Bitcoin Forum

https://cointelegraph.com/news/singapore-central-bank-partners-with-deloitte-nasdaq-on-blockchain-asset-settlement/amp
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain?  Please share your opinions . Is it really  helps rural banks  and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the  mass market and brings down the cost of service?

This has already been talked about a number of times before, but yeah. In a nutshell, it has the potential to streamline processes and lower overhead. Banks and blockchain technology aren't incompatible just because the crypto community is hostile towards banks. Here's a good read on the subject:

https://hackernoon.com/blockchain-technology-for-banks-trends-and-perspectives-895a854e1344

Nothing is set in stone yet though, and it's going to be a while before we see these applications in action.

Edit: words

The potential is very big in the field of transactions, basically the Blockchain will change the way of managing transactions (more efficient, faster, more secure and much cheaper!).. Today banks manage all transactions centrally but the disadvantage of a centralized system is that it requires heavy infrastructure and processes, controls at all levels so a big cost to maintain.

Now imagine that we reverse the model and that all these process of validation and storage of transactions are done automatically by the network itself. In the case of a payment, you'll initiate the transaction (via any channel such as payment card, web, smartphone) and at the time of the issuance of the payment request, all members of the payment network (we can imagine individuals, businesses, shops etc. through their devices or their representatives or third parties in a Cloud) will be responsible for verifying your transaction with the same controls as today, automated in the Blockchain algorithm... When your payment gets validated by consensus in the network, it will be added as a new block in this Blockchain from which each node in the network would receive a copy of the complete update.
The role of the banks will no longer be to process the transaction by authorizing, validating it... and registering it in a database, it will be to develop and maintain a secure Blockchain algorithm that allows the whole network to operate over the whole transaction chain. That's why the potential is huge for banks.

The banks are aware that blockchain is the way forward the earlier they key in the better for then and their jobs. Blockchain has a lot of advantage over normal ledger the banks are using because bitcoin is decentralized and the record are immutable and it is not with a particular person control.

We have a saying, "If you can't beat them, join them!". Lol. Kidding aside, blokchain projects are really helpful. The banks and other institutions saw the greatness of blockchain. They wanted to adapt it so that it will make their transactions faster and cheaper. Aside from that, it is really very convenient to use. Blockchain has a great potential in the future.

With Blockchain, we no longer need to rely on one server because all transactions are replicated to the entire network so that they avoid various forms of fraud because of modified data, server down, or hacked accounts.

blckchain is a future security technology, transparency and other advantages is the reason banks adopt this system.

We always have to be smart in our daily doings and always been part of the good team is a key note for everybody, that is why with blockchain we say, we are safe and it will not be surprise to see organization building on such a platform. If bank could trust and use then is a plus. Blockchain all the way.

The reason is this "blockchain technology", So banks can't go out of it now. People will see them as in the stone age in few years if they ignore this. That is the  truth

The technology blockchein really very well helps banks. Banks began using ripple crypto currency, which is based on blockchein technology. They replaced it with an outdated SWIFT-medod, whose help funds were transferred. If earlier, using this method, the confirmation of the transfer had to be expected for several banking days, then when using the ripple coin this became possible in just a few seconds.

Blockchain technology is the latest innovation in financial market, why banks need to adapt blockchain is because currently banks take 3-4 days to transfer money from one country to another and charges are quite high, transactions are also not transparent, whereas after using blockchain technology transactions will be fast, secure , cheap and transparent.

The banks did not initially see bitcoin and blockchain technology as competitors..Later, they saw that the technology was spreading rapidly and chose to use it..Because this technology is both fast and cost-effective.

that is the most appropriate reason if all banks in the world immediately join the Blokchain technology, all transactions will become modern as the development of banking technology

These articles are discussing the benefits of trasferring money abroad. A swift transaction usually takes about one working day to go through, because bank workers are doing it manually. Cryptos don't have any borders, so transactions even with such a slow coin as btc take for now a couple of hours or even less on priority payment (which is stiil a lot cheaper than the one for transferring solid amounts of money).  Not only this means speed increase, but some mediators can be remoed as well. There's another important improvement for financial systems that comes with blockchain. The data cannot be faked, so a lot of problems with coding the information in the most efficient way is out of the question.

It can make transactions more secure and cheaper.

Also see this article: https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a (https://medium.com/@AxelUnlimited/2-reasons-why-you-should-want-blockchain-tech-to-replace-banks-asap-4ed86942245a)

Not only it has been talked a lot of times already that some of us may start to get an overdose with it. But your question is answered in the articles links you posted. So are you telling us you didn't bother to read the articles but was just interested to make a post about something debated thousand of time here?

