Bitcoin Forum

Bitcoin has not just brought us a decentralized P2P payment system or a alternative for the banks. It woke the Giants in the Fintech world. Before Bitcoin, clients at banks were treated as the scum of the earth, even more so, when you are middle class or poor.

Bitcoin came in and they threatened to disrupt the Banking and Remittance services. What happen? These financial services realized that they will lose money, and they suddenly dumped Billions of dollars into Blockchain based technologies and also user-friendly banking services with 24 hour access via Social media platforms like Facebook Messenger and WeChat and some of their own in-house apps.  

We have not seen this level of attention given to clients for many years. Why, because the Giants were comfortable with their foot on our neck. They had the monopoly, backed by governments.

We should support Bitcoin to keep these Giants on their toes. If Bitcoin fails, these Giants will go back to sleep and we will be stuck with high fees and poor service.

Good point however banks and remittance service still have their foots on our neck with high fees, limitation in amount that can be sended outside country as well as a long time to make anything done. Still the security level of usual banks is really premitive and in most of the countries even ATM machines don't have enough cash to handout to users (they have limitation of amount per ATM- 1000 USD only here).

Bitcoin still need sometime to replace this usual remittance and banking system where we can do cross border transaction in matter of minute with very low fee and no restriction.

Do you think is going to affect the price? I see lots of banks re buying and storing BTC to deal with potential ransom requests but this is BS. I m sure BTC can be much more useful in the financial sector.

I can't 100% relate every good initiative coming from banks to Bitcoin putting a heavy load of pressure on them, but I noticed that in the last few years, the fiat related payment platforms have become much better. Not only do people enjoy instant and free transactions, but banks have shifted from being a bank operating from a distance with barely eye for their existing customers, to banks operating for its customers.

Nearly every month a new bank related ad pops up on tv showing how people can easily and instantly transact with each other. They can send money via email, sms, app, facebook, etc. If you take all this into consideration, then more than ever before, the need for an alternative local currency as Bitcoin, will only decrease. If I am completely honest, and look at all this, then I don't see a reason for the average joe to use Bitcoin as local currency instead of their own fiat currency.

Banks may soon release blockchain based payment system but as they will be centralized people will just get lured thinking it secure just like bitcoin but those private blockchain network could easily be manipulated by banks and governments.

Banks don't love bitcoin they want to take advantage of blockchain tech to furnish their existing banking system which are prone to hack and DDOS attacks.

Before bitcoin, Fededal Reserve Bank contolled almost every money transaction out there. Sure there were ways to bypass FED but those ways weren't for average Joe's usually.

Now we have bitcoin.

FED is no more. Want to carry your money overseas? You don't need to ask anyone. A few clicks and its done.

And that is definitely gonna make some people mad.

The first step to realize that, some country adopt blockchain technology, bring big news to people if "we are opened to future technology" then some government adopt too, at the end blockchain will manipulate by powerful country in many ways.

Maybe they Will start to treat bitcoin like gold in the near future. Which mea a they Will stockpile huge amounts as a wat of having something to trade if Fiat fails.

That would be Big die bitcoin as it would probably create a chain reaction soon after a Country starts.

We take control of our money through bitcoin. :) Truly it disrupts the financial system and will change how it works. As of now, they are integrating or creating their own system, it affects the remmitance system also.

It wouldnt aurprise me if banks were to start buying btc massively and storing it in their wallets. They'll find something to do and they have the funds to do so.

I love it! True capitalism is possible with bitcoin unless I am mistaken. More and more giants will use bitcoin and operate in it because there is lots of potential
in it. I predict projects to be funded  by bitcoin in the future, how awesome would that be. You would have freedom and anonymity. The thing is, it becomes a problem once
the government forces you to pay your tax, So, I still think that bitcoin might be affected by that,  but I hope inflation doesn't hit hard.

I will give you two reasons, just to start this discussion: 1. Banks are centralized  - They can be easy targets for global hackers, who target these institutions daily. < via their weak point, the uneducated customers > 2. Governments control banks, and political decisions have previously influenced people's access to their money. < Take Cyprus and Greece as an example > They can take or block your money tomorrow, and you will have no say in the matter.

We can discuss the other reasons, but these two are very important. ^smile^

Fiat payment systems did develop A LOT in recent years in my country and in many other places in the world. There are also non-banking related companies developing payment gateways/apps or similar (think Google Wallet and Apple Pay). Contactless terminals are now the norm, apps allowing to easily send money exist, some even work with cell phone numbers for sending, virtual cards for security in online shopping exist...

