Bitcoin Forum

Banks adopting Blockchain dramatically faster than expected
https://www.reuters.com/article/us-tech-blockchain-ibm/banks-adopting-blockchain-dramatically-faster-than-expected-ibm-idUSKCN11Y28D (https://www.reuters.com/article/us-tech-blockchain-ibm/banks-adopting-blockchain-dramatically-faster-than-expected-ibm-idUSKCN11Y28D)

I bet they using Ripple  :o

I guess this is one of the reasons XRP has been running so good lately. But as far as I know not that many banks are using the XRP token but thaty are basing their system on the Ripple technology. Then I think they are developing their on token. Or that is the impression I have gotten anyway.

Either way, banking is a huge market for the BlockChain technology so I don't see XRP going down any time soon.

As I understand banks are not using Ripple network but the same tech behind it.
Also comapnies that actually are doing something with this tech ( as far as i know):

1) SEB bank 180million worth of transactions last year
2) Amex transAtlantic transactions ( dont know if they are live)
3) South Korea- Japan  test project

Blockchain can be anything, it doesn't need to be an established public coin.  The future for blockchain adoption in banking would be a syndicate of banks operating a PoS system between themselves. From the article, emphasis added:


No need to trust a counter-party that they have the assets or balance at hand, its right there on the blockchain in real-time. Thats a gift to the banking industry that currently only know whats on thier balance sheets, and can never be certain about others.  

it was only a matter of time before this took place.
blockchain technology is definitely going to get widely used worldwide for all kinds of tech applications.
however the blockchain technology that will be created and implemented will be everything Bitcoin is not,
they will be regulated, controlled and centralised...like ripple.
I mentioned in another thread that some banks may very well be using ripple but going forward they will be creating their own!

Maybe that's one contributor for them to accept it. However, I would say that it has been a long time coming. Entities, like banks, are always alert in any investment probability they can assert themselves into because that's basically how a bank would make revenue. It would be easier for them to gain profit if they would invest in something booming. Cryptocurrency has been there for years; however, many banks are choosing not to invest on it just yet because of the fact that it is not like any currencies around. I think many banks right now are starting to try their hand into the cryptocurrency market because they have already proved its legitimacy despite being somewhat new and different.

They are definitely using the same tech as with Ripple but not the coin itself after all they can just hire someone to make a cryptocurrency for them to use at their own convenience. Considering that the things required to create one's own crypto is open source, it is very likely for banks to use only the capabilities of blockchain tech and not ripple or crypto itself.

Good thing. Blockchain encourages transparency without giving away too much personal information which I think can benefit banks aswell as their customers.

Banks have a lot of money and they are smart enough to see the potential of the blockchain and the threat of developing crypto market. Of course they will do all they can to get the leadership here. But to be honest I don't like Ripple due to its high and overheated capitalization.

It is said in the article that 15% of global banks already adopted blockchain, but it is generally about accepting bitcoin, not ripple... That's ironic, since bitcoin is against such things and has its own problems, whereas ripple is perfectly suitable. Maybe ripple's going up on the news about banks regardless to what they actually accept. Yet surely there are other news related specifically to ripple with Korean and Japanese banks accepting this coin. I am still thinking is ripple is now at a good price to buy it..

Banks really need to adopt block chain technology because this is were the future is heading to and if they will go with the current flow of the economy chances are they might be replace and gone in the circulation. Well I have to agree these banks might be using the platform same as Ripple. This is really the reason why Ripple was able to beat ethereum and continue to pump

no they are not using Ripple, they have created Ripple as an experiment and also to make a lot of money by premining and controlling 100% of its supply and network.

what they are doing now is creating their own internal blockchain based system to increase their security and speed and efficiency.

There is a huge benefit in adopting blockchain technologies for banks. I think ripple may be the most valuable blockchain company because market cap is different thing, it is more valuable as a company.

The bank not sure if I'm going to use XRP, but I know that all the Banks are starting to study the blockchain, which is a good sign. ;D

Apparently, they are smart to know that this is a technology that has come to stay with a lot of benefits. However, I am not in a position to judge but I am sure it would end up as any other fiat at the end of the day since it is going to be centralized anyway. I also do not like ripple and I do not see any reason why I should ever like it no matter how the value is driven up as that itself can even be manipulated.

I hear many people say they don’t use xrp.
But for every transaction you need XRP!
So every bank needs a small amount of xrp

With the technology that we have right now, surely cryptocurrency will be a big demand years from now. And banks should go with the fast phasing technology in order to maintain their clients, they should really integrate cryptocurrency with their banking transaction. And this news is a good first step for banks, hope that some other banks in other countries would also consider integrating bitcoin transactions.