Taking a quick glance on the article, the information you're looking for is already laid out in front of you. To add little bits of my own insight, I see blockchain greatly complementing the services banks can offer, or in other words, they're compatible albeit the differences between bitcoin and banks. It offers cost-effective, secure and fast solutions to an already laid out process, further honing it to cater the fast-paced environment of banking and finance.

Maybe it looks different from the traditional way of banking, but what it provides is bigger than ever. It provides an efficient way of functioning which we cannot expect with any of the other services. Now the adoption from banking will make their services cost effective and more effective.

Obviously all institution will surely sign up on blockchain and to me is not any reason but one thing that blockchain has shown the world as a revolutionized platform is in deeed enough. This will help the bank system. Nice move, good things speaks for themselves.

I believe, the reasons are pretty obvious even for such conformist organizations as banks: they have started seeing their apparent benefits.
For instance, the transaction costs even for large amounts are meager as compared to the standard banking rates. The security and reliability of the blockchain is like a dream come true for the banks, so no wonder they are willing to adopt it.

Maybe to save recording fees and blockchain can also be used to track crime if fraud occurs in the bank. it is very easy to track it because the blockchain user in the bank has been verified and all the transactions he made were recorded and could not be deleted.

For finance and money transfers, the blockchain simplifies this procedure by making verification and guarantees by banks and other financial organizations unnecessary and, as a result, significantly reduces the price of all financial transfers and transactions. Many banks do not sleep, and many already have their own block projects and tokens to keep up with progress!

In theory, if Blokchain and CryptoCurrencies are successful, banks may not need blockchain integration. More precisely, banks may not be. I know a lot of projects that if they succeed, they will be able to easily do what a bank does on the internet without a branch or employee. Including credits!

Blockchain is a much more secure technology to process information.

The fact that some banks would consider adopting it means that they are finally thinking straight. This is a technology that will strongly help with the inner processes of any organization which decides to adopt it, it might reduce costs in fact - Depends on the use and the way of implementation.

Instead of trying to fight Bitcoin they should realize that there are possible advantages and that we all can win here.

It has to do nothing with the fear of bitcoin and etc... Blockchain is another universe in this situation.
If you often read news, it seems everyone tries to move on blockchain technologies because of it's advantages, it's an extra layer of protection after all. Now even goverments move on it. Just google: Blockchain pros and cons <-- You'll understand everything yourself.
From my eyesight, now almost one company from any service tries to test Blockchain, it's like beta test, if it will succeed and will be better, then we will see massive movement on BC.

Initially the banks did not even deem the crypto market and the blockchain technology as a threat, let alone as a competition. But as the time went by, the market got more and more popular and thus it has come to this now. They need to keep up with the pace in order to survive in this competition.

I think so banks want to show their transparency and honesty, because the blockchain is an honest system and there can not be fooled by the user.

Well, Bank as we know it is incompatible with Blockchain ideals. Their own kind of Blockchain would probably be the so called Private/closed Blockchain, which makes no sense.
I think they are also trying to adapt to the current reality. In my opinion, there is no way they can compete with with the true Cryptocurrencies unless unduly favored by governments as usual.

Our current digital world is transforming by blockchain technology day by day. Blockchain is a very secure record keeper mechanism by which banking system can get benefit much.

Blockchain is a digital technology by which a banking system can be changed and can be more efficient by making safe, fast and cheap transaction. Also banks will able to avoid fraudulent transactions.

Blockchain is a innovative technology and why not bank apply Blockchain? Central banks are actively testing blockchain technology for a variety of different use cases, everything from new central bank digital currencies, new payment systems, to records management – having some kind of audit trail for certain functions and so on. Incorporating blockchains, central banks are taking advantages of this technology. I think the resilience and transparency of this technology is the reason why central banks like to apply this technology.

Banks, especially central banks, are moving away from physical cash to a completely electronic money-based system. Blockchain is resilient and has zero downtime, so it is extremely helpful and important to banks' transformation into the completely electronic money-based system.

Blockchain can be quite resilient, it can also be a way to create greater transparency into central banking, more credibility because of the rules a blockchain-based system enforces. Nowadays, banks are thinking about moving to a electronic money-based system, so Blockchain, with the above features, is of great importance.

I think Blockchain with the feature of transparency can help banks with clearing and settlement. In fact, the tangled web that records loans and securities costs investment banks billions of dollars to run. That amount of money can be lowered by using blockchain technology to improve the efficiency of clearing and settlement. It's likely that Blockchain can restructure banking industry.

Blockchain may indeed be exactly what big data analytics needs to scale the ecosystems appropriately. This technology will undeniably help AI realise its potential and open up development opportunities that have previously only been available to proprietors of data.