However I'm not sure this was in great part because of Bitcoin. It would be curious to see if the same systems would be developed without the advent of Bitcoin... I think yes, pretty much anything that exists now would end up being developed sooner or later. We are a society increasingly dependent on technology, phones, internet, apps, etc so it's easy to sum 1+1 and develop platforms in a friendly way, compatible with smartphones that pretty much anyone has and are really affordable nowadays.s

even if bitcoin itself isn't more useful, the technology will. I'm sure blockchain will be used by banks.
PS: i do believe bitcoin will be used in the future, all i'm saying is even if it isnt used, blockchain technology will.

This always happens buddy, when some one has niche and no one is close enough they start to dominate, they feel they can do anything and no one shall object to it. Bitcoin have taken the floor of their feet, for years all the harassed people have woken up and they are killing it. Bitcoin will help us but unfortunately not at the rate we all think it will. It will take a good 5-10 years before it's is firmly established, again that's a long time. But hey we could always use it to leverage in the current situation. So let's be positive about it.

A lot has happened when bitcoin become popular especially today where the value is really high. The people who want to control the world or the economy in part of it still wants control. They are noticing what are the possibilities of bitcoin. The giants themselves want to know more about it and probably want more power. They are probably here and some already have control of bitcoins. Either way, they are still giants. Just appreciate what happens, and everything will be okay. A positive outlook is good. Maybe they can improve bitcoin or something.

Bitcoin has shaken the earth beneath the bankers feet and that is good. They don't feel like untouchable masters anymore. They have realised they should treat their clients in different manner and respect their rights. This is a big achievment besides everything else that Bitcoin brought to us. Let's just keep going in that direction.

Banks are implementing the Blockchain technology only for their personal gains and to be on a safer side to not lose their existing customers to Bitcoins or other cryptocurrencies (which I believe they aren't losing any customers yet). Also, I'm sure that majority of the banks would never integrate Bitcoins cause of the decentralized nature and they never like to lose centralized power over their customers. They always have the upper hand in regulating interest rates for loans, restricting withdrawals and freezing peoples accounts (unauthorized monitoring of peoples transactions and freezing their accounts if they find something odd or shady).

But, what you've mentioned is very accurate. "First they laugh at you, then they debate and then they copy what you have and compete". It's how all monopolistic markets work, they always want control but if they find that something innovative has come in to break their control systems, they'll start implementing their own to retain their customers. It's going to be a huge competition for Bitcoin in the coming years.

We won't get stamped by giants anymore, because bitcoin has got the attention of lots of users as well in several service providers were getting into usage of bitcoin and its technology. One among the best is that the Australia based travelling website had tested the Blockchain technology for error free transaction for about six months. Soon they are in a plan to implement in all branches belonging to them.

Competition stimulates good business practice...

Unfortunately the so called "Giants" can not effectively compete with Bitcoin. All they can do is trying to delay and slow down customer exodus by offering improved service. In the long run however, no fiat-based payment provider will be able to offer a better product in terms of costs of service and earn money at the same time. Every Bitcoin user can just download a wallet and easily send payments everywhere, without requiring a third party.

All blockchain investments will turn out to be a pure waste of funds.


No we should not support Bitcoin to keep the "Giants" on their toes. We should support Bitcoin to get rid of "Giants" and use a free, sound and decentralized currency instead.

ya.ya.yo!

I think bank will try to create they own cryptocurrency, but in the end is almost to make a profit. They don't have the control over Bitcoin and they scare to lose some market share, the reaction is to try to convince people with advertisements.

When a government of a bank lost control, they feel insecure because they own entity can disappear or they power diminish.

And after their own blockchains failed they will say it is the proof that the whole bitcoin/blockchain thing doesnt work  :)

I think it is the other way around.... The giants woke the sleeping public. If we have the history of Bitcoin correct... then Satoshi created

Bitcoin, because he/she were frustrated with the corrupted banking system. Satoshi realized that we can solve that problem with technology,

and he created a decentralized network, that cannot be taken down.  ;D .... This was the birth of Bitcoin. 

Whenever the banks are shaken and under some kind of pressure I'm happy.  ;D Bitcoin has done a lot to change the finances and way they are functioning. The fact they want to use blockchain technology I also see as a succes of an alternative called Bitcoin and virtual currencies in general. Banks stil have some kind of fear of Bitcoin and that is good.

