Bitcoin Forum

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article) (http://ttps://changelly.com/blog/blockchain-in-banking-industry-use-cases), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

I don't know if you mean the "mom-and-pop" banks that only have branches in a few towns (it's common in my country), but if that's the case I would assume that they want to see if the big banks have any success with blockchain utilization before they jump in.  Smaller banks generally have much smaller capital and aren't likely to venture into uncharted territory unless the risk is very low compared to the reward. 

Anyway, I think it's great if banks are actually starting to use blockchains (and it's about time)--but it doesn't really affect bitcoin, which is my main area of interest.  Banks are going to be using blockchains as a ledger for their fiat business if I'm understanding this correctly, and they're NOT getting involved in cryptocurrency.  I wouldn't exactly want to keep my bitcoin with a bank, but I would like to see such a service offered simply because it would be another step in bitcoin's mass adoption.  Don't know if that's ever going to happen, but I bet they'll get involved in the futures markets well before they allow their customers to deposit any real crypto with them.  But we'll see.

It's difficult to solve the so-called "trilemma" in the "blockchain technology," i.e., scalability, security, and decentralization. In Bitcoin, we have the best security and decentralization, but we still struggle with scalability.

In DLT and mentioned use cases, I think they (companies/consortium) will find it difficult to make it secure and decentralized enough, but yes, they can achieve high TPS. Thus if it's not secure and decentralized, why not simply use distributed database?

The questions are still pretty much the same:
- who can be validators?
- how to solve disputes (consensus)?
- what're the incentives (to validate and to secure the network)?

These are top-level issues that very difficult to answer (in term of the system as a whole). Hence, many people argue that there is no "blockchain technology" because it's a technological dead-end.

The answer to the questions is also same - The Bank itself!

A bank adopting blockchain technology will have no connection with the current blockchain consensus like POW or POS! Banks can't afford to have their funds controlled by any third party other than the central bank of that country. So for a full fledged integration of blockchain technology, banks will have to create a tailor made blockchain that they can control without any intervention! It requires a huge amount of money for building and maintaining such things and hence majority of smaller banks are backing off right at this moment! Probably they are waiting for a global banking standard on blockchain to be initiated and created by the leading players first so that they can follow their path! Implementing end-to-end blockchain into banking system is easier said than done!

I honestly don't really care much about banks adopting blockchain or new database technology as long as they aren't socializing the benefits so that their clients can finally enjoy a better service at lower cost. Banks have more incentive to not share the efficiency benefits with their clients so that they keep paying the full price for the services they are already familiar with.

More broadly speaking, the blockchain technology isn't a wonder pill that solves every problem in the world. It really seems that people have jumped on the buzz without even realizing what it actually is. The blockchain is more a buzzword that companies use to attract capital than it is something that enjoys much real world use.

The are two possible answers to this.
First, is because the blockchain technology is somewhat a new technology and many are not yet familiar with it or how to implement it. Just like every new emerging technology, it will take time before it massive usage.

Second, another possible explanation to this is that the bank (probably) are scared of too much transparency or exposure. One of the high benefits of the blockchain is transparency. With it, many people can see how the bank runs their business and their money and too much question will certainly arise. So, I guess this makes them have a second thought.

My own view to this; is like if you can't beat them, then you have no choice than to join the queue. I think this is what has happened to those smaller banks you are talking about.
You know that we are in a competitive world where everybody wants to survive (if we still remember the survival of the fittest theory). So the small banks also want to survive, they have to join to stay in business.

Good to hear out that there are already banks who do make use of blockchain technology into these institutions knowing that they do mostly
see this tech to be cons since it do give out publicity on all sorts of transactions been made by the bank.We know on how underground transactions works
which these banks been involved too but somehow even there are banks already embracing this tech but i do still highly believe that it would still takes
time for majority of them on considering to apply this one.

There's the keyword which is 'smaller'.

The smaller ones are just following the right of way of the bigger and established banks. If they can see that it has been effective to them then they will follow as well. But right now, I think adopting blockchain isn't their focus.

They have other things to focus such as expanding their sales and getting more depositors. So the promo's and other bank products are the ones that they have keeping an eye for but soon when they have had enough and can now move on for focusing to blockchain, they'll do it.

If banks are applying blockchain to their already existing services, and they are thankful of it, then we have nothing to worry about, because this adoption of cryptocurrency we are talking about will start from the bank, if we can get the support of banks, then government too would definitely be giving us their support, because one of the greatest fear of financial institutions is that it would disrupt their services, but if they have tested it and it has not caused any harm or damage to them, then I think that we are just few  miles away from getting the regulation of cryptocurrency that we need.

There are still other areas that blockchain covers, and I am sure that from here, the government also will look into that area and probably develop on it.

Because smaller banks don't want to risk anything. They are already considered "small", so any wrong move made by them might end up being disastrous and chaotic for them. Moreover, it is easy to say than to do it. They might need to change the whole infrastructure of their banking system if they will want to implement the blockchain technology. They will have to spend a lot which won't actually be possible by them.

Ripple Blockchain is providing all the necessary tools for banking industry and  more future we will see more blockchain platforms will ease banking operations to blockchain based applications

Some banks will have to leave fiat and deal with cryptocurrency, this will be a very difficult step because most banks are centralized.

I guess there is an air of hesitation to adopt blockchain technology on some of these banking folks. Moreover, most of the upper

management of these smaller banks are "legacy people" and most are often resistant to change since share a common belief on

the popular adage that states "if it ain't broken, don' fix it" which is true in most cases involving people in the banking industry.

It's as simple as asking yourself if the return on investment would be good if they integrated their system with blockchain. The way I see it is there are two types of "small banks" the first one is the rural banks who only cater a region or a city and the other ones are already part of a big group of banks as a subsidiary both of which have a small client base where a blockchain system won't be needed because they'll just be incurring more cost for a little to no improvement with their business.

Time is the most important part of this. We are talking about countless trillion dollars worth of sector here and that market can't change into blockchain over time, even if they really want to, even if they agree to, there is really no possible way to actually move to blockchain before 5 years, even the highest amount of investments to it and hiring thousands of people to it, the earliest we can have blockchain on banks fully is 5 years, possibly a lot more.

Now, think how they will want to slowly transition instead of rushing into it and you can understand why it will take at least a decade to move there. That is why I honestly believe that if given enough time, banks already like blockchain, they see it as a great feature for their banks, its just gonna take some time.

Blockchain technology has lot of applications and the article you mentioned is about transactions using blockchain technology which is simply as crypto currency but the difference is centralized or decentralized.If banks go with the centralized cryptos made by them or government then they are not changing anything other than the form of transactions but if the new change means then it should comes with decentralized body.

And the question is: why is XRP losing so much value? Is the banking uninterested?

Blockchain is overrated. It's great to hold information but not so great for banking.

If this was the case, banks would be already actively working on it, they would show some prototypes, make network tests, create joint groups and so on - but there's nothing like that now. All we had in these years is just a few banks saying that they are interested in blockchain and nothing more. Maybe it all was just a stunt to boost their image, as blockchain was very hyped in 2017. Anyway, blockchain has to prove itself on a smaller scale first, but it failed to do so for many years already.

Banks are very conservative in nature. They do not like to change the rules of the game, because it is connected with finances, where peace and stability are valued. In addition, banks operate clearly based on government instructions. They cannot change these rules themselves, because in this case they will pay large penalties. In turn, the government is in no hurry to do this, because for this, you first need to legalize cryptocurrency, and this is a new type of financial relationship that, moreover, is not needed for them. Thus, a number of circumstances delay the introduction of cryptocurrency in the banking sector.

Blockchain is indeed being predicted will replace old bank system. But Blockchain has not yet passed trials in all respects, implementing a new system in a bank is not an easy thing, everything must be calculated with both profit and loss. Some banks also need to first adjust to blockchain system while waiting for results of research to come out, so it takes quite a long time for the consideration to become complex.


Maybe there should be encouragement from one of banks to start using blockchain, at least there is one concrete evidence that blockchain system is able to run well within bank. Although it cannot be implemented immediately, at least other banks have a clear picture of how blockchain system works within bank making it easier for them to conduct research in implement this blockchain system.

Usually big banks are more eager in experimenting in new technology, so they will be the first to implement it, don't worry about the small banks as they will eventually follow the big banks, what matters now is banks are adopting with blockchain and that's tantamount to adopting in crypto as well.