Yes, most of them are using Ripple.

Don't fool yourself that they are entering into cryptos or are doing it for you. They are doing it with the sole purpose to increase profits. Because blockhain bases inter-bank transfer are x100 cheaper and faster than current systems.

blockchain administrative system might helps with the customs of segwit as public has with the chance of moderation,
as might to gives of reference on how the work of the financial system to turns with the distinct on consequence as completing tasks with the dislodgment of funds.

but those absolutely different with one as the displacement or attachment of funds within the less moderated archipelago like yobit or else from/not in new zealand

to gives with value on appropriatives.

That would perfectly explain why Ripple went up so much and not only Ripple, the other altcoins as well. I thought I would get a good opportunity to buy in february, guess I was wrong...

i know it... but i missed it already
this bank want to control money again... they do not want to lose control of money that always in their possession
i think sudden increase in marketcap of blockchain make it happen
i wonder what will happen between investor and bank and also trader in thic crypto world
will bank win again??

Yes i agree

i hope the banks will soon dissapear

not necessary profits,

profits are those that work for money yeek to achieve,

the banksters are simply trying to fid idiots that they can steal from with "crap made out of thin air"

they have therefore also invented a "licensing" system

It is  a good strategy if banks would consider integrating blockchan technology in their current transaction so as to be on the flow of the latest technology, and also to mantain their clients.

Yeah, and I do not see why they would want to pick XRP when they would probably looking at the point of having the high stakes in the market of the crypto they choose to develop and have the ability to manipulate it however they want.
XRP may be going up in value right now, but that does not totally mean the banks have fully accepted it as a cryptocurrency to use when like you said, they have everything to develop afresh.

agree
using the same technology is not the same with using the coin itself
so if when people go rush to invest in ripple think that bank will cover their money this will be bad in long term if bank announce their own coin
blockchain is future, it can help many people including bank
and i'm sure not only bank will adapt blockchain technology in the near future

I should have known not to listen to my gut feeling about Ripple! I stayed away mostly because it was all about the banks and have been very wary about putting any investment on that sort of corporate cooperation. Then again, maybe that sort of formal strategy is good for profits? Ripple is really moving fast now, and one can only guess this is the work of the banks that have moved onto using it. Now, what do you think, will NEM and the Japanese similar connection also result in the same price movement?

Yes mate XRP is the banker's crypto and it will kill our decentralized community in the future.

I sold a little XRP to my friend and do not regret it.
I hope that he will be interested in crypto-currencies and he will start studying trading soon  :D

XRP really fast and even if it's not a "true" crypto it still fast as hell and useful.

XRP may not be going down soon but I would not trust that to be. It is the crypto market and XRP may be driven by the banks but that does not mean it would keep on like that forever. Also, the banks adopting blockchain technology does not mean they are picking interest in XRP being a banker's coin as they can just decide to make use of the technology from the scratch themselves.

I am not surprised XRP would be their main coin to use in this essence and which is why we have been seeing some huge consistent growth on this one. I am not sure how long this is going to keep on but I am really looking forward to how much the value of XRP is going to be driven to before the year runs to an end. Nevertheless, the banks can make use of the blockchain technology even without XRP.

LOL,thats why the banks are disabling the accounts of the crypto users in other countries?

blockchain is future technology,
that's what i can not argue from discussion post above

event bank is now realise can not win against it, so they join it
some post above said that it is use ripple technology, i've read about it too
where is this happening? i want to know more baout this tragedy

Morelikely they are doing the opposite of this bro,some banks are started disabling people's account that are connected to cryptocurrencies.

2016 article. From IBM.
Intended to hint about stellar, not ripple.

speaking honestly, i hate banks, but nothing can stop them, they have too much power and too much money.

i think its safe to say that banks will never EVER invest in any free crypto currencies. that is so impossible to happen.


i really don't see the banking system going into the freemarket and pumping the price of ripple, this would be so unprofessionnal, and so risky for their own funds,

or maybe i missed something, and they did actually outsmarted me on this by a long shot ?? i just don't get it

Who cares if the banks are adopting blockchain technology?we are here because we hate them because of their centralization crypto and bitcoin was born,

not only banks are implementing blokchain, for example want to make documentation in hospitals for blokchain or hold elections,

Banks understand that they need to adopt new technologies in order to have a permanent profit. I am sure that in the near future they can also accept crypto-currencies and exist in parallel.

Adapt or die. I think this is now the main rule for banks, so we are seeing what you are talking about.
Probably many of them will still die with time as well as the old-style banking system.