I never did see any proof of this I just saw news articles about it without any real sources or quotes from bankers saying they were stockpiling bitcoins. Why wouldn't they just improve their security rather than "negotiate with terrorists"?

I could see bitcoin technology compete with banks system, which one is offering better options related to services in banking world.
When people feels bank systems is better option to do their transaction which easier and trusted instead of bitcoin that still fledgling currency, could make bitcoin can't thrive rapidly.

nice words there and i am agreed with your statment that banks do not treat their clients well becoze they are just set of humans who have to handle the whole state every day and bitcoin on the other hand is like a self dependent servic people have the knowledge of their actions so thewhole network is working themself

Bitcoin surplus has benefitted long standing as well as new users, the systems in place before this were extremely valuable at the fact more structures such as the one you mentioned can come out of nothing.

In all respect, banks became smarter the past few years at decveloping function for external economies not limited by their standard usage.

I believe more will come after block technology evolves, moreover it'll aid the boom and make smaller alt-coins jump into this gold rush.

yeah this is some good points but something to remember is that bitcoin is not yet that big a deal specially for these giants. you can compare the number of transactions that are happening with bitcoin compared to the number of transactions those giants you had in mind are handling daily, in comparison bitcoin is a grain of sand.

Agreed, but these Giants will get the support from their respective governments and at some time in the future, Bitcoin will get regulated to death and the same regulations will not be applicable to the banks and other financial institutions to favor them.

These Giants involvement with the governments should not be underestimated. Money is power and they will do anything to be in control of the money, because it gives them the power too.

whenever there is a growing trend in the world and that growing trend is related to money one way or another, it will always attract all kinds of different people, organizations,... to itself because everybody is looking for making more money.

however

this is a different story.
this is just about these people interested in the technology and finding blockchain a good way of using it in their own centralized system and not related to bitcoin at all.

I don`t think that the banks improved their service because of bitcoin.

They improved their services because they compete against each other and want to get more customers.

I don`t think that most of the banks see bitcoin as a major competitor.

Bitcoin is not a competitor bank, it is their allies in terms of developing banking system nowadays. I think bank will bitcoin as a part on their system in the near future, But this will not gonna made easy because of anonymity feature of bitcoin that contradicts on legalality of banking system. Bitcoin is not a threat for Bank.

I don't believe that bitcoin is an ally of bank.  If you look at the concept and ideology of bitcoin, it is leaning toward decentralizaiton which is the complete opposite of what the banks do, centralization.  It's that bank is being fluid now, adopting bitcoin impact and making it to their advantage.  That is what i see.

I agree that with your statement banks are competing each other to have more clients, without clients a bank cannot survive. Another example, now bank offer a new option that you can deposit a check simply taking a picture from your smartphone. Every bank will copy this idea and offer them to their clients in order to have advantage over they competition.

Right now they don't see it like a big threat, but if the bitcoin continue to rise and get more attention, the perception will change.

the giants! have always been awake and watching bitcoin even from the start, you don't get to be big by letting these things slip through the cracks. and usually when we find out about it, it means it is already too late and they did what they wanted.

Yes indeed because they know whatever crypto currency come out, it won't cause the bank to collapse, however they realized after bitcoin made it's name into public, more or less there will be decreasing transaction, and the bank also compete to attract customer to use their services, maybe that is one of the main reason why bank increase their customer service performance

every big bank in the world announced their blockchain based projects
I'm sure you will be able to find it on the web with ease,literally all of them introduced the so called "ransom stash"
where they keep a certain amount of coins to satisfy a hacker's demand after he had breached their security or found vulnerabilities
the giants are giants for a reason - they monitor the market constantly and they react to the changes,thats why they have special divisions besides marketing and god knows what
blockchain based currencies by the banks are in direct confrontation with bitcoins and my fear is and has always been that one of the giants
would be able to produce a better,more resilient to attacks,easier to use digital currency than bitcoin is
this would result in further monopolisation and centralisation of the money system of the world

Yes bitcoin is a revolutionary technology that is changing the money transfer and banking system. It has an extraordinary feature that makes our different and secure from other money system and so many multi national companies are starting to adopt bitcoin and they are changing the game even more.