When crypto will be widely accepted by bank, that is gonna be a great news for the market, and I believe there's a big possibility that it will happen in the future as we already have a lot of regulated exchanges which they can have legal partnership with banks who supports crypto as well.

It will take time but it will happen for sure.  :)

This is currently happening whether there is an objective evidence to support it or not. Most big banks have strategic thinkers who are looking into the future for the banks and they propose to the bank managers on the course of action to follow. And because they have the money to hire the best developers and consultants, they would have gone to the future and back before anything is leaked to the press.

Blockchain as a technology if implemented will go a long way in resolving several issues. Today if one is debited in error without receiving value, it takes several days before it can be investigated and refund made and this has been causing serious issues with banks and their customers but I believe with this implementation, the blockchain is there to confirm if the value has been received and when that is confirmed, refund is made to the delight of everyone.

Smaller banks have less revenues compared to big banks thus, before entering into something or in this case using blockchain technology they have to make sure they will be investing into a technology that is proven and tested and will provide them the benefits they wanted or expected. Migrating to blockchain may be a very hard thing to do that is why they have to make sure it is worth investing to.
Blockchain has many good uses and it may be a good technology in ensuring the security of our assets and I think with todays increase popularity of blockchain, it is only a matter of time that banks will probably use it.

But a lot of technology has the same features as blockchain, it even has more special features than blockchain, and the best thing is that the features in this system can be edited and managed easily while the blockchain is almost immutable once confirmed, and if banks want to improve their services, they will choose other systems, instead of blockchain, and from here, the future of the bank probably will not exist the existence of blockchain. Before talking about banking, a lot of fields have used blockchain and until now, it has become a thing of the past when the relevance was too low.

smaller banks should be the one that use or implement blokchain tech on thier service because they dont have yet enough reputation and its okay because if their costumers wont like it , they wont loose big but bigger banks are also have a bigger reputation so they might be afraid to risk it with newer technology that is not yet mainstream  . there are people that are afraid to use a blockchain or  service related to blockchain like for example cryptos , these are the factors that banks only considered before they decide to set up blockhain or not  .

I think they're starting to change direction and they need time. You know, blockchain technology is now only discovered and recognized by some big businesses in the financial industry.
Besides, the application of blockchain technology will also need to notify users. because most people in Asia do not use this blockchain technology and they do not have enough knowledge to use it.
therefore, integration time is needed for this complex technology.

First of all, trust, blockchain is decentralized even some centralized approach is done by some project. People tend to get scared especially those who have routinely see and experience fiancial method of doing bank.

For example, youre a bank client, and suddenly the bank introduced blockchain as the new processing method of transaction, its okay if you have knowledge but what if none? See, lots of factor to consider why small banks cant easily agree to disagree with crypto.

They do not like changes that actually not make them money, if there is a competition then they have to do it but they hate it, however if there is a new thing that would make them a lot of money then they will literally do it overnight.

These are companies that literally built on making money with money, so if they build blockchain into the system then they will make a lot of money considering they can literally save on fees, with blockchain these corporations would make BILLIONS of dollars of money, so they would actually probably make this really quickly because they really want money.

Right now, they are probably doing tests and calculations to see how much they can profit from it, if they feel like they will profit from it very well then they will speed things up.

The smaller banks should even be more active and innovating technologies that will make customers leave bigger banks and come for them. In my view, they are slow to adopting blockchain.

The banks will share those "efficiency benefits" with their clients only if the market competition forces them to do so.If there's a banking cartel,any innovation in the finance world won't lead to a better service or lower prices.
Anyway,I agree that blockchain became a buzzword,which is really sad.We need to educate the people about the possibilities and weaknesses of the blockchain technology.

Blockchain is known for the ease of transactions and transaction recorded, this is suitable for the use of technology systems for the bank industry. But in implementation technology not only money or time, but human resources must also be seen, to build a blockchain industry, we must have someone who is an expert in blockchain technology, the most serious problem in banks is security, even well-known exchangers can be hacked.

common known use for blockchain are for cryptos and cryptos are currencies like money  . banks also handle money works so yes blockchain system can also be a good tandem if use with banks but this isnt also a dream or a plan because some banks already started using  it  .

money is not a problem for the banks because banks can surely pay the cost for implementing blockchain use and other i.t  maintenance  .they can just hire a qualified programmer that has a specialty in the blockchain scene    .

thats true . banks are being attacked by robbers  as well as exchangers online has also being hacked  .  still  ,blockchain can still secure some important data's or infos which cant be stole by someone else .

Well, blockchain can add an extra layer of protection to sensitive information because it won't be so easy to modify it but on another hand, am I the only one who can't understand other benefits?
For example:
1. Faster transactions -- How? How can integration of blockchain technologies in banks accelerate transaction speed? When I move money in bank's accounts, it's done immediately. When I move in another bank, then it sometimes takes days too, why? Because transactions aren't done immediately and needs confirmation. Can't understand how blockchain technologies can speed up this process if banks still require manual confirmation of some transactions, blockchain technologies can't and won't make them to move every transaction on automatically immediate confirmation, so this is false claim.
2. Lower transaction fees -- Again How? Online transaction is simply numbers, they charge fees because of personal interest, is blockchain technology magic to change bankers mind?
3. Absence of geographical barriers -- This is another curiosity, seems people can't understand what is blockchain technologies and they think it prevents and fixes every barrier that currently exists.

I think not all of them are that swayed to use Blockchain.

Some say that they still don't know what that is but I doubt that.

Maybe they are still at the discussion to either use it or just stay with the way they are right now. Time will come and they would be left behind, that would be the time that they will use the technology.

It could definitely have positives but it could also have negatives as well. Lets say you do not have any bank accounts from now on, you just have that banks blockchains address, like bitcoin wallet address but for that banks blockchain itself. Now, if you have that then anyone who gets a hold of that banks blockchain to check (like a blockchain explorer) then they can literally check everyone's account and how much they have. Would they be able to hack it and get your money? We don't know, maybe it could be possible or maybe it won't be.

However, even the idea of someone checking everyone's accounts whenever they want sounds horrible, that is why I highly suggest banks to figure out a different method, not just go with blockchain directly but find a combined method.

Why are banks interested in the blockchain? Initially, banks were interested in Blockchain because it has the potential to cut costs and increase efficiency in operations.

The use of blockchains in banking institutions as a tool to improve the working mechanism in the internal bank. The goal is to improve services and innovate the development of other banking products. Safer, faster, more efficient and instant settlements.

If they do not immediately adjust and adapt, the blockchain can become a threat to the banking sector. Because with the blockchain the role of banking as an intermediary for money exchange is not necessary. So, in my opinion, the bank will inevitably adopt this technology in order to survive.

I don't see any banks "successfully using blockchain" in that article, I only see "banks experimenting with blockchain", which is a totally different thing. Many of them are just press-releases from 2017, when simply saying "blockchain" could boost your company stock by a few percents. "Working on" is very different from "using in production", there's no guarantee that their experiments will be successful and create production-ready systems. In fact the success rate of blockchain products is extremely low, so it's actually unlikely that blockchain will be widespread in banking or any other industry, unless someone will make some breakthrough that will fix its problems.

I don't really know what your question is, but for small banks, they need to be more advanced in order to gain market share to make their business better.
With a technology era, banks are not looking to blockchain, which is considered a bad bank. they are only behind banks that apply blockchain.

I agree with you to the point that XRP losing so much value but it doesn't mean it's a bad for banking because it is normal for the blockchain to get low value because price can only up if it's high on demand. So if the Xrp really a good project for banking they will make things that the price will stable so that they need to study it very well.

I think one of the reason why smaller banks, or banks in general takes longer time in adopting blockchain technology is that, the lack of knowledge about blockchain itself. I believe it would be nicer to educate people about blockchain to achieve adoption. Since they lack knowledge about it, they're becoming reluctant to use it, knowing that they're working fine even without blockchain. Education about blockchain is a must for them to understand what it can bring to us.

Firstly, banks have long been using blockchain and an example of this is the use of the ripple banking system instead of their outdated SWIFT. Secondly, for a very conservative banking system, these few years, when cryptocurrency and blockchain began to spread around the world, in fact, not so long. Banks do not like to experiment. They begin to apply the innovation if they are fully convinced of the absence of negative consequences. Therefore, while everything goes on as usual. Gradually, banks will also switch to providing various services in cryptocurrency, as far as it will be beneficial to the banks themselves. Therefore, there is no need to rush things.

