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The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?

https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844 (https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844)

The operating idea of ​​the blockchain system is to replace traditional solutions with payment infrastructure with a higher level of security and efficiency. At present, major mainstream practitioners seem to have to face "either adapt or die."

The overall development trend can be said from four aspects:

• Decentralized features, no need to rely on a third party, transaction Sudujia is fast
• As a representative of the blockchain, Bitcoin has a higher safety factor and more and more application scenarios.
• Cross-border transactions can effectively evade the SWIFT settlement system. As a sovereign country, it can avoid US economic sanctions and hegemony threats
• The key factor is lower transaction costs, and future transactions will be faster without waiting.

I am very confident that blockchain and Bitcoin will replace the existing banking system in the future. The unfriendly policies of many countries also fully demonstrate that their interests are threatened, but the development of the times is unstoppable.

Blockchain as whole decade old technology and it's based on public ledger. If we forget few instances in the past then blockchain truly complies with the "Data Integrity" structure and thus making it reliable platform to run the operations of traditional banking system. Even giants like MasterCard is already into this and plotting big plans for the adoption of Blockchain into its network.
Article: MasterCard and it's blockchain project (https://www.signifytechnology.com/blog/2018/08/mastercard-vs-visa-blockchain-projects) This one is really deep article and everyone must read if they are enthusiastic about the MasterCard.

However, then we have things like Government, Political power, Big Bankers and those 1% who will never wish to give away the power to control monetary system at all. Lets remember one thing, current monetary system is so deep rooted that it can never be replaced by such new tech like blockchain.

"They may adopt it for certain usage, but they won't let dilute their power over it!"

Amazing article related to your question - Article: Can Bitcoin Kill Central Banks? (https://www.investopedia.com/articles/investing/050715/can-bitcoin-kill-central-banks.asp)

Not only decentralized currencies are making use of blockchain technology again. Although, it started from Bitcoin, while altcoins also make use of blockchain, now CBDC are also now making use of blockchain, but CBDC are completely centralized currencies. If you are relating it to decentralized currencies, just know that both centralized and decentralized currencies are existing for good reasons, decentralized currencies like Bitcoin as an alternative is the best, not a replacement but as alternatives.

By design, blockchains are resistant to data modification. Blockchain is a distributed ledger, Blockchain was designed from the ground up to be secure and is an example of a distributed computing system with a high Byzantine Fault Tolerance (BFT). and if you look at it from here, actually the concept of blockchain is almost the same, just more modernization because you see civilizations that are getting more and more advanced.
Besides that, the feature that uses this intelligent centralized system I think is very beneficial for blogchem to continue to grow because I think this is very important apart from avoiding third parties with a decentralized system so transactions are faster.
but I prefer to use this as an alternative and not replace the existing system because now the system that implements this blockchain is not only Bitcoin and outline but there are others who use block chains as their means, for example, cdbc which is now already using blockchain whereas on the other hand cdbc is a currency with a fully centralized system.

I don't think that blockchain technology will completely wipe out banks. Banks will find a way to adapt to it, or at least create other aspects to continue to exist. Blockchain and traditional banking will coexist, and everything will become a fact of survival of the fittest at some point.
Traditional banks have cash, and blockchain is cryptocurrency. If they want to replace these banks, then this also means always using cryptocurrency instead of cash, which is almost impossible.

Not wipeout but replace although, I don't think that I am going to say that it can replace because it works in counter with banks, blockchain eliminates the middle man and banks in a sense are a middle man to any kind of transaction, so I don't think that they will probably allow blockchain to be the dominant one.

There are many threads available in this forum that discuss this particular topic op.

Example: https://bitcointalk.org/index.php?topic=5026105.0

Blockchain technology is being used for certain applications by various countries in different ways. Basically, expecting blockchain to replace the traditional banking system is silly. If it was actually possible, don't you think it would have happened already?

Not quite yet, but it will eventually.
Whether blockchain technology will replace traditional financial services or not is a matter of political will and corporate interest. No one can guarantee that the blockchain economy will replace the existing banking system, but one thing is sure – blockchain technology will bring a new revolution to the way financial services are being used in the future.

In Ukraine, there's a plan  (https://drive.google.com/file/d/1sFKyvoVC9jF-TkvyD-bsGH0X0CxTdvaR/view)to move all sorts of governmental registers on blockchain, as well as adopt cryptos and introduce a centralized local fiat-based cryptos in 3 years. However, the intention is not to replace the banking system with it, but to supplement it with blockchain. As for replacement, I think it's possible only hypothetically, but is highly unlikely. Scalability is a huge issue, so we either need it solved or we need lots of cryptos functioning in harmony to get the load of transactions reasonably distributed. It's all hard to pull off, not to mention the backlash by the banking industry.

I feel that it is hard to see government actually replacing their finical system with blockchain, that is due to the fact that the blockchain network has to be decentralized and uncontrollable by any part, which banks and the current finical system is against it, because they need to be in control to mange the transaction that are happening, which means they need to be able to stop a transaction if they want to, that is why currently banks exist.

