Bitcoin Forum

Here and there news reports are showing what the government and banking institutions are doing to integrate blockchain technology to keep up with the rising trend. From all the products and services being offered out there, what product or service would gain the most advantage with these developments?  ::)

American Council of Technology is now creating a playbook that will indicate "Assessment,” “Readiness,” “Selection,” “Implementation” and “Integration" to determine cases that can actually benefit from a blockchain solution.

Meanwhile, Bank of America may be looking into replacingsome of its existing data sharing systems with a blockchain.

These could mean a good growth on the cryptomarkets, plus a lot of potential roles that needs to be filled out to complete projects. For me, platforms offering education services will really take off because of this.

https://i.imgur.com/LmTk2J7.jpg

FIC Network is an upcoming ICO that's doing exactly what you are talking about. They are focusing on institutions (already have a product with a few clients) to create a fixed income market for crypto. I think it's great they are focusing on big players first before retail investors as I think this will help adoption, and is also in general a better marketing strategy.

we all know that blockchain technology is able to cut the cost and time it takes in cross-border banking transactions, which is why banks will benefit a lot from using blockchain technology.

With this financial institutions and banks the blockchain is gaining popularity and building a new token under smart contracts maybe they target Rock token and Ethereum that you can build a project on the top of the blockchain. Same thing read their white paper so you could easily access their token.

True that!~

I see what you meant with Rock token. With a platform like this, and experts being developed in our Education Ecosystem to contribute in all these, we might eventually see a complete 360 degree and see banks and other larger institutions really open their arms to accept blockchain technology

banks will like to tie up with currencies like ripple (XRP)
while govt need to manage their data so they need tech to maintain public ledger on blockchain .
oneledger , shivom are such projects .

I'm not sure if that will give a lot of impact to the cryptomarkets consider if US council of technology interested only to build a system that based on the blockchain. Until they will be taking the crypto seriously and consider crypto as one of the real potential development in the future and it will remain the same.

The first advantage we get is access to buy and sell crypto can be easily done wherever we are. That means everyone will be more familiar with crypto and blockchain, becoming more popular and attracting newcomers or new investors.
I think the specific regulations for ico will be made and the new rules will select the best ico and also can reduce the scam ico, so investors can be calm and not afraid anymore to invest in ico.

i honestly don't see any connection between the two!
in fact i believe the exact opposite of what you think can be true. meaning as the government and the banks get involved more with the blockchain technology they will also regulate the market and eliminate ICOs altogether and it means pretty soon all of the ICOs will fail instead of even reaching profit.

I doubt that they could eliminate ICO, i mean they could do their own ICO with some regularities and investors will surely invest if the ICO were to be backed by government and banks. Surely that a lot of ICOs will fail because investor will look for something that has legit while other ICO are scam to begin with.

Removing uncertainties from the people. Blockchain companies proving themselves with growth and innovation through marketing and product or service delivery and explaining how they can bring rewards for both consumers and investors.

There has been blockchain expos and more going forward to shed light and credibility. Tomorrow, there would be one in London where education ecosystem will be speaking on panel future of cryptofinance. 💰

Government regulating this and that for cryptocurrency does show their skepticism about it. Who knows what their study will reveal to them. They might even find suppliers using blockchain technology will cost less fees with easier, quicker transactions and settlements.

The one that can bridge the gap financially between government agencies and crypto projects. Not sure whether a bank or protocol would be better for this, but whoever can accomplish this first at scale will win heaps. Ripple seems to be the leader right now, but I know of at least 5 ICOs this year that plan to challenge them. Got my popcorn ready that much is for sure.

This certainly is a very positive move and we have already seen so many countries showing interest to implement this technology in their banking and financial systems. If this somehow happens, then the banking coins like Herotoken and Africunia will definitely see a rise in their prices. Apart from that it would send a positive wave across entire market and we can see almost everything increasing in price.