Banks can use blockchain technology but it is never going to be in decentralized manner so it cannot be compared with the crypto adoption if banks starts doing transactions with blockchain.Either bank employees may not let it happen sice if the blockchain was introduced then most of the employment in banks will get vanished.

The development era is more advanced and developing and technology will develop, so will the economic development will also follow it and one of them with crypto currency is an economic system that uses technological developments and banks will also experience system development as well.

Except banks create their own cryptocurrency before they can agree to follow the technology of Blockchain, because naturally, the reason why banks are now thinking of Blockchain is because they have realized that they don’t have to engage in cryptocurrency before they can also get the benefit of Blockchain, but as bitcoin is already existing as a product of Blockchain, they are being forced to actually go for it too since they know that they cannot even do much again bitcoin.

I believe that in future, as banks actually develops their own Blockchain, we may be seeing some of the cryptocurrency being created by them which I think would not be very much okay as this will create unwarranted saturation for the cryptocurrency market.

banks are government tools in the economy, especially those related to the use of fiat currencies and all systems are regulated as well as possible but as the times change and technology of course banks will also use a developing system as well and crypto currencies with blockchain systems that use advances in technology can will also be adopted by the government for the bank system

A lot of banks and even governments are already experimenting the integration of the blockchain technology into their existing system. The blockchain technology offers them transparency as well as convenience in monitoring and supervising. Aside from that, the blockchain technology is impossible to tamper. These are just some of the reasons why the banking industry will most likely implement blockchain-based additions to their operation. 

I think indeed more banks are starting to look at blockchain technology because maybe banks also realize that blockchain has the technology that banks need because it involves the big data owned by the blockchain that is able to record all transactions safely and create very safe transactions.

when you hear the theory of blockchain, everything seems so cool and easy. but you never understand its difficulties about the situation of the market and how things are organized.
For new technologies, it takes a long time to perfect and adapt customers according to new policies.
Besides, the smaller fee collection is not what the bank wants. That is why banks have not implemented the blockchain model yet.

Banks are making themselves advanced with the adoption of blockchain technology. Already more banking service renders have begun to implement the banking process through the big data network. Few banks have started to get investment in terms of bitcoin. Based on some regulations more people stay away from bitcoin usage. This will surely be a big game changer.

Without the approval of each government we cannot really have this future banking industry, and as of the moment, we cannot control what's on the mind of our government officials, but we can do our part to unite and to let them know its advantage and how blockchain could change the life of the currency system in the future.
We will still have many years to come to develop and for the adoption period, we just need to be patient as everything will be at its place soon.

Blockchain is the technology from which bitcoin spawned from, Banks can decide to adopt the blockchain technology and choose to forgo forming any cryptocurrency from it. With blockchain the banks data is transparent and there will be no way that anyone can manipulate figures in case they want to steal from the bank. The banking system would be secure to prevent fraudulent activities.

I don't think that it would actually work banking things in Bitcoins.

According to Google " The Basics of Banking will introduce participants to basic banking concepts, such as types of financial institutions— banks, credit unions, and savings institutions, the different accounts they can open to help save money, use money to pay for day-to-day expenses, or even save for long-term goals"

But honestly how could we use Bitcoins .. with non governmental institutions ? Government have to interfere one way or the other and that would actually make Bitcoins centralized.
Would that even work ?

Banks may well adopt blockchain tech for their own purposes, but they aren't going to create anything like bitcoin.  Anything they use a blockchain for will be completely centralized and against the spirit of other cryptocurrencies like bitcoin.  They probably won't even create any coin at all but simply use the distributed ledger aspect for bookkeeping purposes and they might employ smart contracts too.

And let them do it.  I'm all for it, but nobody ought to think that anything the banks do will be in competition with bitcoin, because it won't.  Blockchain tech and bitcoin are related but separate things when it comes to the banking system.

It's because XRP will NOT be adopted by any banks. They are using it to model their own protocol. Banks are heavily regulated and they will not entrust their security measures to a "third party" operative such as XRP. Most people know this. That's why no "real money" is directed to XRP. It's a dead issue. Banks can use Ripple and design their own means of transfer that they control entirely. This is the value of Ripple. XRP has no value besides hype and fanboy excitement.

We have been seeing banks announcing they are going to use blockchain but I think its not up to them to decide whether they can use blockchain as its all up to the central bank. Non of them right now are using blockchain even when they claim they are using XRP. What they could do though is just like what JP morgan did, release their own stablecoin.

May not be a matter of time they use the blockchain because there will be an impact on the finances of their country from using this blockchain technology as people will use this system.
Whereas if we know the blockchain makes transactions safe, transparent and fast. So it's not a matter of time they use it but his government alone is not going to use it and it is better for using a bank system in general.
China just adopted the blockchain on its government and made a currency named DECP and it was not in the decentralization of their banks and only a digital currency of their national.

Although actually banks can be helped by the existence of blockchain technology. I am not sure that the Bank will fully support. we just see that now the bank's negative view of crypto has not disappeared. they think that cryptocurrency has many problems and also large crimes that they often associate with terrorism

Of course, when a particular bank is creating their own coin, it is completely centralized.
That's how they can fully control its distribution.
But the thought that banks are creating their own crypto coin, means a lot already.
It translates to the fact that they do believe the advantages of blockchain technology to improve their system.

There might be possibility that they are already working on it but not explicitly showing the whole world about their progress. We don't even know that in our everyday lives we use banks that are already utilizing blockchain technology like what we have in our country. We are backed by the government, not much topics concerning blockchain and crypto but there are apps that allows us to transfer money from banks to crypto wallets. Even our fiats utilizes the blockchain technology already.

You are right. It is a good sign that the financial institutions are now trusting the technology behind cryptocurrencies and even though they are creating their own cryptocurrency which is centralized, it is still a good thing for me because at the end of the day, people will still explore the world of cryptocurrency and once they discover the decentralized cryptocurrencies, they will definitely choose the decentralized ones compare to the private cryptocurrencies of the banks.

The central bank of any country needs its government to allow them for any change. Private banks do not depend on the government but still, they require its permissions in some matters. China has already announced its plan for blockchain and bank. It is going to release its very own digital currency. Once that happens, the whole world will start focusing on creating their own digital coin. Just wait and watch.

Why would you think so? In what way did it make you think that they would choose a decentralized ones? In my opinion, banks would use the blockchain technology in order to process the transactions much faster but I think that it would not be popular commercially due to being a centralized network. If they would use cryptocurrency as way to process transactions much easier then they should just choose a stable decentralized cryptocurrency.

Certian banks have earlier shown their interest in adopting blockchain technology as it is revolutionary and banks have to be updated with the latest technologies to provide good services to customers.This would be great if they approve it as cryptocurrencies can also get its support and benefit as they are financial services of nation and governmemt would permit its usage.But on the other hand it is quite technical and banks might fees hesitated to use it or implement properly in their system due to which they follow traditional methods as they are less transparent and they have faith over them.

A lot of evidence has shown that blockchain technology really has a lot of useful help for banks but exactly as you say, banks receive information from the government, blockchain technology has become a bad point and negative for their system, they seem to have no intention of applying. Plus, blockchain technology is not an overwhelming technology, it is a little useful, many other technologies have been developed by banks and corporations associated with them, which show more advanced features than blockchain technology, this has said that the bank will not rely on blockchain in the future

For any company or banks to implement a new technology you need to have a thorough understanding of the system and you cannot implement all of a sudden and majority of the technology companies are learning about the opportunities of blockchain for a long time and if the banking sector find it useful for their business then they will implement it

There is no way a bank could fear about its accountability because you cannot fake the credits, they might view the virtual currency as a threat but in the future all the banks will be implementing blockchain to make things transparent and convenient.

It's expensive for banks to create their own currencies - and there is the problem getting people to adopt their proprietary currency rather than other decentralised currencies.

I think what will happen is that banks will use existing cryptocurrencies and even mine existing cryptocurrencies. They'll use whatever has maximum adoption - remember banks make their money on fees and on lending - it doesn't matter too much to them what currency they're using.

Probably longer than bigger banks. But not because they can't since they're just small. They also have to monitor the demands and population of people demanding for blockchain technology. Since they're small banks, the demand would not be that big compared to bigger banks. But even big banks, still cannot adopt blockchain technology. They're still reluctant about blockchain. They could still function just like the tradition even without adopting the technology.

Of course blockchain will be helpful to banks even growing banks that are not established already. It will help them to secure data and security information that are already stored in their system. Blockchain technology is already being used in certain places and banks shouldn't be an exception.