Ofcourse , It woke up the giant of simple people also .
Because  of the high tax in high deal money we needs to pay extra money as sn charge but the beauty of bitcoin is making everyone to accepting it .

what you said is true now the banks are seriously thinking of implementing bitcoin technology in their banking system, it will take time but we will see that fiat currency and bitcoin are used in bank simultaneously

   According to Business Insider  http://uk.businessinsider.com/swedish-central-bank-considers-digital-national-currency-ekrona-2016-11  (http:// http://uk.businessinsider.com/swedish-central-bank-considers-digital-national-currency-ekrona-2016-11) 'Sweden could become the first major country to issue a national digital currency' author says that central bank of Sweden aims to decide whether to issue a digital currency called 'ekrona'  two years from now. Deputy Governor of Sweden said FT, that blockchain technogy is one of several technologies they look at in relation with their digital coin.

The guilty are simply afraid and would they ever stop throwing tantrums at bitcoin? All their sugar-coated words about their own version of blockchain is nothing but smoke screens to recolonize us, but it is a pity they arrived late, we know better now. The banks are agents of the government and their whimpering  is understandable, no one should take them serious though, it has been their selfish interest all the while.

Bitcoin will definitely ignite fire of modern lifestyle with modern technology. Because bitcoin is  first of its kind to introduce such technology and innovation with money transfer system. And many huge companies had already started to adopt bitcoin and some are doing research of blockchain technology for developing something better than that.

It is not a pity that they arrived late, but rather a blessing. Could you imagine what would have happened if Bitcoin and these Blockchain based

technologies {Hyperledger} started at the same time? Bitcoin would not have been around, if that was the case. Remember the banks first

ignored us, and now they are taking us serious and fighting back. We will however always have the edge over them... our technology are

backed by the people... People who wants to be FREE.

I see many bank giants adapt (what they call) "block chain technology".
But they don't even understand the decentralised part of all this.
They think that a block chain is just a modern distributed database.
They throw the buzzword "block chain" around but it does not have the same meaning as it has for us.

-sf-

I've heard it a few times already across the forum that banks are allegedly implementing their variety of the blockchain technology, but no one could even remotely describe coherently what benefit or advantage this technology could offer them in practice. I'm not even asking about actual implementations, just a viable concept, I mean, something real, not someone's fantasy or forced idea. Personally, I can't come up with anything that couldn't be done more efficiently without the use of blockchain altogether...

Or has blockchain really become a new buzzword of sorts?


What bank giants do you refer to exactly?

You got the point, we're at a stage where Bitcoin is expanding at a rate not seen before, but for Bitcoin to continue to make progress and attract more users, we must do our part, promoting it.

haha, never thought of or noticed these things as i have never been to banking system personally as how would i have anything to do with banks without any jobs or incomes? But if bitcoin really did this thing then bitcoin is really a great support for the people using banking systems and even not involved with bitcoin, they would love the change probably.

research hyperledger.

as to why banks are using it.
here are some reasons

1. instead of one centralised database needing security guards and vetting staff just to be in the building.. the data secures itself and is spread out so no single location can be attacked.
EG bank employee at smalltown branch cant hack the data compared to, if the old style database was distributed.
EG IT guy at centralised HQ where single copy database(not distributed) also cannot hack it.

thus. HR employees that vet staff can be sacked. security guards, IT guys, and many more staff sacked.

2. along with security no longer needing 'labour'. it also no longer needs much maintenance. you just buy a pc load a ISO disk of the operating system that includes the node. and your done. meaning more labour can become redundant

3. due to being distributed it reduces bandwidth compared to 95,000 banks connecting to a centralized server. where each bank branch has 10 employees blasting requests to that central server.. now 10 bank branch employees blast their requests to the bank branch node which then only communicates to another node. which due to relay effect the doesnt require terrabyte fibre connections to a central point
so now servers, internet, electric costs are now reduced, while significantly improving security.

4. auditing becomes easier. so meeting regulation and financial obligation becomes manageable with less labour/equipment.

5. banks actually have "homeland security" staff monitoring threats that can cause issues to the banking system (yea they were useless with 9-11 and the 2008 internal bank terrorism against customers) but now they can be sacked too

6. in short banks can remove their sky scraper HQ buildings and run more efficiently and more securely with just bank branches relaying to each other

there are probably loads of other reasons, i just listed the obvious ones anyone can think of, im sure the banks internal thinktank can think of more. maybe best to ask Gmaxwell what his contract conditions are and if he is open to talk about his employers(the banks) reasons for wanting hyperledger

All your reasons can be refuted by the simple fact that banks don't need the blockchain technology to do what you just enumerated. Everything from your list can be easily done with a distributed database or fail-safe filesystem (like what Google uses on their servers). But since they don't employ these tools (at least, en masse), it seems there is no particular reason or advantage to implement them. That is, their choice is toward further centralization. As I see it, blockchain is essentially about working in a trustless environment...