And that will depend on how transparent, immutable, decentralized the Banks Blockchain would be. If you take away some of the most important features like transparency, immutablity, decentralization, you would be attracting stronger regulation from central authority/government. The best way to keep them far away is to have no reason to be regulated by them.

That's actually pretty good because with blockchain having the ledger feature, transparency in the government dealings is going to be useful. I don't know much how Ukraine does but if they can probably stop the fight against Russia, they might have the money to expand and solve the scalability issue.

Current banking system is very slow, centralized, controlled by few elite members, and it spends a lot more energy than all Bitcoin mining, but I don't see anybody from climate change propaganda bs complaining about it.
They won't allow replacing of that old dinosaur banking system until they create their own total surveillance tracking nightmare, that is why it's very important that more countries accept Bitcoin, that can't be controlled and printed to infinity like fiat or future CBDC currencies.
Using second layer solutions and sidechains with Bitcoin we can full replace corrupt banking system, but they won't go without a fight.

Blockchain has 2 categories, public blockchain and private blockchain.

Public blockchain is decentralized since anyone can view, read and participate on the network. While the private blockchain is centralized since the blockchain is only permit few people to able view, read and participate on the network. Of course Bank would use the private blockchain if they want to replace their old centralized ledger especially when they want to launch their own Digital currency. Blockchain is more fast, efficient, flexible, and cheaper, it just a matter of the technical skills/coding, so there's more advantages of using Blockhain.

Haven't you seen a topic like this, I see it's been discussed many times...

it is most likely that blockchain technology will shift the technology of conventional banking systems. Blockchain technology is the technology the world needs to make all transactions more transparent and open. the current banking system does not show transparency, that means we have to start adopting blockchain technology.

Blockchain isn't just limited to solving the trust issues revolving around traditional banking system. It is gradually gaining massive adoption in many other sectors of the world which involving transactions such as funding a gambling or trading account and despite it's global adoption it can't still replace the conventional banking system but could be used as an alternative in some cases even if not now maybe in the near future.

The blockchain is going to be adopted by banks all over the world willingly so I do not think we are talking about replacing here but upgrading their current technology, however this is useless, they will be on control of those blockchains and they will be able to do whatever they want with it so this does not help us at all, we need bitcoin to become big and strong enough to become a competitor against those banks and even then I do not expect that bitcoin will replace the banks, it will just provide an alternative for those that want to avoid the banks on their daily lives.

talking about politics and government if we look at that view it will make sense when the government does not implement blockchain as a substitute for the traditional banking system, this is not without reason because we all know that the blockchain system is very difficult to control and automatic if they replace it with this they will not be able to control the finances that operate on the blockchain so that will make this a blunder and will not be profitable for them. because with the functioning of the traditional banking system, the government's control of existing finances can be monopolized there because we know that traditional banking is held by the government.

I think bitcoin definitely changed the way people think about money. Its such a radical departure from conventional finance and banking norms. I'm surprised conspiracy theorists haven't put forward a theory of Satoshi Nakamoto being an alien from another planet. Cryptocurrencies have succeeded in ways, in building a better mousetrap. One observation that can be made about blockchain is, Satoshi Nakamoto was only a single person with limited resources and time. A team of talented individuals with funding, should in theory, be able to expand and improve on Satoshi's original venture. It is possible that had Satoshi continued to develop cryptocurrencies, he would have further expanded and improved upon its list of features and design principles.

Would prefer to focus on some attempt at future progress in finance/remittances, rather than focus on blockchain vs banks. There is still a lot of room for improvement to be made. Even banks are benefiting from and using blockchain based technology. Rather than blockchain replacing banks, they can simply adopt the technology and use it.

Actually, blockchain solutions have already started to replace traditional banking systems especially related to cheque clearance and transaction settlement between banks. I heard on one such example in Europe a couple of years back and now in India too banks are starting to use it as a system. Here is a source of the article : https://thepaypers.com/e-invoicing-supply-chain-finance/15-indian-banks-get-together-to-form-blockchain-trade-finance-consortium--1249797#:~:text=15%20Indian%20banks%20get%20together%20to%20form%20blockchain%20trade%20finance%20consortium,-Thursday%2017%20June&text=Th%20e%20banks%20involved%20include,reduce%20the%20volume%20of%20paperwork.

This helps them in decreasing the transaction costs relating to the inter-bank settlement. Moreover, when it comes to banks and their settlements, everyone likes an environment where there is no regulator in between and no one has supreme authority, even the central bank only has access limited to the reporting requirements imposed by them.

There is something you need to know my friend.
Traditional financial institutions are the most corrupt set of organizations to ever exist and do you want to know why, tell them to employ blockchain for transparency, they will ignore and wouldn't want anything that will be public, they want to do everything at their way.
Banks would actually do and perform better if and if they accept blockchain and it fundamentals but I still be believe government would be limited on how they explore most of this thing as they dislike things they can't control.