We can base our point in this article: https://cryptocrunchapp.com/news/china-launches-blockchain-based-identification-system-for-smart-cities
where china based their identification system to blockchain technology. This implies that the future of the banking system in keeping up the records especially the identities of the people will be safe and secured through blockchain technology. Though they didn't apply it to banks yet, we can expect that blockchain technology will not just make each transaction secured, but to keep the people safe as well.

Maybe because there are still large banks that are not regulating blockchain and that's why some smaller banks didn't regulate the blockchain also. There would be a chance that if all the large bank system start to regulate the blockchain in their system then maybe all of the banks including those smaller banks will regulate and follow it. Another one reason is because the smaller banks are afraid to used blockchain because they still don't know what is the use of this into their banking system and etc.

As for me, banks don't see blockchain as a treat anymore but a pathway to successful and instant transactions. The collaboration of the blockchain technology and the banking system is actually beneficial for both parties. I believe that if more people will be aware of crypto, more banks would still adopt it in the future 

I think there are already financial institution that are tsting and deploying the blockchain technology on thier system. Last time I rad the JP Morgan which is developing thier own cryptocurrency. I know more will follow and some are  already deploying their syste.

re: JP Morgan, you can read here
JP Morgan is rolling out the first US bank-backed cryptocurrency to transform payments business (https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html)

Banks will also end up using blockchain technology in the long run. But right now they are just being in denial about that banks can benefit from it when they adopted blockchain technology already.
Since cryptocurrency is attached to blockchain, and they dont want crypto, that's why they still dont want blockchain. But if blockchain get enough more attention, they will also adopt it. Right now, they don't want to accept that this technology can alleviate people's lives.
Smaller or bigger banks can, they just don't want to.

The difference was the blockchain can increase and decrease your asset while in the bak you have a sure interest but it is only a little amount of interest.

It is better to put your token if it is good for long investment better than a bank.

There are many big companies or brands that understand crypto currencies of blockchain technology in detail and even are investing into digital money. As far as banks are concerned, I am pretty sure all banks are aware of blockchain technology because they are already dealing in stuff that is related to economy or in short money. I am sure there will be banks in future offering their services to crypto users.

I personally don't think Blockchain is a threat to the bank but Bitcoin.
The blockchain technology is one that should be emulate to make the banking sector easier and transparent. Though, any banks who are seeing the Blockchain as a threat has something to hid and fears accountability and transparency.

Bank can transfer faster but not the same with how faster using bitcoin and altcoin, if bank adopting with blockchain technology we can transfer money to other country just few second, if using bank transfer we need more than one day for receiving money to other country, but not possible if bank want to adopt blockchain technology because bitcoin and altcoin not have stable coin price.

First you need to understand that anyone can implement blockchain technology for their services like transaction which is irrelavant to the prices of coins.Banks started using blockchain technology for transaction but not for every transaction,maybe for their internal transactions they were using,it is not going to affect the crypto currency in any way which also using same blockchain technology.

Small banks will find it difficult to keep up with the big ones, but I'm sure they will follow the wave and also make way for them to progress. Because if they do not keep up with the wave the big banks may now be able to cover them and this may even cause small banks to collapse and close.

Clicked on the link and it was not working so I decided to search it up on Google and got what I was looking seems, It seems like they changed the link or something because the error I got was that the link could not be found.

Seems like blockchain is more recognized than I thought. So, I checked the chart provided on Changelly and about 30% of industries that makes use of blockchain we're a government-industry. There are also other industries that were listed.

It's great to know about that, but my main area of interest has always been on Bitcoin and not Blockchain, though I know it's not going to be possible for them to accept bitcoin, they will only be able to work with blockchain.

It is not because small banks find it too difficult for them to keep up with the highly named banks, they are just being careful with the emerging capabilities of cryptocurrency. Just take a look at Silvergate Bank and Metropolitan bank, they could have taken the use of cryptocurrency first or even did what the JP morgan does to its system, but what they did is wait the bigger one to have a less effect on them whenever it stumbles. You're right, small banks are easy to collapse with careless move knowing they have huge walls on their environment.

Discussion about Blockchain and Banks last for years. In my opinion, Banks will adopt Blockchain, in one way or another it's inevitable. Blockchain as a technology is the revolution, it's faster and more secure than anything else. 
The future is being shaped today! Big ones are making their own chains, others will try to make their own, or they will join someone bigger. Like in many other examples trough the history, some will adopt, some will not be able to adopt.

It is indeed inevitable. Blockchain technology is slowly showing its worth in the world of technologies. Some of the big companies are now starting to learn how to implement blockchain technology into their system for some improvements. Soon, the banks will do the same because it will help them to make their system more secure and much better than before.

It's not cheap and easy to operate a small bank in a country due to regulations and taxes. It's tiring enough to make it work in a traditional way that I believe they don't think about complicating it even more by adopting a new system, as the current traditional one fulfills their demand for now.
I mean on the practice there won't be extra gains for these banks to adopt blockchain, so why to spend money and effort on it?

Bank may implement the blockchain technology for their own use they are already researching about it, but I don't think that they are going to provide public services via the blockchain any time soon.

We cannot expect the smaller banks to implement a system consisting the transaction and investment of blockchain in it. It would require lot of expenses and time before that happens and considering that a bank is just a small one, we cannot expect it to be suffecient enough to provide the money need to collaborate with blockchain. I think we should first look forward on having cryptocurrency and fiat in harmony under those banks and then hope for more if it works well. We should not be in a hurry or else things won't work properly.

No i guess where it isnt really that expensive enough to switch fully or integrate blockchain tech into their operations no matter how
small the bank is.The thing here is that, they would consider on using it up?

Banking sector would surely have second doubts on integrating this new system yet they know that everything would be transparent or
can be seen on a public ledger.For sure they would always have that second thoughts.

yes, some banks in my country have seen a lot of positive effects of blockchain technology because blockchain is a solution to the banking problem. The point is, this blockchain technology is still relatively new in the banking world. so it takes time besides applying it also introduces to the wider community about the security of blockchain for the transaction and also customer data.

I don't think it's gonna happen, because the purpose of the bank is security if someone accesses your account it can be detected quickly, and the transaction is reversible so that if someone scam you, you can get your money back. Those main features of a bank are not available on the blockchain, so for me, it's not gonna happen.

For blockchain, the primary purpose of it is decentralization! If the bank implements it in their system, then the "decentralization" will not gonna happen, because the bank will be the middle man again. Blockchain is just fine with the peer to peer transaction, and I think it's all good

Yes, the key role of banking is to secure users fund and providing with some interest for the amount that's been kept hold on the banks. There are flaws in this reversible function, I once encountered the same. My friend bought some amount for emergency need. Later on need I requested him to send it back. He asked one of his friend to send it to my account. I received the amount, confirmed with my friend. By the time I wasn't able to withdraw it. It showed withheld, later on enquiring the bank authority came to knew that the person who transferred the fund requested for a reversal as it was send mistakenly. Further bank manager suggested me to give a written statement regarding the incident, but the amount was reversed to that persons account.

This way in some form irreversible features were used to cheat the authorities and benefited by people. Good is to have decentralization in this regard.

Combining the banking system with the Blockchain system I think will be one of the advances of a secure and decentralized state financial system. I am very optimistic that Blockchain technology can be a suitable system in state government, including banking.

Money owners do expect to benefit by using bank services but the main concern is the security of their assets. Security guarantees and refunds if a human error (private key is forgotten or lost) cannot be provided by the blockchain.

The adoption of the blockchain will provide many benefits to me, as an exporter with limited capital, with the blockchain technology I can receive payments from buyers faster. So far, both payments via T / T and L / C take a long time. T / T between countries takes 2-3 business days since the buyer sends the money.

But as a business actor between countries, I think buyers still need the role of banks, as a party that can validate the export documents required by the buyer when conducting the import process.

I find it quite meaningless for banks to use blockchain technology.

First, the blockchain is inherently decentralized. Such tokens like RIPPLE are against the blockchain philosophy.

Banks can use blockchain technology, but that doesn't mean anything unless they stop exploiting people. If high commissions, centrality persists, and users' privacy is not ensured, none of it makes sense.

Future of bankers already started their digital revolution and they have implemented all possible way of internet marketing and internet mode of payment to improve their banking business.
I am not sure how the people will accept cryptocurrency when the time Bank does all the possible ways but no one can give the features what we have in cryptocurrency.