But the banking system itself is the opposite of that, since the Central bank is the ultimate arbiter and a source of trust by definition

when you realise that "blockchain" is just something like 5% of the security model of what bitcoin is.. you and i can both laugh at what purpose the banks are overselling the "database" 2.0 they are harping on about..

but what data they put within the database. and how they monetise it and how that data has its own utility.. is something only the banks will know.
eg health records, ID, births deaths and marriages, financial, produce and manufacturing tracking data.. the list can be endless. and monetised in endless ways. but that data is nothing to do with blockchain.. blockchain is just a small option for how that data is stored more efficiently then the old way databases worked

blockchain itself is meaningless.. its the data and what that data can and will do that has meaning.. and that data can be anything and unrelated to "blockchain"

But I was asking specifically about the blockchain technology and its possible use by the banking sector, right?

Besides, I don't see how blockchain makes it more efficient to store, organize and process data. In every of these aspects, blockchain simply sucks, to be honest. If you need redundancy, there are special tools for doing just that. I can't possibly comprehend why you would try to use nodes for distributing your data (in search of redundancy or efficiency) which are in no way affiliated with you and don't have to keep your data in the first place. To organize your data, you use databases which specifically aim at fast retrieval of data entries in arbitrarily order (binary trees and that sort of things). The blockchain data format (JSON if I'm not mistaken) is simply unusable for these purposes. Processing data has nothing to do with blockchain altogether

firstly you have not grasped what blockchain is.

its like your trying to skip some steps. grab an idea and then run backwards blindfolded.

bitcoins blockchain is fixed data. due to many SEPARATE mechanisms, one of which is called proof of work that locks the data via hashes.
blockchains in general do not need to be locked in as a permanent unchangeable dataset.
blockchains dont have to uses hashes, PoW. blockchains dont even need to be distributed.

forget all you know of the dozen or so security features of bitcoin.. and peel it all away and think about one aspect. blockchain
forget json, forget SHA, forget PoW, forget transactions, forget distribution with anonymous parties.

blockchain is just a block of data linked to another block of data. like a chain of blocks.

put it another way

if i had some data.. it could be a list of transactions, a chapter of a book or some medical data
i and someone else can sign it so it becomes a block of data.

but we also add a piece of data from another block so that they are linked together.
now you have a blockchain.

if you think a blockchain has to be virtical and has to grow forever it doesnt. a chain can wrap around its self or replace a link in the chain
data can be edited in a blockchain as long as it meets the rules of what linked it together.

bitcoin is a whole different concept. of multiple security features ONTOP of blockchain.. that has many many many more layers to make it near impossible to edit and technically immutable data in regards to the limits of circumventing all of bitcoins other security measures.

again once you realise how small of a security measure blockchains are. you realise it does have some utility.. but is no where near what bitcoin is.

And how could all this help store data more efficiently in the blockchain as you said in your previous post? I think any decent database will do that by far more efficiently. On the other hand, If a client of a bank wanted to sign a message or an order (say, to transfer money of make a payment), he would just use his digital signature that the bank provided him with and with which the bank can authenticate this user. This client already trusts the bank (since he holds his funds there), so there is no use for blockchain, right? Note that I'm not talking about Bitcoin here...

I just want to see if the blockchain technology is really useful for banks in any meaningful way

blockchain does have many advantages over standard databases of the olden days. but fundamentally it is just a database. and its what the data will be and how that data is secured that changes things.
think of "blockchain" as simply "relationship database", but much more programmable and layer-able then standard

it all depends on what layers and uses they have

users EG local bank branch and a customer can use multisigs. for the accounts
think of it like each bank branch is a block of data. holding many multisig transactions.
then outside the block(bank branch) the head office signs the entire block and has other bank branches double audit that particular bank branch(block of data)

thus that block is then linked to a chain held by head office.
the bank branch or customer cannot simply edit the block. they need the head office and syndicate of other branches to sign off on the block to then update it. (more of PoA/PoS concept).

meaning the customer alone cant change anything.. the bank branch manager cannot edit anything alone. where it could require between 4-xx of entities to edit an entry.

because blockchain is soo loose in its actual definition. it can be utilised in many ways.. however, the only way of knowing how banks are actually going to use it requires you looking at hyperledger or getting gmaxwell to discuss what he and his employers are upto.