I don't think so, at least not in the near future. Too much is tied to banks, such as loans. Will people be able to take out loans in cryptocurrency?
Will it be safe, because cryptocurrency is extremely volatile and in case of growth, you will have to pay much more than you took.

Replace? Maybe, but unlikely. Cooperate? Hardly possible. Banks make profit majorly by creating the circulation of funds, giving loans under a certain %, and making other deals which are impossible without tracking (and conrtolling) the flow of money, otherwise the bank would be putting itself under a great risk.

Now, the idea of cryptocurrency is quite the opposite - no one will know your ID if you don't link your address to it and no one can have access to your funds. So how can these two systems cooperate?

It's true that it cannot replace cash but it's not the goal of Bitcoin or cryptocurrencies. Traditional banking I think will still be here but they may actually apply the technology like how they are interested in Defi today. The senate is already talking about these disruptive technologies in the financial system, they may not really be open to this technology but more and more people are going into crypto for the lack of opportunity. The existing system today are now seen to be not democratic.

No it can't and it won't. Blockchain is a technology. A technology cannot replace a system. All it can do is integrate with the system to make it better. So no blockchain won't replaced the traditional banking system, but the tech might be used in the banking system. If you are talking about decentralized crypto currencies being able to replace the banking system, then I doubt that's going to happen  too. Might be after decades by a centralized currency.

Banks wouldn't allow cryptocurrency to take over on them, because fiat economy has the stable currency movements. Though we see some good points on crypto, but we have to consider the volatility of its market which I think business owners didn't want their money to risk on this idea. Blockchain will only be useful as an asset not really be associated with traditional system of spending like on fiat.

I think replacing for traditional banking systems to blockchain technology mainly depend on government mind, because government thinking behind of traditional banking systems blockchain technology is a threat cause it’s invisibility from any system. so if every government accept blockchain technology then it’s will be replace traditional banking systems.

Blockchain technology has changed the fixed development model of traditional industries and brought people a lot of benefits. As people strengthen their consensus, more people use cryptocurrency. Blockchain may be the future trend of the banking system and financial industry.

• It provides greater transparency and credibility for any content in the ledger, free from government control and interference.
• It can conduct transactions without restrictions and the cost of international transactions is low.

While blockchain has been gradually known and used in most areas of systems and databases, I can't say it would totally replace the traditional banking system. A blockchain is a form of technology that is recognized as a secured system, impossible to hack and change that easily. Its development is something that the cryptocurrency world is thankful for because most cryptocurrencies work such as bitcoin because of blockchain technology. However, despite its advantage such as being a lot more secured compared to the traditional system centralized organizations are built upon, it is not enough to totally replace the usual banking system.

Centralize organizations such as banks have been existing for a very long time already. It won't just vanish because of the emergence of new technologies because surely, they will do all the things possible to keep up with the current trend. In addition, it's really impossible to totally remove the fiat system. It will exist as long as there is a government. The cryptocurrencies will just coexist with fiat and the same way blockchain technology will coexist with the traditional banking system. Blockchain and crypto will be the next best alternative if people will opt to switch modes of transaction and store of value.

I cannot speak on behalf of crypto taking over the banking and fiat worlds however I can say that banks definitely can use blockchain for their data systems. I mean think about it, what is that banks do the most? They keep track of your money, well everyone's money, who sent who how much, who has how much, basically it is all about money and instead of just servers if they ended up basically doing a blockchain, then they could definitely make this a lot easier for themselves.

Most major banks spend billions on their servers globally, because they are not just in one place, look at HSBC they are basically in every nation give or take, they spend billions on servers because of this. What they can do however is create a blockchain, put everything there, allow people to "mine" hsbc token by helping them keep the system going, and then pay those people fiat, a stable coin maybe, and that way they will make it more secure. However letting the whole world see their blockchain is a bit of a problem obviously, so that is why they need to figure the privacy issue first.

For me, it is already strange that someone, it seems, seriously wants to speculate about this. How can cryptocurrency replace the banking system? Only those who know practically nothing about the banking system and about the structure and functioning of states can raise such a question. Banks are part of the government system and perform many very specific functions that cryptocurrency simply cannot do. The banking system can only be destroyed simultaneously with the destruction of states. And no one has dealt with states yet.
Blockchain is already part of the banking system, but it is only one of the technologies used by banks.

Blockchain can change the way data is managed by banks, but it will be decentralized, less expensive and faster than the current model, such as the Ripple currency.
But there is a big difference between the blockchain, digital currencies, and banking systems. The difference between them makes the comparison between them wrong and similar to comparing the C language, Windows, with HP sales.

- There are also some crypto loan services in the moment, the principle may be rudimentary and relatively risky and not as optimal as the rule of a traditional bank, but this is also considered a breakthrough for people to have loans on the blockchain platform and help blockchain have opportunity to replace traditional banking. Perfecting and honing these rudimentary principles to the best, blockchain will be partially used in the future but it will be parallel, rather than a stand-alone alternative.

