Rindlisbacher from UBS: Problems for Banks because of Blockachain

[vlom]

Rindlisbacher from UBS is speaking @spfzh16 (swiss payment forum) and he is talking about Banks and Blockchain.

A variety of challenges may result from the move to blockchain…

- Re-financing has to be rethought.
- lower entry barriers for new players
- Brick and mortar operations get a burden
- Current business models get challenged

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[JeffBrad12]

Rindlisbacher from UBS is speaking @spfzh16 (swiss payment forum) and he is talking about Banks and Blockchain.

A variety of challenges may result from the move to blockchain…

- Re-financing has to be rethought.
- lower entry barriers for new players
- Brick and mortar operations get a burden
- Current business models get challenged

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The bank will have another homework for this. It's mean for moving into the blockchain the bank needs for using a new configuration for their system and the structure will dominantly different with the old one. And in my mind, the bank are not ready for this.

[unamis76]

Another challenge emerges from the creation of blockchain technologies and coins, more specifically Bitcoin: keep the clients interested in having their money on banks. This will be getting difficult with the evolution of cryptocurrencies...

[yayayo]

It's extremely funny to watch the banks generating their own problems just because they want to be hip but don't understand technology.

They disregard Bitcoin because it's a threat for their business model and want to make their own centralized blockchains, failing to understand that "Blockchain Technology" makes zero sense for their use case. Now - surprise, surprise - they discover that using a blockchain make their business more complicated and less efficient...

Centralized, private blockchains make no sense at all. The only reason for Bitcoin using a blockchain is enabling its core feature: decentralization. If banks want to remove decentralization, they can use a centralized database which is far more efficient than a blockchain for the tasks at hand.

But just let them waste some money for their dying business model...

ya.ya.yo!

[clickerz]

Another challenge emerges from the creation of blockchain technologies and coins, more specifically Bitcoin: keep the clients interested in having their money on banks. This will be getting difficult with the evolution of cryptocurrencies...

I think yes, because people nowadays are having many options in cryptocurrency. So now, banks are reconfiguring  their systems to include or used blockchain and be pace this fast changing technology.Blockchain technology really a changer I think.

[~Bitcoin~]

All of the listed problems seems to be only burden for banks and public will not get affected as long as blockchain network is secure. The only thing people like to see their banks adopting is use of blockchain based ledger system with full transparency as well as security just like bitcoin.

[franky1]

im sure greg maxwell, pieter wuille and others who are paid by the hyperledger banking groups of the world will happily solve their problems.

yes banks cant just print money out of thin air by the old means of creating loans but its obvious that they will find other ways.
also can still do derivatives and other nonsense smart contract stuff to profit from funds locked into 'accounts'. much like they have in the past.

yes it requires rewiring the "how to be a wall street trader" but then thats usually an opportunity in itself for the banks to charge other institutions large amounts of funds purely for training/oversight/consultation.

i just see the OP's topic being more about selling the new 'consultation'/qualification business industry that banks have sold each other for decades