Well, considering that there are no people to arrest and no centralized distribution point people can attack to bring down the network, I would especially believe that something like this is possible, now that anyone has the potential to get themselves out of the banking system and into something that frees them up. Banks only have the advantage of moderate security and insurance now.

We will see what happens re the IRS and taxes soon. They will be asking us to put down how much and what type of cryptocurrency we own. At any rate the higher atm fees, inconveneice and other friction with bitcoin will be offset by tax savings for those that take advantage of it.

This were the same companies that since the begining were trying to kill bitcoin, since they had fail doing those they now are trying to follow bitcoin, sure they are scared, some people opened their eyes already, and the huge fees we paid before sounds a big wast that we had done since we use banks and others services.

That's the best thing that happen to be completely honest about it. The more that the big conglomerates are forced to bend to the people's will and not the other way around, the better. Having alternatives that can't be bought or sold are even better ways to make sure something like this happens.

The internet, the dissemination of information, and alternatives to the forced mainstream retailers and vendors are a benefit to the people, and not the globalist interests.

Do you suggest that branches of a bank should each keep an authentic copy of their blockchain of transactions, and with every transaction made they should broadcast this transaction to every other branch of the bank? What if there are thousands of such branches? I simply can't accept this idea as both feasible and meaningful. On the other hand, if a few branches become disconnected from each other, make transactions and end up with different blockchains, this would obviously wreak havoc in such a system. Since how would they synchronize their blockchains later? I'm strongly inclined to think that processing data in a centralized way is the only viable alternative in this case...

And that seems to be what payment processing systems like PayPal, Mastercard or Visa do

yet again your thinking about bitcoins blockchain and how bitcoin functions.

ill repeat for a third time. a block chain is just a block of data linked to another block.
it does not require to be distributed.
does not require PoW,
does not require Sha
does not require the data to be financial based
dos not require immutability and endless growth
does not require these things but still defined as blockchain.

its just a relationship database (if you want to use old terminology)

however its more programmable than traditional databases to allow it to be secured in a multitude of different ways,
it can be where each branch just stores "headers only"
or yes it could be each branch has all account details of all branches
or even regional centres holding a percentage of the data and/or just headers.
its fully open to options and utility.
 
as for how i see banks using it.. some of the ethical concepts(towards society and customers)  i have thought of probably wont be what or how banks will use their hyperledger chains


again your thinking of it in terms of bitcoins immutable ever growing blockchain that due to the amount of customers requires x,y,z. rather then just thinking of a relationship database, where data can be edited/split into clusters.

imagine it like a block of data is a database table, linked by a reference to another database table. and certain nodes only need to store certain tables and table could be altered if there were a number of authorisations to do so. thus preventing a single user from changing everything.

blockchain is not much of a big new perfect technology. its just a tool to then build ontop on with other things.

in short a blockchain is not a big powerful new thing. yes its a new tool for data utility. but a blockchain alone (without other security features) is not much by itself.
the only way you know what extra security layers and what way it will be used would be to talk to those contracted to build it.

blockchain is not the end tech.. its just the introduction.. bitcoin has many other mechanisms that make bitcoin special.

They're still not there yet IMO, bank transfers are still painfully slow and until that changes, I'd still prefer Bitcoin and even Paypal for practical use, meaning just sending money to someone.

And I think they are just interested in the technology behind Bitcoin, but afraid, I don't believe that.

is the most profitable ?

If you really think so, then don't tell me that the blockchain (https://en.wikipedia.org/wiki/Blockchain_(database)) technology could help banks somehow

Because it most likely can't, and that was my question precisely. Namely, whether there is any real benefit or advantage of using the blockchain technology by banks, since many on the forum have been claiming that banks are either interested or already implementing their take on it. Blockchain is blockchain which means that a transaction (or what can be loosely called a transaction) is accepted (https://en.wikipedia.org/wiki/Blockchain_(database)#Blockchain_workflow) by a consensus (majority) of independent nodes in a trustless network thereby validating it, and then it gets written down into a ledger with each node having an identical (https://en.wikipedia.org/wiki/Blockchain_(database)#Decentralization) copy of it provided the transaction is valid (emphasis added):


Basically, you start claiming one thing (that the blockchain technology could actually help banks) and then proceed to something very different, which is inconsequential to the matter in question

Dont think so. It ia just wisheful thinking. It would be really great though imagine being a millionaire !! xD

The "Giants" will never fall back. If they can't stop Bitcoins, they will try to buy them. What I mean is that they can start accepting and using Bitcoins, but changing some things to benefits them, like increasing fees in countries over BTCs. They just want the profit, if they can get it, even with BTCs, no problem, but if they can't, they will do anything to achieve what they want!

