their business. so in that process they are testing a lot of different altcoin's technologies to adapt into their own system. they will never use any of the altcoins themselves though.

so no you can't say blockchain will replace SWIFT,... the only thing that will happen is that they will lose the market to bitcoin and then upgrade their systems to try and take some of it back.

Abiky

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With Ripple's growing partnerships among banks and businesses worldwide, it seems that traditional payment systems will become replaced with DLT technology (aka as Blockchain). Because of the many benefits such technology provides, it looks likely that it will replace the old SWIFT system in the future. Unless such system does the switch to Distributed Ledger Technology, it may become outperformed by Ripple or Stellar in the future.

On the other hand, IBM has been working on a new payment network called "World Wire" powered by the Stellar protocol. Which means that existing players could be left in the dust if they don't grasp the benefits of the Blockchain.

Nonetheless, what are your thoughts about this? Huh

Topic: Will Blockchain replace the SWIFT system used by Banks? - page 4. (Read 736 times)