Banks need to abandon the old paradigm and adopt blockchain technology in their sphere.The sooner the better.Already now there are banks in the European Union that introduce this technology and legalize.For example https://wbb.io/

 The opportunity to start banks with low cost is attracting many new fintech people and banks are trying to reduce transaction cost and papers so banks are attracted towards  blockchain . The wide circulation of blockchain and the popularity of cryptocurrencies and the boom of ICO's has contributed ,could not deny their potential of blockchain technology . Blockchain can solve lots of problems and it has a transpiracy and no manipulation can be done and blockchain technology provides high security .

as far I can recall this topic was very popular on this forum, you can search in the forum, also, this one might help you understand
https://www.bookingbug.com/blog/what-blockchain-will-mean-for-banks/

 The banks and other institutions saw the greatness of blockchain. They wanted to adapt it so that it will make their transactions faster and cheaper. Aside from that, it is really very convenient to use. Blockchain has a great potential in the future. So that's why they are joining ....

It seems to me that the blockchain system and banks can work. But cryptocurrency and banks are incompatible. The blockchain system was created for transparency, if banks are ready to work transparently, so that everyone can see the transitions of transactions and payments, perhaps it will be a new economy.

Bank trying to use blockchain should not be a case study , because blockchain is a new technology using to track data on any activity for a reference purpose which must find the previous transaction before generating the next and can't be adjust after being produce, and if banks use it , it will easy their work and makes the data decentralized for the use of general public , Bitcoin is a cryptocurrency that use blockchain to store it data too for future reference and same will apply to banks if adopt blockchain.

The world will always follow what is good and is of not surprise to me to see banks on blockchain. Blockchain as a revolutionized platform is really making impact and am sure with time most institions will be on blockchain. Very good move for banks to be on blockchain.

Blockchain technology provides a high level of safety in storing and transmitting data, open and transparent network infrastructure, decentralization and low cost of operations. These impressive characteristics make blockchain a really promising and in-demand solution, even in the extremely conservative and restricted bank industry.

Most credit and financial institutions cannot carry out their work without a number of mediators, while their participation make the services of these institutions much more expensive. The implementation of blockchain will enable unnecessary mediators to be abandoned and provide customers and banks with cheaper services.

https://cdn-images-1.medium.com/max/800/1*KJTL3Q-_PrsZt-fgUyPe3g.png
Source: https://medium.com/universablockchain/blockchain-is-reshaping-the-banking-sector-fd84f2f9c475

Blockchain is the latest technological innovation in financial markets, why banks need to adapt to blockchain is because transaction blockchain technology will be fast, safe, cheap and transparent. while the bank currently takes 3-4 days to transfer money from one country to another and the costs are quite high, the transaction is also not transparent.

Blockchain has the potential to substantially change the way various financial services are run. The Bank can significantly utilize the development and implementation of blockchain technology in terms of increasing efficiency, cost savings and risk reduction.

I see the bank does not want its role to be replaced by bitcoin. when banks have implemented the blockchain technology they will arrange in such a way that they remain on top.
and in my opinion this is done for their "bank" not good for the people or bank users.

Because blockchain technology has many advantages, it help us save users data securely, make transaction become faster, connect more people. I saw many banks using it.

Bitcoin has brought us not only the opportunity to earn on increasing its rate, but also brought us the blockchain technology. Blockchain in 2018, trying to implement wherever possible. Therefore, it is not surprising that banks are beginning to introduce blockchain technology in their work. This is the evolution of the banking system.

Because banks embracing the new technology for the future of updating the new currency. Before we are thinking that banks will be remove by blockchain or the cryptocurrency so that banks thinking if they adopt their business will be lose or bankrupt, this is my own opinion. Bitcoin has a big influence to the people in terms of trading and earning so that is why banks thinking what be a better solution to be part of new technology.

Because Blockchain is a more transparent and secure way of transmitting information, not only for banks but for everything.

It can literally be used for everything like regular internet is used and with the right security measurements and the transparency of the network and safety in making sure to confirm every block, could be a lot safer than the internet which wasn't made with security in mind precisely.

The new president of Colombia Ivan Duque said that they were going to use Blockchain inside his government, that tells you how close it's application is in all ways of human society that requires transferring data through virtual means of communication.

The possibilities of it are endless, however it still need more improvements - Especially for handling huge amount of data.

It seems like a lot has been discussed but this is quite interesting, banks use blockchain because the system of blockchain is very good and also banks are not want  left behind when the blockchain trend is in the future, but I am sad now that the cryptocurrency team and banks are still hostile

first if they joined on blockchain they will have more gains and more profit. HOW? They will not using there own money but using the money of people that they invest on their bank. In our country if you have money on their bank the profit after a year is just low profit but the bank will make profit from it to gain more on blockchain.