Banks are not imposing any changes into their financial system since all they are trying is to suppress the new blockchain digital payments with the tag of criminal money. Some governments even banned cryptocurrency without strong reason or simply because it affects their cashflow system.

While cryptocurrency is completely decentralized means no one can stop you from using it but you need mass people to realize that.

I think it is far too early to say that "Although it is well known that it cannot replace cash".  I am not saying this can happen anytime real soon, it's absolutely possible that this could happen down the road.  I think blockchain has the potential to change a lot of different ways companies keep track of information or transact data and we are already seeing banking systems making these type of implementations.

Central bank won’t allow this thing because banks is an established business for a decades now but I believe those banks can adopt blockchain technology to help improve their system and I know some banks already do this one so there’s no need for a blockchain to replace the traditional banking system. Fiat money will still be here despite of growing cryptocurrency, we can’t just live without it.

It can be adopted and used, but not really for replacing for this time. But not know the future, maybe after the mass adoption and everything is ready already.
Not only on banking systems but also in several other systems in various companies or institutions.
However, maybe the adoption period will be compensated there is a government or control holder in the company. Because not everyone wants to change quickly. So it might take a longer time for adoption times like this. Especially if this happens in some countries that still have a lot of traditional payment methods.

Btw, Blockchain is a technology, not only about crypto. They can use blockchain technology for their system and that doesn't mean that they must create cryptocurrency also.  But I do agree that it may not replace the traditional bank system for this time (not know about the future) :)

They may adopt the technology like creating their own CBDC, but they won't be replacing their traditional banking anytime soon. This will really take time and consumers are not ready for this. Just be happy that today they are more open in this technology and trying to integrate it in their system via CBDC. But not all governments are into this development. Implementation of blockchain tech is not that easy when it comes to government because they have a lot of considerations, they need to think of their citizens that would possibly use it.

Same views and beliefs because as long do government exist then its just normal that they wont really be letting everything would be on transparent and being mixed with that decentralized stuff.
They would always like that they should be always in control and its true that there might be some add ups but i dont really believe that it would replace that traditional banking system.
Innovation is good but placing something which had been used through ages and as long there are people who are on the top of the chain then they are the ones who would
making out those rules and never intent to adopt something which is totally opposing on what they do have in control.

• Blockchain is decentralized, it will not be controlled by anyone, and it can effectively prevent problems such as data leakage or database intrusion in the banking system.
• Blockchain cross-border transactions can avoid many processes and links of bank transactions, and the transaction fees are low and fast transactions.
• The application of blockchain technology can provide traditional banks with a lower cost, efficient and safe transaction method.

The traditional banking system will not be replaced by blockchain, but it may incorporate blockchain technology. Banks in blockchain technology can provide users with transaction services anytime.

The term blockchain here seems to be so one-dimensional. Blockchain alone, well probably yes if we have set up a whole reliable smart contract environment, it might be possible one day. One problem will be dispute resolution though. I don't know if you can solve any problem that can occur in financial relationships through mathematical equations. You would have to frequently tweak the incentive structure such that one day you really have a system that is sufficiently flexible to also be able to deal with yet unforeseen events. That will be hard to achieve, but maybe not impossible.

Blockchain technology can be implemented in the banking system. In fact, it is the hope of all customers to be able to get a fresh banking system and also be more fair in the distribution of data.
However, here the bank has other considerations before deciding to implement Blockchain in the system. They risked their power of control by taking considerable risks. The use of blockchain is certainly safer from the customer's point of view, but from the company's point of view it will limit the movement of companies which results in reduced their income.

adopting blockchain technology means completely overhauling the entire business.  it will definitely go that way but it will take a long time until we see banks adopting blockchain.  adopting blockchain technology does not have to replace fiat, fiat and blockchain can still stand the same.

Blockchain technology itself is the best system for storing and transmitting data at the moment, but you should understand that if, for example, a banking system wants to use a blockchain, then it will develop its own blockchain. This is important, since some people think that banks will use, for example, the blockchain bitcoin or ethereum, but this is not the case. It is possible that the existing algorithms of other blockchains will be used in the banking blockchain, but in the end it will be its own blockchain and it will also be controlled by the banking system. This will probably also apply to the launch of their cryptocurrencies.

Replace traditional banking is yes, but as the beginning maybe we should say cooperate with traditional banking system first, as we know theres traditional banking sytem who has adopt blockchain on their operational, this is good start to merged fully to blockchain system, i think people knowing that traditional banking system is not transparant and has so many crack to scam us, so in the near future, we will see they are totally move to blockchain system.

maybe later it will be possible for banks to use blockchain, because of its advantages. but to do that, of course, the government goes through a lot of considerations, especially to change the current system, I don't think it's that easy to decide

The opportunity for banks to adopt blockchain technology is greater than the opportunity for replacement. Converged encryption continues to provide services for people and provide ordinary people with more control. The government will do its best to try to combat any skipping of using cryptocurrency services. In many countries, the government is considering using a digital version of the local currency, which will use blockchain technology.

well, the issuance of various regulations regarding cryptocurrencies, I think it's because the use of banks is disturbed by it. Moreover, blockchain is currently one of the newest, and even profitable, payment methods. however, it could replace the current banking system. I also heard that some countries are developing their own cryptocurrencies. Well, it can happen, but it seems like a lot of regulations will hinder that.