Yeah i agree but thats all about to change.....lol  ;D 

and about time too ......:)

They are interested in the technology behind bitcoin and not bitcoin itself because the decentralized nature of bitcoin means bad business for them, so now they are looking at how the technology can be twisted so that it would be business as usual.

The revelation bitcoin opened our eyes  to about banks, isn't something they can easily sweep under the carpet, they have been milking us dry all the while, but with bitcoin, we now have a voice to say enough is enough!

That is not what OP is saying i guess, he is saying that they are awaken because they see bitcoin as a thread to their banking systems, that is why they are giving too much attention to their clients so that they don't leave them and move towards bitcoin or any other thing, so for that reason he said bitcoin has woken up "Giants".

They were threatened by the new technology that's why they act and then keep up with the changing financial system in order to keep their business. There will always be innovations given that from time to time there is always something new emerging so in order for them not to lose their business, they should invest and research on what's the better way to have an edge against their competitor.

you're not understanding what blockchain is.
imagine it like the difference between

DBMS - database management systems
RDBMS - relationship management systems

even your quote is saying the opposite of what your thinking.

not

in short a blockchain can work on one system. a blockchain can be edited by having multisig instead of hashes. which the owners of the keypairs have full access to.
a blockchain has no big built in technology requirements to be deemed a blockchain. it just needs something(literally anything) that links one lump of data to another lump of data.
that is all..

once you realise that the quote you pulled up is trying to specifically talk about bitcoins blockchain by talking about transactions, proof of work(mining) and decentralization.. rather than the fundamentals of a blockchain. you will realise that blockchain alone is not big of a deal. but what can be done once you add on the other options could make it a big deal.
emphasis: options added ontop.

now as for HOW the banks will use that simple mechanism.. well there are a million ways it can use it.
options outside of the term blockchain, but easily programmable in to increase security of a blockchain
it could go PoA, PoS, PoW, PoL, PoT
it could use SHA, ripemd, md6, (list goes on) or a combination
it could be central to one location, or distributed to regional hubs, distributed to local bank branches.
it could be split up. where local locations only holds one block of data per location and the region just holds the headers of all locations
it could be split up. where central location holds all data, and the region only holds the headers of all blocks
it could be split up. where specific location only holds the headers of all blocks and the region holds all data
all options are open
now all the stuff above is just protecting the outer shell (the blocks)

as for the data inside
the data can be anything. doesnt need to be financial (eg ID, medical records, inventory, even a phonebook/yellowpages)
the data can be locked with hashes, or signatures or timestamps, or any other method.
the data can be stored/checked as anything, hex, json, ascii, xml or anything

again a blockchain is not a big deal alone. but opens up the possibility to what can be done
the blocks and data within blocks can be secured not by requiring storing the whole data on every secure system. but just storing the link between the block securely

eg
"data123data123data123data123"-linkabc-"data456data456data456data456"-linkdef-"data789data789data789data789"-linkghi
you dont need to store all of the line above. you can as an option ontop. have the main 'checking' mechanism just stores
linkabc-linkdef-linkghi
and program it so that the system should reject a block unless its 'header' (link) is recognised.

now again how the banks will use blockchain. is another question that cannot be answered. because blockchain is just a small tools that allows MANY things top be built ontop of it and inside it... that traditionally were not being done

blockchain is not the end solution with built in security. its just a new tool that expands what the old database models limits were. and allows freedom to build layers ontop and new ways of storing/distributing/validating/editing/securing.

think of it as changing from a DBMS to a RDBMS where it opened up new options of use.
blockchain is just the next level up from that. allowing more options of use. but alone is not a big deal

I'm not interested in semantic gymnastics, really

Until I see some bank actually employing the blockchain technology as it is commonly understood, and it will be something different than Bitcoin (or like Bitcoin, for that matter), I remain skeptical about real benefits and advantages this technology could offer to the banking sector. I heard it in the news myself that some banks had been studying it, but that seems to be all so far