I think you can read it from the news, there is always a notification why banks are interested in the blockchain system. one of them is transparency in terms of transactions and speed without third parties.
you should read it from various references so that you really understand.

In its daily business, the bank tries to record all transaction activities in ledger, this manual note will increase more and more as it develops and can be lost, damaged or burned and when that happens it will destroy all the national data. Blockchain offers convenience with this legder transparency, where all parties view and validate the correctness of their data, so there is no data fraud and theft

Yes, blockchain can be helpful for the banks in many ways:
1. The investment banks spend a huge amount on settlement and clearing jobs which can be saved with blockchain technology.
2. By shifting their payments system on blockchain technology banks can reduce the cost involved in processing them by eliminating middlemen. This would offer high security too.
3. With blockchain technology banks can access the individual verification of other organization’s clients, which can save the amount spend on fulfilling KYC norms.

They will be still losers. Even if banks use blockchain technology , that will differ from the technology which is used for bitcoin. Banks don't want a anonymous system which can not be controlled.

banks may used blockchain as their data based platforms to have their datas more organize yet secured for their client.Blockchain may also be involved in mobile banking that enable a client and user to have online banking transactions more convienient.Thus upon using blockhain as part of their data based platform,banks should be put some restrictions yet making their banking a more transparent and user-friendly for every bank clients.

I see this not just about banks alone but with blockchain been well truste technology beyond doubt any organisaton will never risk the chance but build on blockchain for the best. This is a good move for banks.

As we all know that decentralization has the power to boost the process with maximum security as compared to that of traditional infrastructure. No surprise that even the banking institutions are interested in blockchain technology. Adopting blockchain would improve their processing capacity but even in that case they won't share the control with others and hence it will be the internal tool for them to optimise their services.

In my view, Blockchain technology can change the banking system and make it far more efficient by making transactions faster, safer, and cheaper. Thanks to bitcoin which was first successful implementation of blockchain.
Also, Banks will be able to avoid any fraudulent transactions and secure the system.
Transactions will not be completed with just the knowledge of one person, the whole organization will know about it.
Other uses for bank-backed blockchain projects would include secured global currency exchange rate speeds and increased transaction security, among other benefits, eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearinghouses and other outdated mediums that exist between asset sellers and buyers.

 

Most of the banks are not on the same page of their actions, some of them hated crypto but liked the idea of blockchain technology and some of them hated the both of them close-minded to these technologies that can possibly shape the future of banking and most of the industries that we've known it would be a great deal if they are going to innovate and adopt it, some of them will fail to understand it but later they will realize.

Blockchain is an advanced technology that, if applied, will be great for the process of creating and validating transactions openly and transparently. Bitcoin can be replaced by better altcoin, but Blockchain technology will thrive in the near future!

As we all know blockchain is a most updated technology in digital world for data storage and transfer.It is much safer than the conventional way of banks for money transfer and data storage.So to keep up with the time, banking are on blockchain.

In my opinion Blockchain has many advantages over the big books that banks use because bitcoin is decentralized and its records are not changed and not with the control of certain people. That's why banks realize that blockchain is a way to advance that they lock in better for it and their jobs.

Blockchain is another universe in this situation If you often read news it seems everyone tries to move on Blockchain technology now almost one company from any service tries to test Blockchain it's like beta test if it will succeed and will be better then we will see Central banks are actively testing Blockchain technology for a variety of different use cases everything from new central bank digital currencies new payment systems, to records management having some kind of audit trail for certain functions and so on. Incorporating Blockchains central banks are taking advantages of this technology movement.

The same reason anyone else would need blockchain; low cost and swift financial transactions. Banks create agreements with other banks and institutions. Say, one bank wants to purchase stocks from the other. The conventional process takes days. The time it takes for the whole process is called settlement.

Blockchain reduces, if not eliminates, the time for settlement due to its digital nature. In other departments such as global currency exchange, using blockchain can provide better transaction security and decrease the time of the exchange.

Of course, the introduction of blockchein technology in banks greatly enhances their effectiveness. If before that, transactions with the outdated SWIFT method took from several hours to several banking days, now, from the use of a ripple coin, transactions to any point of the globe hires just a few seconds.

Please explain to me why the blockchain will help banks? After all, in fact, the blockchain is a common database, which is in the public domain and it is not changeable. What's cute? Speed and everything else. It will take decades to adequately implement all this in the banking system. This is if we talk about the technology itself.

The actual banking institutions along with other establishments noticed the actual success associated with blockchain. These people desired to adjust this in order that it can make their own dealings quicker as well as less expensive. In addition to that, it really is really simple to use. Blockchain includes a excellent possible later on.