If we are talking about the system, probably we can use blockchain to replace the current banking system because I think using blockchain will help with the transparency in the banking industry since we can use it to trace people's dealings if we suspect them of foul play.

Blockchain will not replace banks. However, the emergence of new technologies such as blockchain technology will force the banking industry to reform.
Blockchain is a distributed shared ledger and database. It has the characteristics of decentralization, non-tampering, openness and transparency, and can solve the problem of trust in transfers.
Inter-bank transfers between banks need to pay high handling fees, and the transfer amount will be limited by the banking system. Blockchain is a point-to-point transmission method that does not require a third party, which can save costs and improve transfer efficiency.

Many countries are planning to launch their own central bank digital currency and we will see many in the next 5 years but the problem is that whether they will gain the momentum they are expecting, yes having every transaction in a blockchain will create a transparent economy but how many will be willing to move all their transactions like that, may be it might take another decade to see those changes.

I strongly believe in Blockchains and different innovations. I do hope that I will move to the Internet one day. I will not depend on anything physical then. I am going to create a digital identity for myself. And of course, in that world I will not need fiat money and banks, only digital currencies, that can't be regulated by anybody. Moreover, there are currencies that don’t change their value every day, so we can use them for payments easily.

This is a good idea, currently account holder data is very confidential so there is a lot of financial crime and corruption, the presence of blockchain in banks is certainly an effective public control to reduce financial crime.

This is true, banks are known to allow all kind of criminal organizations to use their services for a fee and they keep doing this because when the government realizes this instead of giving a very strong sanction to the people behind those banks what they do is that they give them a fine and since the fine is lower than what they charge to those criminal organizations then there is no incentive for banks to change their behavior, so it is likely that the blockchain technology is going to be used against us but not against clients that could be affected by it.

The function of a bank is to coordinate cash flow, so the bank is always controlled by the state. Blockchain is a good technology and it can help the banking industry to help with better regulation. Replacing the bank is such a lofty idea and it's not allowed because governments won't let that happen.

When it comes to blockchain replacing the traditional banking system, I don't think we should seek after it cause it may work well if the two would collaborate on making things effective for the investors. Obviously, the traditional banking system is under the government's property which means they have control towards it as well as the ability to shut it down and that may happen if blockchain technology will get involved in it cause most of the people in the government is against it. Nevertheless, we should seek for improvement towards both always.

Banks already partially use the blockchain and, in particular, the ripple network. However, their use of the blockchain does not mean that something will change significantly in this system, including towards its decentralization. Only the efficiency of banks' work on the old traditional principles will increase. So nothing significant in the banking system will change.

I think this is a question about whether or not blockchain can also fulfill many of the service functions that banks offer these days. Custody, financial management, and whatever else banks sell to people. Loans of course of different terms (short, medium, long-term).

With DeFi growing strong recently I think we will still need some time to figure out what blockchain can actually do for people compared to banks, but the thing is that development in blockchain is going at a high pace and won't stop while banks don't really know what to do against that. Now they start to slowly embracing it just to stay in the game for as long as possible.

For now, i don't see any chances that blockchain will come to replace traditional banking system. Yes, its more reliable compared with the old one but what i am seeing is that blockchain can be integrated into the traditional one which will help to cope up the fast changing technology we have at the moment.

People will definitely choose what will be more convenient and useful for them but this is a long way process before realization. Who knows? Maybe in the future blockchain will replace the traditional one but for now, the chance is very slim.

Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them.

I don't think we will see blockchain tech replacing the traditional banking system in our lifetime. Maybe, we will see it co-exist but not totally replacing the traditional system. Though blockchain tech will offer so much efficiency in their financial system, but it will take time for them to fully understand what it can do to their old system. Just be grateful that more and more companies are recognizing the benefits derived from utilizing blockchain tech, but it is too early to speculate that this tech will replace the traditional banking system.

We have been using the traditional banking system for a long time, it will not be easily replaced. So I agree that blockchain will not replace
the traditional banking system, at least in the near future it is very unlikely that this will happen. Although some banks are starting to learn
blockchain technology, but that does not mean the traditional banking system will be replaced. In my opinion, the most ideal is that both traditional
banking systems and blockchain can co-exist, that's the best for now. Moreover, it seems that the government is still comfortable with
the traditional banking system, so there is no urgent need that requires replacing it with blockchain.

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Blockchain will not just change the blockchain system almost everything including as long as it needs recording or databases. NFTs are just one of the purposes of it and we wouldn't even count what it could do to piracy.