Uuhm, I don't know if you have read about this JPM coin by JP Morgan Chase, I guess that's how things will turn out to be, maybe they will all start creating their own cryptocurrencies. The JPM coin is still a prototype and is being tested by institutional clients. The coin runs on a blockchain that is similar to Ethereum blockchain and is called Quorum.

If banks wants to start adopting blockchain they won't adopt Bitcoin, neither altcoins, rather they will create their own crypto coin that will be backed by the country's fiat asset. This way they will be able to make transactions faster, but I don't really see any need for all that since the method that's being used now is still fast when it comes making transactions within the country, except for international transactions. Unless they will adopt blockchain for just that – international transactions.

Banks can do whatever they want and create their own blockchain if that is what they desire but they are never going to make me care about a private ledger of which they have absolute control, I only care about public ledgers like bitcoin, however I really think that they will deceive many people with their coins because they will immediately assume that since a bank is printing them then they must be as good as money not realizing that they are getting another form of fiat.

Or aside from developing their own blockchain, they can utilize a project like XRP.

If banks adopt a decentralized blockchain, that would be good since we can verify the transaction on the blockchain. This way we can say that the transaction is immutable and cannot be reversed. But we don't know about the fees they charged since they are sanctioned and paid taxes to by the government.

It's just a matter of making understand about this system, day by day people are getting accepted this system and blockchain system recently declared by the Chinese president as one of the finest inventions for the further invention, so it's getting bigger day by day. That's why banks and other institutions are trying to adopt this system for their own purpose. Coca Cola has taken this blockchain system recently their own bottle purpose, so the popularity if getting high in these days, not only that but also many researchers are doing work regarding this issue so everything will get clear and Blockchain system will be the most efficient platform in the future for the all aspect of our life.

It would not be easy to realise in all countries I mean it would be difficult for a country that even still prohibits the circulation of bitcoins in its territory, of course it would be difficult because changing the habit of using digital money Alan is difficult, I mean they are right Should properly adjust it, it will be very troublesome to pay your daily needs repeatedly.

The banking industry can inculcate the use of blockchain into it's operations. Be it a deposit money bank, merchant banks, or even the Apex bank( Central bank) in a country. But I think if the Central Bank can start it, then it's possible. For instance people buy Government bonds through the banks or even shares of some cooperation, using currency. Imagine people doing the same but using Bitcoin at their disposal to buy bonds or shares. That would be awesome.

This is a very interesting question.
The current financial banking system itself is rather poor. So in the future it will be reformatted, that is, it will either be completely destroyed or reconstructed into something new. Now you can observe the attempts of the cryptocurrency world to find new ways of creating financial systems, however, it is obvious that banks just will not give up their piece of the pie, which means they will try in every way to build their future activities in such a way as to remain in the system at the highest levels.

Not possible blockchain and bank become good partner at the future because bitcoin not allowing in many country as legal currency payment, bitcoin have giving good ideas if bitcoin adopt as legal currency payment with transparent transaction detail and give faster for each payment sending but government still not allowed for bitcoin become legal transaction.

Bank using blockchain? Definitely possible on top of that if they plan to create their own crypto that's a lot more centralized than the ordinary ones for the purpose of governance then that'd be more possible.
There are plenty of company that have started their research into the implementation of blockchain for their system and what's prohibited in most of country is the crypto not the blockchain. I'm sure that when the adoption of blockchain into the banking system announced the government will immediately release some regulation regarding this matter.

Bank successfully adopted the blockchain system and eventually became a facilitator between crypto and fiat, I see the direction will come here after they successfully synchronize banking data.

But there is something confusing when customers finally start using the blockchain personally with more funds. Does the bank also consider this effect?

Yes not that easy to adopt it and to those not technology base country. a lot will change and everyone will sacrifice time to know more about crypto and blockchain especially to those who really on to technology. but this changes will help us a lot in near days to come. everyone is improving so they should improve too, too difficult to do but for sure there are users will help them to adjust if that time comes. it will be good and everyone will going to benefit it all.

You mean there are some banks that successfully (or maybe testing out) the use of blockchain and seeing a positive gain and results from it, isn't? Well talking about blockchain for banking system, frankly it could help a lot specially on their clients creating an efficiency of work through banking trying to ease the hassle it could possibly cause. I see a bright future if banks would totally adopt this kind of system with efficiency and conservation in combine.

Of course they should. When it comes with their clients they should put a thousand percent of their effort to provide safety and comfort to their client's money cause that's their job. Banks must be aware that there are few people know about cryptocurrency, they should spread awareness first.

As far as I know banks are testing blockchain technology for a while. If they decide to implement it that will be a big progress and benefit for clients and it contribute to better transparency and more confidence into banking system. But that still doesn't mean that banks will embrace cryptocurrencies too.

At the early stage, it may be very difficult, but overtime, those countries that may have become adamant about the project will eventually loosen up because when it comes to transaction, there will always be the need to actually partner with other countries in this, and if one of the country to partner with has adopted bitcoin, they might tend to ignore, but once they start seeing 2 or 3 countries with the same, they will surely want to join the train also so that they can continue their relationship with the country, but unfortunately, the country that would have set sample for this is not helping as they are all about themselves alone which even after they have accepted cryptocurrency, what they are thinking of is how they can create their which I am talking of china.

But they will never create a decentralized blockchain that is the issue, whatever blockchain that they create will be under their complete control and they will know exactly what you're doing with your money and they will have complete control of the monetary system in this way, satoshi created bitcoin and the blockchain to help us to get free from governments and banks but if used maliciously the blockchain can be used to achieve exactly the opposite and we cannot allow that.

I'm not really sure how the marriage of banking industry will work because this two system is totally against its other. Bank is centralized and controlled while blockain is decentralized. If they could someway meet in between to have a much better result I think it would work. Let us see in the future how this thing will progress.

this is a new technology, which transfers data from the old system to the new system also takes time. the main side is the bank must test all systems that use the blockchain, so there is no error in the system. so when it starts it doesn't crash. Blockchain technology is having complex security, so banks must really make the right security, so it is not easily hacked

Of course Blockchain technology is very suitable to be applied in the banking system that aims to maintain the security of important data customers. I am very optimistic that Blockchain technology will be the right choice for the global banking industry, and I am sure in the future many banks will use Blockchain technology.

Although they are contrary in each other, blockchain could transform these financial institution to a well reinstate one. Banks can use the idea of decentralized distribution to run after more secured and preserved data or information. But if I would choose between blockchain and banking, I would still pick the bank because cryptocurrency are still on development. Aside from that, Google could easily get this one out as quantum computer has become more possible with the technology right now.

Well.itvmught be because smaller ones thinks that they can't still afford what is. due with cryptocurrency especially with blickchain. Also, the government will interefere if blockchain would be in in terms of banking. There's nothing sure but what's guaranteed is that the givernment might use blockchain, its not for banking since they will lose some authority over it and thats far from what they wanted they might use its technique while banking, tho.

Blockchain technology will make banks control their money and customers thoroughly, helping avoid losses.  The application of blockchain to banking services also increases the speed of money transfer, reduces costs and helps ensure customers' money is safe.

I think that this is all due to a lack of confidence in technology and ideas based on completely different principles than the banking industry. It seems to me that this distrust of blockchain still exists. Over time, this old one should stay in the past, progress will come anyway, so the banking industry has no chance.

Not really, some may think that it is difficult to combine the banking system with the blockchain but in fact it is very easy, what banks are going to do is that they will control every single node in their blockchains, and I really think that this is going to be a huge threat to the privacy of individuals all around the world, the blockchain is a powerful invention and like any powerful invention it can be used for good or for evil and while a decentralized blockchain will help us to achieve more freedom a centralized blockchain will hinder it.

Not really, I don't think it is impossible, in fact here in our country, we do have a bank that is eyeing and checking how they can implement and use blockchain here in our country, we are just hoping that there will be an update for this soon and hope that it will become positive for all of us, so that other banks will also have the chance to implement this.

It's always the efficiency that matters most when it comes to business and there is also the transparency to help review the overall transaction because of the fact that blockchain always write down all the transaction since it was created until the latest block. I could definitely understand that for Bank instead of waging a war against it they adopt it. Although all these thing are still experimental in my eyes and doesn't guarantee that it will bring that real value to the Bank but we will definitely see in the future.

It wont really be that easy to have such integration or implementation of blockchain tech to be used mainly in banks.It might be considered but it would takes time to have that
switch up knowing that these institutions do know the beneficial of this tech and in exchange the tendency on having that public ledger which can be seen by the public.
I dont believe that they would really like such thing but it depends if such bank do have those corresponding hidden tx most of the time.