I dont think there are any reason for bank to join in blockchain for now.
Unless the cryptocurrency used globally in the world, there won't be any reason for bank to join i guess.
Cryptocurrency need more public awareness so the peoples will mass adopting the blockchain.

Blockchain has the potential to transform business models, to connect counterparties in a new way and to achieve a considerable increase in efficiency. Transactions based on CryptoFinance are handled directly between payer and recipients, which changes the role of intermediaries.

The World Bank is another financial institution that is in the process of exploring the advantages that blockchain technology can bring to their specific needs. They are looking at blockchain as a potential means of building and restore confidence in financial institutions. The World Bank is launching a 'blockchain lab' in an effort to pilot projects that can improve governance and social issues. the developing countries.

Blockchain is the technology platform for many applications in the financial and banking fields such as securities, payment, trade finance, identifying electronic customers. A look at the Fourth Industrial Revolution with the ability to fundamentally change the banking and financial services industry in the coming years.

We always have to be smart in our daily doings and always should be a part of the good team. That is why with blockchain we say, we are safe and it will not be surprise to see an organization building such a platform.

Blockchain is a system that covers the workings used by bitcoin, which is more efficient, safer and faster. It turns out that blockchain technology can be applied in various business fields, such as banks, agriculture, trade. The central bank, which has been the center of the server, finally has to be willing to share with the scattered server which functions as a back up of data, so that it cannot be hacked and manipulated.

The bank is aware that blockchain technology can improve bank services to customers, because it is very efficient and makes transactions easy in banking. The development of the blockchain for banking services ultimately creates competition between banks because  who are inefficient will be customers ignored.

I think the reason why banks are not free to adopt cryptocurrency has be discuss here several times. Banks operate in a centralized system why crypto operate in blockchain which is decentralized. Banks never have trust on crypto simply because it does not involved third parties and the transactions are not traceable which mean you have no one to hold responsible for any mistake made by you.

The relationship between banks and cryptocurrencies and the blockchain technology has not been cordial of late. Banks have the mindset that crypto activities are not friendly to them. therefore, it will be difficult for the two to coexist under one roof.

If banks are able to adopt crypto and bitcoin will definitely be new, many employees will follow the bitcoin flow so it can make the bank a good place to convert with fiat directly.

On the one hand, it could potentially save banks billions in cash by dramatically reducing processing costs. Banks are salivating at the opportunity to reduce transaction costs and the amount of paper that they process. Implementing blockchain would make banks increasingly profitable and valuable. Blockchain and distributed ledgers have a bright future.

Your opinion is not entirely correct. For the use of bitcoin the bank refused. But the technology used by bitcoin is blockchain, the banks are very supportive even some large banks have used it internally because it can improve efficiency, accuracy and security.

Technologies are developing and improving. Blockchain can deprive people of work in the Bank, for example, the profession of an accountant will be replaced and fully function on the blockchain !

because they are clinging on to their mere existence. if they don't do this they will be obliterated in just that but that won't happen in overnight as there are many financial capital markets and derivatives are being run by banks and financial institutions.

Banks want to be on blockchain to be able to sell the buzzword to its clients. I am of the opinion that blockchain without the value token is just a database, and in reality this is what the banks are using.

because in addition to lower costs, attractive features and transaction processing are easier and more effective. and I am sure, in the future all banks in the world will work together with the blockchain. and all people are expected to be able to apply it in everyday life. that is the development of banking in the future, in time all of them will be left behind in the competition with blockchain.

First of all, the transition of banks to the blockchain will be beneficial to the users of the banks, because everything will be open to their eyes. The costs for employees will also be lower, but the only one minus for them is that they will not be able to steal money as before.

The whole point of traditional banking systems was to safely store and transfer valuables. This system has been built for centuries.
Now there is a blockchain that can store and transfer valuables securely and without the use of banks. Banks need to keep up with the times.
So with the help of blockchain technology, banks can improve their efficiency and reduce risks. In general, the blockchain reduces the risks of working with unknown counterparties, increases the liquidity of funds and unites people around the world.
I think it would be great if banks soon begin to use the blockchain technology everywhere.

I believe that banks have no choice. They should adopt blockchain or die.
I don't usually like McAfee, but in this interview he's saying right things: https://www.youtube.com/watch?v=mrHPyiKpkXU

the truth is having analyzed it carefully, the banks came to realize blockchain is the future and since it still at the early stage, it would be to their best interest to adopt its use so when blockchain covers the whole earth they would be in a good position to operate with blockchain

absolutely right and the bank also uses the blockchain system as an easy out-of-door or everyone's transaction controller, because the blockchain system is transparent and can be seen by many people too

no doubt banks have come to realize the world financial place is shift from centralization to decentralization and they need to act fast to join the moving train. I am really not surprised because i expected this

You may find that the use of deposits at banks to convert unlawful funds becomes very legal. The application of Blockchain helps transparency in transactions and can quickly check the source of the trade and control it easily.