The banking system will however have to adopt the technology for its relevance. If you look at what paypal and Visa did for cryptocurrency, they will also do it.

every development that provides effectiveness and efficiency in a job will replace the old system, to make the work easier. we can see the relevance of blockchain, and actually can represent the banking system for now. whereas in a country of course there is a bureaucracy that must be obeyed, so it cannot be easily replaced, of course there must be several relevant agencies that approve it

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

not blockchain but cryptos maybe because it was the cryptos where you put your money and not the blockchain although  blockchain is like a home of cryptos .
. bfor now there are no signs that banks got weaker because of cryptos of blockchain but who knows maybe in the future there will be a transition that will happen .  lots of people are going to love it for sure because finaly after a long years ,
 there a big change that happen in the financial industry

Absolutely right, The Blockchain Technology has capabilities to replace not only current  Banking system but also other areas of ecocmy including, Travel, health care sports and many many others. It has capacity to make systems efficient more transparent , decentrlized and easy traceabilitity of transactions as well as minimizes possiblities of corruption in economy which is good for everybody.

- Technologies like Blockchain were not created to start a struggle with old technologies, they are just a refinement of the better over time to complement an old version, the core thing remains the same, it means that Blockchain has no substitute for traditional banking decisions, it's just a recruitment and then traditional banks will convince some of its applications to their field. Blockchain only inserts on the back part of the bank to make the interface and handling of the old system better, no ability to rewrite old parts, it's too long and hard to replace

 In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system. 

 We see over the last decade, the payment system has transformed so rapidly.  From real-time cross-border payments, to using blockchain and cryptocurrencies.

 Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

blockchain attempts to fill certain roles that traditional multi-layered payment systems cannot and lead to high costs incurred by the payment system itself. 

Blockchain seeks to bring people who are unbanked for various reasons into the financial ecosystem, using a hybrid approach. 

So along with the development of technology, traditional banking will also implement blockchain into its work system, because this will become a demand and a necessity.

Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.

Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.

You are right, it might be useful but doesnt mean that it would be enough or capable enough on taking off out the chart the banking system that we've been using through ages.
Government wouldnt just let that thing to happen because even how great decentralization is, there would be always that centralized stuff that would be always holding into the top.
They cant really just easily switch up on things since they do know that there would really be con's on doing that and also this industry doesnt only need decentralization
but also it would  be needing some governing body on handling everything.

It is a good question that you ask. And my answer is yes, Blockchain technology can really replace the traditional banking system. And the reason is quite obvious in fact. Blockchain technology is stronger and safer compared to the traditional one. Hacking the system is much more difficult when it comes to Blockchain. I don't say it as "impossible" because every kind of technology can be hacked.

Banks may study and add blockchain technology. If they can better use blockchain technology, they will greatly reduce their own operating costs and enable the bank to develop better.
The decentralization of the blockchain will also make the entire deposit and loan process more convenient. Users who need to deposit money can receive the deposit yield by transferring the money to the wallet on the chain. Improve the security and traceability of bank fund operations, make fund supervision more convenient, and reduce the efficiency of bank clearing, making banks more transparent, fair, and business innovation and change.

In the traditional payment model, the transfer of funds is done through bank clearing. The payment workflow takes several minutes to several hours, and intermediaries also charge certain fees. For cross-border payment business, the process is more complicated.

Compared with traditional payment, blockchain payment makes full use of the technical advantages of blockchain. Payments are made directly between the two parties, without intermediary agencies, even if part of the network is paralyzed, it will not affect the operation of the entire system, with higher efficiency and low cost. . Blockchain payments are significantly different from traditional payments in terms of payment structure and reserve accounts.

I think blockchain payment can completely replace the current payment system in the near future. What is missing is consensus.

Blockchain technology adoption is still yet taking place, right now i believe blockchain about to be adopted in sector supply chain and many other sector that helping businesses more efficient and less cost. I do think soon blockchain could replace the traditional banking system such as DEFI that could works to replace the traditional banking system. We also see many crypto project that working on sector lending which is similar to banking product.

Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development,
we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered
ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain
technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels
comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider
the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.

If we try to extrapolate a little bit what we have seen so far that blockchain is able to do and what it is not able to do, I think we can get at least an idea where we might be heading. Blockchain can sure solve certain problems or deliver services that banks are used for these days. Algorithmic loan provision based on reputation systems and so on, but those need time and data to develop. There will be a lot of prototyping to make sure the credit default rate is in range with what can be accepted compared to the banking system and their rigorous screening procedures, but still I do believe we will see certain banking functions be replaced blockchains or let's say protocols and algorithms.

I don't think that blockchain technology will completely replace the traditional banking system. In the event of the abolition of the conventional monetary system, the government will create a specific cryptocurrency for its country and the government must seek the help of the central bank to use and control it. Moreover, the system is an important factor in managing the overall economy of a country and through it the monetary system of the country is balanced. So it can be said that the banking system can change based on the medium of transaction but it does not seem to be completely extinct.

