Bitcoin Forum
December 11, 2017, 08:49:07 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: What are the reasons that will make the banks fail in Blockchain Technology?  (Read 359 times)
Ai7xpressTV
Sr. Member
****
Offline Offline

Activity: 323

AMecoPvzTdJxipqKhYQw5HrLwGFFQyV6pr


View Profile
September 03, 2016, 06:25:36 PM
 #1



Despite years of development, and the failure of finance industry to highlight the application of labor blockchain for technology.
Experts believe that the banks have overlooked the most important concept of technology: decentralization.
The formation of a consortium R3 model and increasing the interests of big banks billions of dollars has led to become a global phenomenon Blockchain.
It scrambled large financial institutions and government agencies to implement this technology in various areas of its operations, specifically to improve the settlement of financial transactions.

Application Block Shin on infrastructure:

Banks, for example, focused on the application of this technology on the infrastructure of existing IT and financial systems to handle cross-border payments, and settlement of assets to reduce the cost and time dealing by both the bank and customers.
Venture capital firms turned in this direction, and the transition from traditional to FINTECH blockchain emerging, with the support of the banks and institutions supported by the government.
However, with hundreds of millions of dollars spent on the development of existing financial systems blockchain, the financial sector has yet to product demonstration work progress.

Why decentralization?

The main reason behind the failure of banks to deal with the technology Blockchain is the ambition to create a Blockchain own networks that can operate in parallel with existing applications. It means, rather than take advantage of the open distributed network technology can provide the Blockchain, banks tried to re-invent the technology for their own benefits.
Decentralization, and the concept that banks failed to address it, is the backbone of the IT block Shinn, a network element that makes the block Shin value and strength.
Until now, the largest Bitcoin was really successful example of technology block, Shane, because of the decentralized nature of the network and transparency Alpetkoan.

Financial systems:

The problem with the approach of banks primarily in conjunction with the financial regulations and compliance with it is required to deal with.
Since banks demanded by local and international authorities to follow strict Know Your Customer (KYC) and Anti-Money Laundering Regulations (AML), must blockchain network operating private to provide personal data, especially from their customers to law enforcement.
Thus, banks are not able to give up the idea of ​​developing a private blockchain networks and applied to existing systems, the finance industry difficult to see the implementation of this technology.

Platforms that rely on data:

This inability of banks has also led to a major change in the direction of technology blockchain in the market, starting with the migration of financial applications for blockchain to platforms based on the data.
These programs have proven effective in the insurance and real estate, commercial finance industries, with leading emerging European companies




Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1512982147
Hero Member
*
Offline Offline

Posts: 1512982147

View Profile Personal Message (Offline)

Ignore
1512982147
Reply with quote  #2

1512982147
Report to moderator
1512982147
Hero Member
*
Offline Offline

Posts: 1512982147

View Profile Personal Message (Offline)

Ignore
1512982147
Reply with quote  #2

1512982147
Report to moderator
1512982147
Hero Member
*
Offline Offline

Posts: 1512982147

View Profile Personal Message (Offline)

Ignore
1512982147
Reply with quote  #2

1512982147
Report to moderator
dc1a0
Member
**
Offline Offline

Activity: 84


View Profile
September 03, 2016, 06:52:57 PM
 #2

The reason banks don't like decentralization is because centralization = power of the few, (at the expense of the many.) Decentralization is a threat to that power. It's kind of difficult to have power over something you don't have direct control over. That's why so many wars are being faut in countries that don't yet have central banks and why Brexit was so reviled in the media.

More people need to wake up and realize that centralization is bad because the few in power in centralized systems don't care at all about the many other than keeping their resources producing. Not much different than a corporate farm sees its livestock.
Ai7xpressTV
Sr. Member
****
Offline Offline

Activity: 323

AMecoPvzTdJxipqKhYQw5HrLwGFFQyV6pr


View Profile
September 03, 2016, 09:53:22 PM
 #3

The reason banks don't like decentralization is because centralization = power of the few, (at the expense of the many.) Decentralization is a threat to that power. It's kind of difficult to have power over something you don't have direct control over. That's why so many wars are being faut in countries that don't yet have central banks and why Brexit was so reviled in the media.

More people need to wake up and realize that centralization is bad because the few in power in centralized systems don't care at all about the many other than keeping their resources producing. Not much different than a corporate farm sees its livestock.
i agree with you
Ai7xpressTV
Sr. Member
****
Offline Offline

Activity: 323

AMecoPvzTdJxipqKhYQw5HrLwGFFQyV6pr


View Profile
September 16, 2016, 05:07:46 PM
 #4

in the future, blockchain will help speed up banking verification processes and make it faster to obtain loans.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!