Blockchain technology is of no doubt going to take the world with time because of its speed and simplicity. It is super -fast and dynamic, why won't any commercial bank want an exercise that is seamless inorder to serve customers better.

I think the only reason if that will ever happen at all is that the bank will discover that the blockchain is the new era of banking and on the total digital manner which does not have any restrictions and third party involvement, but we have always seen the bank operating on an opposite dimension which is why I say, if it will ever happen.

Many of banks entire world that adopting blockchain including bitcoin for them to expand and embrace the updating new technology or else they well bankrupt or lose their business because as we can see people was aware on blockchain and they also adopt and embrace it just like bitcoin or other altcoin so that some of banks including here in my country that they need to explore and adopt it for them to expand their business regarding blockchain.

Banks are joining the blockchain because if they do not do it very quickly now, their business may die in the next couple of years. Those banks that implement blockchain now provide themselves with a huge leap forward in the next 2-3 years. Banks will remain Fiat institutions, but transparency should be clean. And not only in private banks, but also in goverment ones.

Obvious rural banks try to adopt the opportunity of blockchain, Banks can seen the potential of blockchain how they can help them for the fast transfer of each transactions using this new system of technology.

what is good and bettere and well proven by all is usually accepted by all and it is very obvious from what blockchain is capable of and is doing. And am not surprise to see banks on blockchain. Blockchain is taking over the world gradually.

Banks want to adopt blockchain technology because blockchain can secure their data and saving a lot cost. With blockchain, banks can make their service more faster and its important for banks to secure their data service

Besides being safer, Blockchain is also more practical and also more transparent about transactions. as you say that using Blockchain can also save transaction costs, therefore the Bank will be very good if using the Blockchain because the Blockchain has many features that will make the Bank better than before.

Every business needs to innovate to keep themselves in place in the market. Since block chain is now making its name in the world economy, banks need to adapt the demand by joining the competition. Also, block chain would improve their services since most local banks in our area still using older systems. They really need to upgrade since our current market has changed. Hopefully, this will reflect good to the block chain.

Of course banks need to adapt with today's technology or esle they will be surpassed further by bitcoin and other cryptocurrencies. This upgrade is just a start of how blockchain will revolutionize our economy in terms of financial and business transactions. It's proven to be more efficient and holistically cheaper than conventional fiat so it just matter of years until it would be implemented and use in the same frequency as today's fiat.

Blockchain is the new currency in today's time. It is very easy to use. And we can transfer this currency to anything in less time. In this transfer we do this from the currency. They are transparent in them. Because of which the bank has not adopted blockchain. Thereby, blockchain and bank are being damaged.

I think Bitcoin can minimize their costs. Therefore, it is beneficial for them to implement the blockchain in their work. But I think Bitcoin is not very profitable for them.

blockchain is the great system i think, and maybe it will make a big changes when the banks use the blockchain system. and i think right now there are many banks that learn about the blockchain system and so some research about the blockhain system

I agree with you.  Blockchain has proved to be very useful especially in the financial industry.  With blockchain,  several setbacks experienced by banks will have a solution.  For example,  fees used for transactions will be reduced to the lowest minimum and this would really help the bank as well as its customers. We need banks to be blockchain-based so we can exploit the full power of the blockchain in our day-to-day transactions.

many people already understand blockchain technology, with a decentralized system that makes it very easy to monitor the movement of money and makes it very safe without being broken by irresponsible parties, the bank also knows that blockchain technology makes it very easy for us to conduct financial transactions wherever we are in any country, maybe something like this from the bank's side wants to adopt a more advanced system of crypto currencies.

Today many of the Bank Managers are studying about the Blockchain and are starting to implement this technology, because the blockchain is a distributed data storage technology that verifies records of transactions recorded transparently in ledgers so that anyone can access, to prevent hacking. therefore the Bank also needs it for prevention from the hackers

For cryptocurrency the bank is still awaiting regulation from the government, because the bank must have KYC while cryptocurrency is anonymous. But the technology that accompanies that is the blockchain, the bank is very supportive, because of decentralization. The results obtained are increasing efficiency which has an impact on improving service to customers.

in my opinion the bank is interested in using the blockchain because by using the blockchain technology the transaction system in the bank will be faster because there is no need to use a third party. then the cost is also cheaper compared to using a traditional transaction system. and blockchain is more transparent everyone can access data or money easily. maybe in the future the blockchain will replace credit cards and debit cards.

all we know here is blockchain is the great system and the important things that it is a secure system. and I think there are many banks that will learn about bitcoin in the future, they want to use blockchain for their system to change their old system

Banks are interested in blockchain technology, as they believe that this will allow them to respond in a timely manner to the aggressive threat that bitcoin poses to traditional money. Although now many financial institutions are talking about their interest in the blockchain, they ignore the fact that cryptocurrency is necessary to create a blockchain. blockchain amid the understatement of the significance of bitcoin Hacket sees attempts to reduce the risk for traditional currencies.