I think we can "sort of" guess what can happen in the future. Blockchain is not the way to go, it is so easily traceable and the fact that politicians basically just do illegal stuff in the world and get away with it, being in blockchain world will not help them at all. Let's be honest being a decent good human being who wants to better every human in the world is not a way to become a politician, unfortunately anyone who is like that usually ends up not winning everything, people literally run against that feeling and get elected, saying "I will help everyone" is a bad thing, seen as a bad thing and others who say "I will help certain people only" gets elected.

This is why blockchain would make all those crimes politicians who are bad and do bad things come out into public and people who are in power who have the only right to make that switch will not allow that to happen.

The huge potential of cryptocurrency and blockchain has been released, bringing many innovations to the traditional financial industry. Blockchain system technology can effectively solve traditional solutions by using payment infrastructure with higher security and efficiency.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.

Your opinion regarding the current political situation where there is a lot of corruption is indeed reasonable. Dirty politicians who are elected really
want illegal activities to be untraceable, therefore they still need a banking system. Because the banking system is much easier to manipulate
by dirty politicians nowadays. While blockchain technology, which makes it easy to track financial transactions, makes some politicians
uncomfortable with it. In the end, it is impossible for blockchain technology to replace the banking system, especially in countries with
high levels of corruption.

Yes. Where is the poll?

Most areas of blockchain technology have gradually become known and used, but it will not completely replace the traditional banking system. As long as the government exists, the bank will not disappear.

Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.

Well the Banking system can not be dumped which is the foundation of financial institutions of several countries. This guarantee the economy of a country which the government uses to back laws and policies and I don't think blockchain will entirely dominate the banking system but can be adopted to enforce laws and control financial activities of her citizens.

People are gradually embracing Blockchain which I believe  would be the next generation currency where there would be no need to trade will Fiat or whatsoever. There is need to for proper regulation of the blockchain interface to reduce the number of scam projects so that there will not be much victims of fake coins affecting the blockchain market.

It has been proven for several years since the beginning of Blockchain, only that Government system still too hesitant for this particular ideas. Hopefully this will continue to influence other bigger companies so it would be applied successfully without any conflicts of interest. Educating different sectors will be a good start for them in order to prove them the good and bad sides of cryptocurrency.

system, performance and benefits I admit that cryptocurrency can be relied on.  but some aspects that must be improved is the issue of the value of the currency itself.  which is highly volatile and difficult to control.  This is also actually a hassle because if it is implemented by a country, the country must at all times take steps to stabilize prices

This is the most important thing for me since first i met blockchain at 2017 , when i understand the technology my brain exploded and I got goosebumps. But now i see i was so naive .
First of all it is very difficult to change people and their habits , How can i convince my father when i can't even convince my friends ?
and there is at least 999999 other problems we have but after all i still believe one day people gonna accept this technology , hope we can see it.
 

I think that Blockchain can replace the current system. It is newer, stronger, not easily hackable and safer compared to the traditional banking system. Is Blockchain invincible? No, of course. But why wouldn't we use a stronger system in the end? We can make our transactions safer as it is really hard for the hackers to interrupt in some way. Because the system is much more complicated for them.

Its hard to make it stabilize while many person around the globe trade's it on open market so maybe the one a country can do regarding unto this is to always start the hype about their adoption so that the trust level of people will still go high from that we can possibly make the price of bitcoin so volatile at the moment. But since we talk about blockchain well maybe there's a potential that it can be but we need to consider many things and also we need government support before this thoughts will happen.

I think it can, it's like a public ledger for all the banks and we can see the people there in forms of blockchain addresses and it's easier to check for irregularities if it's public or the transactions are permanently recorded in the blockchain.

Didn't think about it that way but the blockchain system could be a deterrent for fraud and other shady stuff being dealt in banks since it can be seen by anyone. At first I didn't agree with the thread of the possibility that it can replace blockchain but it seems that your point does make sense.

Blockchain is not going to replace traditional banking rather they’ll coexist in the future. In theory is makes sense but it is not pragmatic. Think about it for a second. If blockchain supposedly replaces traditional banking, it means that all cash would “disappear” and world would use crypto all of the time for everything which as not possible.

yep, totally agree with you. such as bicycles, even though there are motorized vehicles, bicycles are still used. as long as they can coexist then blockchain and traditional payments will also be able to be used together and are interconnected and need each other.

Blockchain has the potentials to complement the traditional banking system, but its been replacement is what I don't see happening due to the centralization of the government and blockchain will also hinder them from making an illicit transaction of moving of funds just like they do with fiat currency.
It is too early to say what will happen within the traditional banking system but I am sure they will have their important document/file saved on the blockchain.

More glorious days are ahead of crypto currency!