Efficiency and costs, that is what matters in.business the most. So if blockchain could contribute to more efficient business with low cost then industry will embrace it, including banks. I'm sure that banks are testing blockchain on a large scale already and they are aware sooner or later they will need to adjust to the clients needs and desires.

We have noticed someone's mind from big giant banks in the world stating like they were integrating there payment firewall with blockchain technology.
So security on making payment will be more reliable and transparent to the people if they do it in a such way.
But one thing I don't know how the centralised banks can work with the decentralized cryptocurrencies it is a biggest question!!!

I really would love to see how our banking system be able to incorporate blockchain in there current system as the platform is sort of decentralized. But anyway, the purpose of this is to make life easier for the user and customer. So cheers on it.

They could modify it to become centralized anyway. It's not like the code of blockchain system can't be changed or modified. it's human creation and open source which mean people can do whatever they can to the code.

If the nodes are controlled by the bank themselves isn't that basically the same thing as them having the current banking system which is truly centralized? how can that possibly become a huge threat to the privacy if they basically do the same thing to their system?
They use blockchain simply because it's transparent and efficient and there's nothing more. They could modify it into a system that befitting their purpose.

Yes, there's nothing more to be afraid of because you have been submitting important documents to the banks already. What more can they get from you?

But I really do believe, that banks worldwide are already seriously looking into blockchain technology. They are silently doing some developments without disclosing it to the public. Blockchain technology is a game changer even in the banking system. They have to admit it.

My bank country have start to use and adoption blockchain as their partner, I think give most profitable with bitcoin and altcoin price at the future with partner blockchain and bank. Will possible for government want to adopt bitcoin as legal currency digital payment at the future after bank have get many benefit adopted blockchain as their partner.

It's not only about the profit that they are checking, but also the technology behind it, for sure all of us wanted to evolve in technology too, we wanted to have banks that will have faster transaction, a lot of options, easy to withdraw and to deposit, easy to transfer funds and many more. Since people are becoming more busy, so having a blockchain with banking will for sure resolve more issues.

There are now banks that interested to use blockchain technology. They noticed that the public are now want blockchain technology because of its functions and importance in the industry. As a citizen of a country that have poor banking system, I know that blockchain technology can imrpove the payment system as well as the whole banking industry.

The article is dead by the way but nonetheless it's an interesting hypothetical question to pose. In my opinion cyrpto is absolutely worthless to the banking industry and I don't think blockchain will ever find itself embedded in the banking industry in a meaningful way. Banks and financial corporations reluctantly entered the crypto currency business after the giant boom in crypto's a couple years ago and that was it. They're not looking into the technology of blockchain because it's not something that the mainstream consumer will ever need to utilize or interact. Banks follow the money and it's with fiat. Goldman Sachs (https://www.nytimes.com/2018/05/02/technology/bitcoin-goldman-sachs.html) last year were open to involving Bitcoin within their operations as well as other financial companies but they never took off with Blockchain technology. That's not to say they aren't putting resources into R&D towards blockchain at all but it's clear that they aren't taking the company and heading in that direction.

Actually, applying blockchain technology is quite easy but it needs more process. such as getting acquainted with the system and teaching employees how to use blockchain technology and how to transfer money well. This adoption has taken place in quite a few different businesses in different fields but blockchain technology is really hard to control. so it takes time to test and communicate more.

I think this is due to the fears and indecision of many banks, because blockchain is a new technology, it needs to be implemented in an already functioning system, and these are new costs and risks for the bank. Therefore, many banks do not want to expose themselves to unnecessary costs while everything is working fine for them, so when innovators in the banking system fully implement blockchain and cryptocurrencies in their own structures and begin to move away from old banks, then they will start to move.

I have read a lot of articles about banks and countries that are planning to create their own cryptocurrencies. The People's Bank Of China announced that they will soon be releasing their own cryptocurrency anytime soon, and I have also read about a bank in the US that has created their own cryptocurrency that is yet to be released.

One thing I have noticed is that these cryptocurrencies are not being created as a replacement to the fiat system, rather they are going to be another version that will serve as cryptocurrency and to make transactions faster. So, if you have these cryptocurrencies it's just like buying and holding a stable coin. It is still a good plan, as it will replace the boring system they are using now.

Those cryptocurrencies are not going to be the same as a stable coins that we have in the market at the moment, one of the main advantages of the current stable coins is that you can hold them and you don't have to go through know your customer policies, but it is likely that if you want to hold those kind of stable coins that banks and countries are going to create you will need to identify yourself, but those coins will have an advantage over the current stable coins and that is you will only need to trust the government for the stable coin to keep existing, instead of having to trust the exchange that created the coin and the government that prints the fiat that it represents.

The earlier investors of bitcoin and other crypto currencies are technology lovers and they like to enjoy its creations to their full extent. They invested in bitcoin when no one even knew about it. With the advancing technology, our lives are becoming easier. Money is also a big factor and mostly investor buy crypto currencies with the sole purpose of making profits, which is right. Blockchain is the solution to many problems of banks and they should implement it too.

As I said in other posts, bitcoin was born to make banks obsolete. Feeling that banks are trying to enter this market worries me and makes me suspicious.
That banks try to adapt by offering new services (crypto or not, there will always be a need for loans ...) makes sense.
But that they offer to guard your crypto is clearly a joke.

I dont think bitcoin was born to make bank obsolete anyway. bitcoin exist to provide people another financial option other than bank and is decentralized so that people didnt only trapped in using bank but seeing that bank are now trying to adopt blockchain quite funny indeed.
However, it's undeniable to say that blockchain has so much benefit even bank adopt it for example it can be used for fruther advance democracy and many more. it just happen that bank sees this beneficial.

yes at this time the number of banks that want to use the blockchain is increasing. some banks adopt blockchain because with blockchain technology customer data will be stored securely, operational costs will also be lower and security systems will also be stronger not easily broken into. I think for big banks to use blockchain is quite easy because they have big capital. but for small banks it is quite difficult because they do not have large capital to be able to adopt the blockchain.

Applying blockchain tech doesnt mean on wiping out fiat in the system.This would have a reconstruction on the entire phase but doesnt mean that fiat will be out on the list.
This will only fasten up transaction at the same time we can see it publicly which means hiding transactions wont be possible. Banking system might consider this one but they
know on what are the things would greatly changed if they imply but i doubt this would still be too long.

The implementation of blockchain technology into their system seem will not do anything to the already existing fiat quite the opposite they will benefit from the use of blockchain and the fiat will get benefit aswell. the bank are not trying to replace fiat with anything crypto related they just want to make their company runs efficiently so hoping fiat to dissapear is just a wishful thinking.

Fiat will be part of our life as of the moment, I can't even imagine yet having a life with cash less society as we all know that cryptos has been there as an alternative way to make payments and as a form of investments. Future means, few decades and not years, as what we need for now is fully masses adoption as there's still very few percentage of people who's into crypto.

I understand that you do not like banks, after all who likes them? But while the idea of a bank that stores your cryptocurrencies is completely ridiculous for people like us believe me people are going to use it, people like us that are here not only for the money but also because we believe in the technology will do everything that we can to avoid banks but your regular person is never going to do that, he's going to take the path of least resistance and if that means putting his coins in a bank then he will do it.

There will be huge effect in our economy if the fiat will be remove. The mass adoption will occur but people will still use fiat money as a mode of payment. Many more industries and institutions are keep adapting blockchain technology because of its important function. It will have a great role in our economy and society in the near future.

In any case, each person depends on the laws of his country and on certain rules that are established by his government.  The existence of a banking system is beneficial for the government, so a person wants to use the bank or not, but he will have to do it at all costs in order to use different services in his country.  But since today many banks have already successfully used blockchain in their systems, there should be no questions about the existence of banks in my opinion.

Blockchain is a new technology and it is really causing difficulties for new developers and adoption. Besides many businesses successfully applying this type of technology, many businesses that apply it fail. We need to find more talented people to be able to develop and find something easier, less complicated for businesses to use it best. Hopefully in the future there will be a team of good engineers on Blockchain to help the world economy be more perfect than ever.

Yes I agree with you the best solution of my opinion that the bank enforces for both of these currencies.
Because between fiat currency and cryptocurrencies in the future will definitely be used by the community every day.
Blockchain technology is increasingly sophisticated and increasingly received by the community

Whether the Bank will use blockchain or not, but it will not affect the security system in any way.It is already at a very high level without blockchain.If desired, customer data can also be sold bypassing the blockchain.For me, blockchain in the banking sector in my opinion will help automate many processes that are now performed by a person.