Banks and rulers of different countries that regulate national currencies recognize that cryptocurrency is one of the few alternatives that will allow for the safe and efficient use of money, bypassing the control of the bank and the government.

Using Bitcoin contributes to decentralized trust, which is the main advantage of the bank. He also threatens the monopoly of the state to issue money.

Since Bitcoin is a decentralized network, traditional methods of dealing with legislation and intimidation tactics will not work. Instead, banks are trying to adapt the blockchain to protect themselves from bitcoin.

At the moment, many banks, hedge funds and fintech companies claim that blockchain will change the future of the financial system, improving its efficiency and safety.

I think banks adopting blockchain technology because banks realize blockchain is good technology to secure their customer data and can saving a lot cost. New technology like blochchain should give an advantages and blockchain provide it

Every goodthing does not speak of itself and as far as blockchain has been exposed to the world there is no reason for such as institutions like banks to hold back without moving unto blockchain. Is ideally tried and tested platform to better the function of banks and to me is a good move.

The banks and the goverments.. Two very important think with the bitcoin and with the cryptocurrency today. Both of them used to have some problems with the blockchain and with the coins. But they would never leave the market. I am sure they both try to find things that brings benefit for them. They always try that. Otherwise the bitcoin or the altcoins couldn't come this far.

Blockchain is the latest technology that has a lot of innovations that will help and strengthen the banking industry. Blockchain will help to check fraud in the banking system. It will also make transaction faster even confirmation of transactions will be swift and effective. Blockchain will help banking data to safe and available anywhere and anytime.

because bnak seeing the system contained in bleckchain is very useful. to prevent corruption. especially in Indonesia the bleckchain system has been established in all of the animals in Indonesia

Sure and can work with that. If you look at some of the most cryptocurrency use blockchain technology that is much safer. The decentralized nature makes this technology can not be changed and can not be controlled by the government though. Each transaction is faster, offer a low cost and transparent. That is why many banks wanted to adopt the technology blockchain.

Banks aren't going to develop decentralized blockchains. They don't have any use of it. But they do develop centralized blockchains for their own benefits and not for the sake of "transparency" "decentralization" "pseudo-anonymous"
They can increase their security, increase the speed (and so efficiency), save on operating costs, save on employees, and more things
We should see banks adopting blockchains as a bad thing, it's an adoption of new technology like internet was new.

Banks are also different. There are banks that go to meet the client in solving various problems. There are also banks that strive to develop in step with the times, because their Directors are young people and follow new trends. Such banks will use blockchain for such banks in the future.

Blockchain is for everyone even for greedy bankers..Ripple is great example if you want to research the advantages of blockchain technology compared to traditional banking system. After 5 years  i want to see blockchain as the main way to control data,money,government.

Sure bankers are greedy but here it's nothing about greed, it's more about efficiency. I mean the old system of banking is due to die if it remains the way it is today (with the fierce competition of Online banks as well).

The blockchain will make everything smoother and more efficient, with less human interrelations as well but this is what technological progress is all about.

Banks must switch to blockchain one day simply to expel the middleman and to lower the fees. Dealing with physical money is more demanding in terms of safety, more people involved....printing etc..

I believe that this leave them no choice but to adopt blockchain as the technology behind crypto is continuously eating the system of transactions and investing

The banks are afraid of being leave behind as cryptocurrencies are growing popularity and helping people have their rights and privacy for their own money things that banks cannot offer

naturally banks adopt Blockchain, in my opinion they adopt it because of its sophistication, for example they can save data more safely, transactions faster and avoid multiple transactions.

today many people and media believe that the blockchain is the future of finance and data. Its decentralized nature is no longer taboo.
Security, speed and effectiveness are very appropriate if the bank adopts the blockchain. Banks must follow the flow of technological change, so they are not left behind.

I find it first and foremost quick and convenient! Again, at least some kind of anonymity. I have always believed that cryptocurrency will be accepted by the world, this is a huge potential!

They want to compete against cryptocurrencies and they are seeing that adopting the blockchain for themselves can be the best thing they can do, they love the blockchain but they do not like the idea of having a currency they cannot control over it, this is why they are adopting only the blockchain and not bitcoin or any other cryptocurrency above it.