My answer is yes. Blockchain technology can replace the traditional banking system and governments that dare are looking to improve the current system that has its problems, they also seek innovation. Because by refusing to do so, the banking system will have to work hard to make savers keep their money in the banks.
The reason you just have to take a look at all the institutions that have invested in bitcoin and cryptocurrencies showing the initiative by seeing the great potential that blockchain technology offers in addition to security and transparency.

cryptocurrency and blockchain technology I believe will not replace the traditional banking system
the government is already under the control of the bank and it's not an secret anymore

Traditional banking systems have controlled the way humans transact for hundreds of years
I just believe that in the future, blockchain technology and traditional banking systems will coexist and maybe complement each other

I don’t know if there is going to be any replacement at all. The way I am seeing things, the banks we are seeing now seem unlikely to be replaced by decentralized blockchain and cryptocurrency in future, except that they are both going to keep coexist, which to me seems good. Banks are already planning to create their own cryptocurrencies (CBDC), and the government is not going to let cryptocurrency take over, because that means they are losing. Banks are the like their control over finance, so they will fight to keep that.

Banks previously said they don't need a "blockchain" to launch CBDCs of their own. Everything would be stored on a centralized database accessed by these same financial institutions. It makes sense since Blockchain is all about decentralization. If there's a central party in the system, then it wouldn't be a Blockchain anymore. Instead of replacing the traditional banking system, public blockchain networks will become an alternative for those who need them the most. It was never about taking down banks anyway. As long as crypto remains decentralized, nothing else matters. Financial freedom is what crypto/Blockchain tech is all about. Take that away from it, and you'll get nothing more than another banking system subject to manipulation, fraud, and corruption. Just my opinion :)

I don't see any possibilities that blockchain will totally replace the traditional banking system as the government will definitely be opposing it. But i do believe that this blockchain and cryptocurrency has higher chances that they can be well integrated into the old banking system.

We are now in the digital age but seems the government is not ready yet to adopt the new innovation of blockchain but still give high consideration to the traditional one. Hopefully things will change in the future not for the benefit of the officials in the government but rather for the whole governance.

Dont know on why they do really have that kind of mindset or believing that crypto/blockchain tech did exist to replace off the traditional banking system? If we do really tend to see the picture as a whole and the probabilities of things to happen then it is almost close to impossible or wouldnt really happen at all.

For sure they would create something which can be handled out or simply not a decentralized one.Its always out of their interest on dealing with stuff which cant really be controlled and its not actually surprising at all.

They could adapt but it is less likely to happen.They are really fan on creating on their own and wont be tending to use something which do totally oppose their interest or motive in the first place.

States will definitely apply blockchain technology in various sectors of the economy and management, since this technology, when using the Internet, makes it possible to securely store any databases in constant access mode. However, when creating their own digitalized central bank currencies, this will not always be the case. Some states claim to be developing their stablecoins on the ethereum platform and will therefore use the blockchain. At the same time, the Chinese government does not use blockchain technology to create its digitized yuan. Let's see how it will work after its official launch.
The banking system will exist as long as the states themselves exist, since they are part of each state. They will apply something new to the extent that it is economically beneficial for them.

I agree, while bitcoin blockchain architecture can't be changed easily, the blockchain technology itself can be built to help organizations provide service the best way possible. There is more to it than just replacing everything. It innovates what is working.

Realize that when you are using blockchain the default is p2p, which means that it is a public ledger and nations, specially governments, do not want to make everything a public ledger. There are so many things that they are keeping it a secret, hell in my nation there is even a huge 100+ million dollar "secret fund" that politicians voted for, and interestingly those politicians normally say exact opposite of what each other say and they hate each other and even sometimes even fight each other, they hate each other that much yet when it was about 100 million secret fund they all accepted it.

This is why I honestly believe that they will not use a public ledger like blockchain bitcoin has. Maybe they can find a secret way to do it, I do not know how they can do it, but eventually they may do it and this could profit them a bit, I do not know how much but there is a chance they could develop something like that.

In my opinion BTC cannot completely replace fiat banking. Why should we ask the question whether everyone in the world is exposed to electronic technology? , whether their elders are knowledgeable enough and use technology money or do they still choose fiat money. or a poor country without a computer or a smartphone how do they use cryptocurrencies and fiat is still their only option. BTC may not replace but will be a kind of currency that promotes the development of humanity and will go hand in hand with fiat to support development together.

It is difficult to say that cryptocurrencies can replace fiat currencies, if you look at the user data of cryptocurrencies, which is around 200 million, it is still very small compared to the world population which reaches more than 7 billion, moreover there are still many countries that do not have good internet access so it is difficult to use cryptocurrencies.

It's influence market now. Many people get into the trading from 2017, but it achieved it maximum at every current year.In 2021, their are huge suppors and the price had reached 50k dollars. It was a good move from many country and make this happened in this year.

Governments and central banks want something they can control, so it's very unlikely they'll build CBDCs within existing public blockchain networks. They might not even need to use a Blockchain at all, since everything will be centralized. A traditional database would be more than enough for banks to manage digital fiat currencies of their own.

Ultimately, we'll live in a world where both decentralized cryptocurrencies and the traditional banking system will power the mainstream economy. People will get to decide which type of currency to use from the other for day-to-day payments. While governments will not be able to take down crypto/Blockchain tech in its entirety, they'll be able to enforce strict rules in order to prevent as much people from using it. With how banks have gone so far, it's very unlikely they'll disappear anytime soon. Just my opinion :)