They will probably try to monopolize the market and dictate the prices, that's true. They would also probably eliminate volatility if they succeed, so investing into cryptocurrencies won't be so unpredictable anymore. Nevertheless, I don't think they'll even ban icos. This is just a common way of creating coins and tokens now. I bet if they launch their own it would also be via ico. I think the scammy icos will slowly die off, while more solid projects will appear. I think it's happening even now. I don't know about you, but it seems to me that there are a lot more interesting icos now than there were, say, a year ago. The gov's can regulate them and set strict rules for icos, but not ban them imo.

I think if big banks will get into crypto, they will try to get a great share, big enough to heavily influence prices, probably make it less volatile, to reduce investment risks. This can actually become handy for ICOs, which can become and function as a modernized IPO.

Also, if big banks, or investors will get into crypto, it will reduce the fear and scepticism about it, and make people actually look after and read about the market, rather than just judging by the news. Because that is the main source of their information: news. Which can be (and plenty of times is) highly misleading.

Its actually good that they are discussing the outlook of cryptofinance in the London Blockchain expo There are about five speakers that will tackle issues on regulations, Dr. Michael Garbade of the Education Ecosystem being one of them.

Major bank players should be there to get more information and be more open to how they can implement it.

The permissioned blockchains of course. That's what governments and banks know as a system. But they will probable create their own. I don't think any of the existing coins will benefit much.

why would institutions adopt FIC though? i don't see FIC well marketed or positioned with large players for real use

It depends on the institution, but adopting FIC would be faster, cheaper, and easier to audit.

will likely make the ICO itself does exist, and I think it will be an attraction because of course sees the presence of interference from the Government and banks will then make this more interesting investors compared to ICO the other.

could you expand on this please?

if the goal is to become the all-star one stop solution for global fixed income, wouldn't that in essence distrupt traditional mutual funds ? i see corporate adopters shying away from this as they are investment vehicles themselves

We only see cryptocurrency as one and only application of blockchain, blockchain technology has frontiers that are yet to be discovered by the human mind. Banks already are using regulated cryptocurrency like Ripple to transfer funds globally (though many among crypto community are not accepting Ripple as a cryptocurrency). It's important to understand that Governments rivalry is with cryptocurrency not with blockchain.

Mm, not quite. Existing mutual funds and other investment vehicle creators benefit from the platform since they can do the same thing on FIC Network. More efficiency in terms of speed, cost, and auditability.

What Government is playing with and most of these big companies is not the blockchain we are talking about here, they want a private blockchain and I don't think you can mine their own coins. I think NEO and Ethereum have plans for big players like these so one need to watch out for both projects

thx for answering i will look into FIC it seems interesting to earn interest on top of your crypto assets

Personally, I see that blockchain technology will be actively used in jurisprudence, elections, economics, etc. Many professions will not be needed, the workflow will decrease. With the use of smart contracts, many processes will be automated.

I agree, for technology blockade the future. This technology can be implemented in any business process, and its application will greatly simplify any workflow.

In my opinion, relating to banks and governments, I think GRFT has the potential to be embraced by both parties because of their project as Global Decentralized Payment processing network which eliminates the need to maintain multiple point of sale apps and wallets. I think their project has a long way to go and you could probably profit the most from it for long term.

A platform coin would likely benefit, so ETH for starters. That's if these companies are serious about making efficiency and business gains through use of blockchain. I do suspect though that at least part of their interest is so they can say they have their own token, a bit like a generation ago every company was scrambling to get its own website. In either case, crypto as a whole benefits through increased exposure and mainstream adoption, and so we as token holders should also benefit.

In general, what we can conclude and define in the positive aspect with banks and governments is the possibility of growing the technological structure of the countries. In relation to crypto the great benefit is the level of demand and the level of disclosure that will automatically become massive, in the aspect of feasibility of accesses tend to increase due to the high speed in the blocks provided by Blockchain.

in my opinion neither banks neither goverments cooperate with blockchains or other chains.
they all see threat blockchains to their existence.

because of this i suppose not hear a good news from goverments about blockchain

It seems to me that privacy coins and KYC verification coins will benefit more. KYC verification can be used by those banks taking up blockchain and as for privacy coins, those will be in demand due to regulation. I don't want government keep on track my activity, so I would opt for privacy coins.

As governments and Banks develop blockchains, projects become more and more standardized. There will be a standard for ico, which will help people better understand and invest in ico.