I believed you guys misunderstand the different between blockchain and crypto currencies because blockchain is just the block which contains cryptographic hash list and blockchain is not totally decentralized but it secure, effective in terms of distribution or keeping data. Which is why the Banks see it as a good alternative.

Blockchain is technology and any bussiness can adopting this technology to save a lot cost and make their bussiness more eficient. Beside that, banks will use blockchain soon or later because blockchain offering security more than current system

Transactions specifically like cross border payments can definitely lower transaction fees by using blockchain technology its fast, secured and most all it cannot be tampered thats why most banks today are under testing this kind of technology so that in the future they can fully implement it into banking systems.

Well i think that the banks might not love cryptocurrencies at large due to the competition they bring on board but doesn't mean they are not interested in the technology behind it, so they are just trying to copy some aspect of crypto into their day to  day administrative work.

There are several reasons why banks are starting to use blockchain technology.
It is more secure. This is the most important parameter of any bank. You do not want to carry your money in a less secure bank.
Secondly, it is a cheaper way. Blockchain technology can reduce data storage costs by up to 40%.

In near future, most of the system of internet will be blockchain based. Cryptocurrency has brought a bigger changes in payment system. If bank wants to exist and run their business, they must have to be up to date. Otherwise they will not be able to survive. That's why they are thinking of blockchain integration from now so that they can establish themselves from the beginning and don't get late in the party.

Banks' interest of potential uses of blockchain technology is not a new thing. Even though they don't publicize their projects, they are working on development of promising tools of blockchain technology. We are going to be a user of a new banking system based on this technology just in a few years.

Before banks is the number one critics and aganints of blockchain technology  even bitcoin but if they didn't adopt the new technology their is possible  that they going to bankruptcy  because blockchain was the new update and the new technology of our generation  and all big company and establishment was adopting and embracing blockchain  and bitcoin.

You are right  because they are now adopting and accepting new technology if they didn't do that they lose or they got bankrupt because some of multi billion, big establishment, celebrity, businessman was on blockchain so that is why banks are now on blockchain.

Blockchain has brought a revolution in the financial sectors. Banking sectors are coming toward adaption of blockchian technology for more advanced banking services to customers with less time and less fees where there will be no third party.

Banks are keen on revolutionary blockchain technology because they know if banks adopt blockchain technology into there core processes and functions there efficiency and productivity will sky rocket because it will definitely give effective ways to allow customers to do transactions and provide more benefits that the current traditional system can never think of and that is the reason they have focus on blockchain technology even they hate blockchain based cryptocurrencies and bitcoin

I am agree, soon or later banks will accept cryptocurrency and adopting blockchain technology. Blockchain technology offering security on data transaction and i think its needed by banks.

I think there will be no financial institution like the central bank to adopt blockchain technology because they have a political element that depends on the policies of each country. But the most likely is that banks will cooperate with blockchain-based institutions or companies to facilitate more accurate digital recording.

Still any banks will ready to accept the blockchain system to be engaged with their current bank system it will leads to a lot of changes in all over the world so accepting will be the most important thing also in now for the better development also so you can wait for some more time.

The answer upon the question "Why should do banking on Blockchain" is already hugely discussed. I am more interested on the question "How to make cross-platform transactions easily while still ensuring the privacy and security".

I think the Bank must accept cryptocurrency and use the blockchain system in the banking world. So many benefits from implementing the blockchain system, not only the benefits in the data security sector, the blockchain system will make it easier for them to make transactions.

They do not want that, they want you to only use their systems so they can have complete control over your money and your life, so while I can see why people want that since it will be convenient for them, banks do not want that and we should not expect a huge leap forward, so we need to keep pushing for the direct adoption of bitcoin and not worry too much about what banks do.

I think the bank already knows what benefits they get if they adopt the blockchain on their system, like being able to see transactions that are transparent and make it easier for users to transact. and in my opinion it will also make it easier for the users of the bank.

I think banks saw the possibilities of blockchain being used worldwide in the future. Not only because everything can be interconnected easily and transactions will be done very fast. It will also help banks create a bigger scope and almost a borderless list of possible clients. Banks using blockchain if not affected by laws in each country could extend without limit which means more income can be gathered or generated.

Whether you like it or not, the majority of people living in this world is supporting the digital money and the fact that some people are butthurt because of it makes them look like a person with low mentality and understanding, how can you stop such great innovation? besides, aren't you tired of having a centralized society? if things go wrong, blockchain will be the only the answer to everything and there's nothing you can do about it.

You definitely make senses with your statement because what the governments and the banking setting did towards crypto currency and blockchain base network which was the same reason for the misconception happening in India this days. But, things is gradually changing cause the banks and governments are supporting some blockchain project which is centralized (Ripple). Besides, the statement made by the IMF boss also make the banks love blockchain.