Making a lot of personnel unnecessary in the system. That is very true.
If banks will integrate blockchain technology in their operations, they will save a lot of money just by reduction of the personnel involved.
Since a lot in the systems will be automated, there will be redundancies in the current organizational arrangement.
Though not good to hear in terms of employee retention but would be a great benefit in the whole banking system.
Less human error and faster transaction are expected once they integrate blockchain tech.

Because no one will share their innovations for free.Now huge banks are investing in the development of new technologies.Invite people to work and also free training.Small banks just can't afford it.

Need waiting implementation banking industry in blockchain at the future, will not available using bitcoin as legal currency payment right now maybe give chance for bitcoin and altcoin become legal at the future and adopted in banking system. Many people will be easy when receiving and sending their money assets to their family around the world if using blockchain.

Banks won't be needed anymore in 5 years.
Open your eyes big banks are already splitting into customer banks and investment banks.
Customer banks are going to die and they are already preparing for it.What stays are investment banks.
EU,China,Japan etc all declared to bring their own digital currency out.
Once the transition has been finished the customer banks will be history.

I don't think so. Banks will be still here after 5 years, the banks are now improving their system and trying to make digital currency. Most of the digital currencies in the future will be tied up with the banks and that is how the future looks like for the banking industry. Banks existed a lot of decades ago and it is too big to just vanish in 5 years.

For some reason, I doubt the transition process from their traditional customers will succeed.

5 years is a very fast time to adopt digital money. Banks also need time to put together a different system without errors, or they will blunder and go bankrupt, the process of merging with blockchain is also not that easy. Your assumptions will only be suitable for millennials, but not for others.

True that the transition could take a long time considering that not all people are really into technologies and the majority of people in this world don't even have an idea about blockchain and cryptocurrencies. People's mindset nowadays is that they believe the bank is the safest way to store their money and stock investment will always give return which is not true but to transition people like that to some kind of blockchain technology or its product which is crypto is kinda hard except if the government enforce it through law and punishment.

for people aged 30-50 years maybe not all of them are currently familiar with Bitcoin and Blockchain technology,
but young people today are familiar with bitcoin, the banking industry in the crypto project has also emerged.

I respect your opinion tho, but I think this isn't just right to think towards the bank by having the cryptocurrencies now. Crypto indeed showed its capability to adapt and resolve problems, but that isn't enough to replace the banks cause it plays a great role in businesses and people, bank loans and businesses is vital in economic growth and that won't be replaced by a decentralized network.

But this does not mean any with the banks, these countries are pretty positive with blockchain, in fact they are trying to integrate it with banks so there will be additional investment options.

You are making a point that I have always thought that is going to be critical for the adoption of bitcoin, the adoption of bitcoin is going to take a lot of time because we need a new generation to begin to take over, people that are older do not really understand the concept of cryptocurrencies even if we try to explain it to them, many of them trust banks and they do not understand why they need to take the responsibilities of being their own bank, and for that we need a change in the way people think, but most people are not ready for it so we will need a generational change.

We should be talking about the bigger banks first and not smaller banks that can hardly make any impact. When the bigger banks starts to go into cryptocurrency there is no doubt that smaller banks are going to follow and so the same, but if you're expecting the smaller ones to do that first, then it's not going to work out.

And any bank that is creating cryptocurrency wouldn't go for the volatile option, they will prefer to create a cryptocurrency that is backed by assets, these are going to be stable coins. And you also have to know that these coins are not going to be a replacement, they are going to work together with fiat and be a faster means of transactions.

Bigger banks afford to lose a bit of money and can still be normally operating while smaller banks can also do but it will affect their operations. That is why smaller banks are taking awhile to get along with these cryptocurrencies because bigger banks are still on testing. It also depends on the bank if their approach is correct then it might click.

Banks are not into existing cryptocurrencies that is for sure. Banks are the number one enemy of decentralized currency why would they adopt it? and talking the volatility of cryptocurrencies, banks having an uncertain edge will never be in place. New stable coins will be created for them, a well regulated and backed coins.

Why would the banking system consider the decentralized currency an enemy,they will be getting business from exchanges because if you want to purchase these currency you need the help of the banking system to send money and that means the banking system will get business and all they will be looking forward is business and if there is a clear regulation by a government then i bet the banking sector will not have any issue dealing with the crypto exchange.

In our forum itself have come across different news stating more countries legalizing the usage of cryptocurrency as well as countries that are against cryptocurrency now taking away the bans. Banking being a major financial infrastructure that plays a major role in the economy of a country getting integrated with blockchain is increasing. This is all because of the efficiency reached through blockchain than the traditional system followed now.

I think blockchain is needed for the banking industry. But the banking industry's blockchain cannot rise too quickly. It is not known what the future holds, but blockchain will not be able to rise too quickly for the banking system. It will take a long time. Blockchain is needed to manage and control the banks of banks. But it can go in the direction of the government.

You are only thinking in the way things are now but not about how things could be in the future if cryptocurrencies become the massive success that we expect then people are going to stop converting their cryptocurrencies to fiat to make transactions, they are going to deal with cryptocurrencies directly and when that happens neither banks or governments are going to get any revenue from those transactions, even if a low percentage of the transactions of the world begin to go through cryptocurrencies this will create a lot of problems for the governments.

I do not know where the information on statistics comes from, it seems to me everything here is much simpler and more prosaic. Why should banks accept cryptocurrencies, even if the government indicates a huge problem - this is what people do not pay taxes. They don’t want to give a resource to people to earn money and not to share with the state. But I do not think that is right. The taklimakan allows everyone to learn crypto investing and other types of earnings using digital assets. Including blockchain, which for many can become a technology that gives new work. You can’t deprive people of the opportunity to improve their lives

This is not about the laws this is about their inability to compete with cryptocurrencies, even if banks decide to create their own coin it will have all the very same weaknesses that fiat currencies already have because it is on their best interests that their coins have such weaknesses, so they cannot really create something better than bitcoin and if they did then they will only be helping their own demise, they are trapped and they know it, there is no way out of this situation in which things remains as they are, they will have to adapt and they do not like that one bit.

All people with brains are aware of the interests of banks. They never do anything or make any policy for the welfare of common people. They do simply to make their own money whereas cryptos are the ones which are really helping poor people and letting them make money without fulfilling the accounts of rich and greedy people. I am pretty sure that even if banks launch currencies, no one will adopt them.    

Well they should be fear at all, banks are the most greedy company we really have in our life, they are just after what they can have for you, they are not really helping the commmunity, everything about them is all about the money and for their own interest and just giving a very low interest rate for entrusting your money to them.

I really feel amazed when hear people saying that this bank has nice policies and they are offering high interest rate. This all is bullshit. There is no bank in the world which is working for the welfare of community even the World Bank which gives loans to different countries is sitting there to hold economy of poor countries and they always put high interest rates on them. Banks are awful.

I am not so sure about this, if the collective financial education of most people were high then we will not have fiat currencies in the first place since they would have realized by now how damaging this has been for the middle class and how the only ones that benefited out of this were the banks and the governments, if a centralized currency is created by a bank or a government I think it will be adopted by many people but since it will have the same flaws as their fiat currencies if you give it enough time then those cryptocurrencies will fail.

I want to bring to your notice that  Banks kicking against Cryptocurrency doesn't mean that they don't want to employ other blockchain Technologies.  There is a lot of benefits from Blockchain which will help banks become more efficient in meeting the needs of their customers.

Well, they can still use the blockchain technology without favoring it. It is a technology that I don't think everyone will just let it pass. This will develop the banking system and some say other crypto currencies might not stay the same as its technology. I don't know what might happen but all I can see is that blockchain being used not only in crypto currencies but also in other things.

Haha, it's true. Use the "Blockchain" word that will help any project create an attraction for the investor - one of the best ways for start-up today.  ::)

From the outset, the bank was a tool to make a profit from lending. Lending is not bad if it helps both parties. But today, when the concept of banking has changed, it's used as a place to control people's money, to control the economy in a country, that's what makes many people feel uncomfortable. Developing or poor countries so hard to be rich, but the rich countries will always rich!

right, banks can adopt blockchain without having to cryptocurrency. with the benefits of the blockchain system they can send data faster. and I have heard before that banks began to use this system to support their needs. banks certainly do not want to miss this technology, as long as it can be used effectively and efficiently

yes banks in my country have also started to be interested in using blockchain technology in their banking systems. by using blockchain technology, operational costs will be cheaper and currently most bank customers are already using digital services in conducting transactions they don't need to come to the bank using only their mobile phones to be able to do transactions. so with the adoption of the blockchain this digital service will get better. and it may take a long time for small banks to adopt blockchain because they do not have enough capital to install blockchain technology.

Of course they will not miss this wonderful opportunity. Blockchain is really useful in our lives, and it would be great if banks apply blockchain to their systems. Everything will be faster and safer, we don't need to wait too long to work with bank like before. Currently many banks in the world are experimenting with blockchain and when it is stable I believe it will be widely applied around the world.

Banks are doing pretty good with there current infrastructure. They may opt for private blockchain in future if they think that's a good replacement. But we cant say that blockchain is future for banking industry.

What does Bitcoin mean for the banking system? Now let's examine the situation. Will banks be the means to buy bitcoins? Will banks create a new transfer system integrated with blockchain? That's the whole problem. The change of the current approval system is difficult in the near future.

Banks are already working in hand with crypto companies as we speak right now.
For example, in my country ripple is working with two banks to help them get their transactions faster and cheaper.

Yes, I don't like ripple but that means banks that are working with ripple are looking into crypto and if they succeed and get better deals thanks to ripple they may also start to hire more blockchain developers themselves and move into in-house system which would be awesome.

Banks will not become blockchain based over night, that could never happen, these are trillion dollar goliaths that are super high end, it will take years before they could even slightly alter anything, even digital banking took over 10 years to reach where it is right now and we still have a long way to go, but as long as it is in the path right now that means we will get there eventually.

Banks know that if they want to exist in the financial system and don’t want to lose their customers, they have no other choice then adopting this technology. Blockchain could be used for the betterment of banks as well. This system will let them make big transactions in short times saving them heavy dues and time. Many people hope that banks will come up with their own decentralized currency as well.

Banks can invest in blockchain. But they need more time. The current order was established in almost 150 years. I don't think they will be very enthusiastic about a new economic model or a transfer model. Maybe they'il have to change.

actually not just small banks. any bank, we need to know that the Bank is under the authority of the government also so if you want to implement a system it needs approval from the governments of each country I guess. Indeed in some countries already have implemented a Blockchain system to support their financial industry, but it does require a lot of consideration by comparing the positive and negative benefits

Mobile banking will become much more important in the future. Bitcoin is reaching everyone's cell phone. But many people in the world still don't have bank accounts. There will be a new situation. I don't think bankers will miss this.

Even today mobile banking is already much important than it is a year ago. So many countries are already implementing that's called cashless society and financial technology already dominates every corner of society. But unfortunately, it's in favour of the bankers because these fintech are essentialy an extention of these banking industry and just a bank in disguise.

That's why they are small banks to deal with crypto. It should be borne in mind that large banks do not require blockchain.

Also not all the investor do agree from bitcoin. Also some crypto currency do connect with the banks to convert the digital money into fiat. Banks I think does not never disappeared, maybe it can reduce it's users but it will never be lost.

You are right, some banks already work with some crypto currencies, ripple is just one of them. Some banks will do it like that, they will just take existing coins and they will develop their business with them, but some banks will make their own coin or token, they will create their chain, explorer.
Generally it's what we discussed here on forum years ago, that one day entire banking system will use blockchain in one way or another. Blockchain is better, its faster and more secured, traditional systems don't have a chance against blockchain. We are in the middle of transition times, I believe that first banks that fully embrace blockchain will be the banks that will be on top.

If so this is very good news for us but matter of sorrow that this article did not opening here. Basically if any government try to use blockchain technology widely that must be in financial system i think. Because every county financial system is major portion and beside this other side can be use it. So think as other sides cover blockchain technology, banking system will also cover it soon.

Revolutionary change is not possible when things are still relatively stable, that is why we do not see people very enthusiastic about adopting bitcoin because they do not really see the need for it when according to them the fiat system is still working great, but at the same time we know that the current system is flawed and that it cannot last forever, and we also know that bitcoin is going to be around here for a long time since governments do not have the power to destroy it, and finally when the system begins to show that it is about the fall that is when everyone including banks will try to find a way to include bitcoin in the new economic system.

Revolutionary changes will take immediate effect with certain things, when it comes to financial development or financial accessibility people are much used to the fiat system as well as the banking system. With blockchain technology integrated into the banking this will be made more efficient than the present banking process followed. Already more banks have begun the process understanding the need of blockchain technology while few are under testing after development.

especially now that some banks have reportedly started using the blockchain, of course this can be a stimulus for other banks so as not to lag behind in terms of service to the public. of course people will also choose fast and safe services

What Blockchain offers us. A more transparent transfer system. And what's the most important thing? Approval in blockchain transactions is not a state guarantee. Blockchain transfers are guaranteed by mathematics. Yes, there are suspicious things that need to be resolved. But it's still a good alternative.

I cannot access the website you have posted here, but I would also like to recommend a case where blockchain has been successfully applied in a bank.
In Vietnam, a private bank TPbank has officially applied blockchain through Ripplenet system and everything works great. Now people can transfer money across countries easily with just a few minutes and low transaction fees.

Take a look at the link and I've followed the information on the Banks to discover how the technology applies and choose.
Banco Santander (Spain)
It has announced in April 2018 the launch of OnePay FX, a new blockchain service using Ripple’s xCurrent technology to carry out transfer services in Spain, the United Kingdom, Brazil, and Poland.
It is unavoidable. Banks will embrace blockchain technology because they will have to satisfy the needs of their users.

Blockchain in Banking Industry Use Cases
https://changelly.com/blog/blockchain-in-banking-industry-use-cases/ (https://changelly.com/blog/blockchain-in-banking-industry-use-cases/)

One Pay FX: blockchain for streamlining international transfers 
https://apps.apple.com/us/app/one-pay-fx/id1363143795 (https://apps.apple.com/us/app/one-pay-fx/id1363143795)

The link is broken, you can access it with this one. The article has good information that I did not know before. And since we support the blockchain industry we like to be well informed.

https://changelly.com/blog/blockchain-in-banking-industry-use-cases/ (https://changelly.com/blog/blockchain-in-banking-industry-use-cases/)

I think Ripple will lead the blockchain technology in banking. Thanks for sharing your experience.

I know is not actually correct news when band want to adopt bitcoin and blaockchain in their system working, more than last three years when bitcoin on the top price many good news with some project want to be partner for bitcoin and altcoin, but at the least when bitcoin going down not have new platform to be partner for bitcoin.

naturally if Ripple became a future banking candidate. because the mass adoption rate is very high, making Ripple the most active project in advancing the banking industry in blockchain technology, but it is still very early if banks depend on the Ripple project, competition is of course very tight, don't trust 100%

It is not a shock to world that banks would eventually move to blockchain, it is basically the best ledger system in the world and it is decentralized as well so you can actually never crack it but also you can never destroy it or never lose it neither. So, all these banks could have their own version of ledgers and literally in a world where technology no longer exists, if they can find just a single computer in all world, they could put the blockchain into USB and then print it whenever they want.

So, this is basically the 100x better version of what they were using which was usually built in house server systems that shows the same thing but much less reliable. This is basically no shock to anyone that banks are starting to use blockchain because why not? It is better after all.

hope after this pandemic end , the future bank still begin , also this pandemic tell us that "online"-ing something was really important nowdays i guess

I had high hopes for NEXO as an alternative (blockchain) banking system, but heard they got some problems with the law in the US soil which affected some of their investors.
I believe we can make the banking industry in blockchain as our future, if we will use some crypto for daily transaction (buying basic items, paying for services). Until that, we have to deal with exchanges, banks and the traditional payment systems.

Why do you think banking system is directly affected by the drop of oil price? Do you really think that they will bankrupt due to this?  I don't think so, or maybe i misunderstand your point.
Banks have their products that still can be marchandised even in crisis periods. Not all products are available, i know, but the chance for banks to survive is much more significant than many other industries.
Banks also has their online products that would have a huge growth during the pandemic. Take the example of digital paiement methods like apps and virtual cards.

Through BlockChain technology usage lot many changes have been experienced on most of the functional sector. In specific banking industry has now began to use BlockChain technology much more than other sectors. As of now most were in the testing phase and small level financial service renders have used BlockChain technology completely. Possibly within 2022 we can expect a big change through the technology advancement.