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Author Topic: Why would banks use a blockchain?  (Read 2541 times)
thirdprize
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January 17, 2017, 09:13:47 AM
 #21

Why do banks use blockchains? Because most people don't understand what it means, and it's great PR to show they are moving with the times. It also gives them a chance to dump the toxic debt that is associated with the current virtual fiat currencies.
It is entirely different from what you think it is,blockchain and virtual currencies are entirely different and banks are not using blockchain to build a currency of their own ,instead they will be having their transaction records in the blockchain and it will be a closed one without any doubt.
Why would you need a block chain in a closed system?  What advantage does it give you over your current system?  The fact it is de-centralised means nothing if you are using it in-house. 

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January 17, 2017, 09:17:10 AM
 #22

Banks simply don't understand blockchain technology.  Bitcoin really matters not blockchain  Smiley
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January 17, 2017, 10:41:51 AM
 #23

Blockchain technology ease the way of getting interlinked to each and every users around the world. Also it reduces the risk of errors or mistakes occurring within transactions. Because in the open source if errors were found the confirmations won't take place.



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January 17, 2017, 11:36:31 AM
 #24

As far as I know, bitcoin transactions and record keeping use an integrated form of cryptographic check summing which could be more difficult to hack than the system banks use.

Blockchain technology is also less expensive, more robust and reliable than the ACH system used by banks.

The systems bitcoin and banks use are difficult to compare.

Banks use firewalls and security features to keep transactions private.

Bitcoin transactions are public and don't need firewalls and other security apparatus which represents a completely different model.

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January 17, 2017, 11:47:18 AM
 #25

Remember that banks will use blockchain technology and not bitcoin. If they will use bitcoin then transactions will be possibly open and can be viewed to the public. But its blockchain technology and not bitcoin that they are after and it means simply that they will use private transactions rather than public ledgers. The launching of banks using blockchain technology is a threat to bitcoin but we hope it will have no big and lasting effect to bitcoin and other altcoins.

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January 17, 2017, 11:47:33 AM
 #26

banks might be will not interested for cryptocurrency but i heard that they currently more interested how works blockchain technology system because they says if blockchain technology applied for banks system then the transactions will be more faster than now and Bank of Canada has trying these technology

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January 17, 2017, 11:52:04 AM
 #27

It's because it's more transparent and i suggest you to research first before asking silly question like what is bitcointalk? IT'S JUST A FORUM USING SMF FORUM
Hope this helps

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January 17, 2017, 11:56:07 AM
 #28

The open blockchain give access to everyone excluding the right of centralization by a government influenced economic system (bank). The bank can't control such a database which is regularly growing with miners efforts.


     
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January 17, 2017, 12:02:26 PM
 #29

banks might be will not interested for cryptocurrency but i heard that they currently more interested how works blockchain technology system because they says if blockchain technology applied for banks system then the transactions will be more faster than now and Bank of Canada has trying these technology
I learn that the bank canada will adopt it. This certainly is good news. see how blockhain, I really appreciate that blockhain indeed a very nice system. blockchain have good security so they can make the level of confidence in the bank to be increased.
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January 17, 2017, 04:32:05 PM
 #30

Banks should use the Blockchain technology to ensure that there is no corruption and to avoid money from being taken  with no way of tracking it. It should be mandatory for Banks to use the Blockchain technology to keep track of their records and to make that information available publicly.
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January 17, 2017, 04:39:27 PM
 #31

Funny you ask. There are major benefits.

http://www.coindesk.com/accenture-blockchain-save-investment-banks-12-billion-year/
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January 17, 2017, 05:06:19 PM
 #32

Banks should use the Blockchain technology to ensure that there is no corruption and to avoid money from being taken  with no way of tracking it. It should be mandatory for Banks to use the Blockchain technology to keep track of their records and to make that information available publicly.

Well this innovation would really come up into banks in near future and im sure that they are already thinking now about this blockchain technology i could say there is really an advantage on using it and just like you said this would really help out to increase the security regarding on bank operations.

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January 17, 2017, 05:23:56 PM
 #33


I don't know how much I trust the word of the greedy Accenture Corp.

http://www.coindesk.com/accenture-uk-government-should-regulate-bitcoin-wallets/

https://news.bitcoin.com/accenture-discredits-immutability/

https://www.linkedin.com/pulse/accenture-hackable-blockchain-charles-moore

http://fortune.com/2016/09/20/accenture-blockchain/

http://fsblog.accenture.com/banking/where-are-bitcoin-transaction-volumes-heading/

https://bitcoinmagazine.com/articles/accenture-executives-propose-replacing-bitcoin-closed-blockchain-1438379312/

https://bitcoinmagazine.com/articles/researchers-propose-rscoin-a-permissioned-blockchain-currency-controlled-by-central-banks-1457982849/

http://www.newsbtc.com/2015/07/28/accenture-advocates-separating-blockchain-from-bitcoin-mechanism/

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January 17, 2017, 05:52:15 PM
 #34

All banks should be transparent database. Due to protect their users, will also quickly process if a system error or fraud in disguise. For that all required details should be complete. incomplete data will also be contrary to rules of banking in the country.

Banks should use the Blockchain technology to ensure that there is no corruption and to avoid money from being taken  with no way of tracking it. It should be mandatory for Banks to use the Blockchain technology to keep track of their records and to make that information available publicly.
To track the flow of funds, bank also has its own system. And this is not inferior to blockchain. I just imagine if bank uses blockchain system, there will be plenty of termination of employees (such as tellers, etc), because all of online system has been modified and understood by public.


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January 17, 2017, 06:29:56 PM
 #35

They know there are cost savings there: http://fortune.com/2016/09/28/blockchain-banks-2017/ of course they will.
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January 17, 2017, 06:38:53 PM
 #36

Blockchains don't really offer anything a bank would need.   

They have perfectly good ways of storing and processing transactions already.  With Btc addresses and transactions are publicly visible.  I don't want my bank account and details visible to the world.  Unless you had unique, one shot payment addresses, it would be simple to create a wiki mapping addresses onto organisations and eventually people.  Then there is processing.  Btc only works as it pays miners to verify transactions.  There is no way a bank would give over its processing to a third party that wasn't 100% legit.  Would it run all its miners/verification in house?  How do you explain the 51% threat to a bank?

The openness of block chains isn't really relevant to huge organisations. 
[/b]

I have to disagree. Banks are interested because of the openness of blockchains. Instead of having complex and long-winded digital records, they can have all this information easily accessible. I think it also greatly reduces the problems resulting from money transfers between different banks.

I give a +1 for the perfect response. Blockchain technology is much more innovative than any other Technology being adopted by banks currently. If Banks makes that switch to Blockchain and learn to utilize it properly, That's a right step in a good direction.


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January 17, 2017, 06:46:42 PM
 #37

They want a "blockchain" but they don't want bitcoin. That want all the security the bitcoin protocol provides (via mining, proof-of-work etc) but they want it in their walled garden.
Ask anybody what a blockchain and they will answer that is the "technology behind bitcoin"!
FALSE!
The Blockchain is the chain of blocks in which all the transactions are stored. full stop. Then they build a huge castle on top of this.
And, of course, the blockchain "does" and solves every problem.

Go buy a blockchain

Bitcoin means Financial Sovereignty. It means being free from the Rat Race that wants all of us struggling for a piece of bread. Get to know how to protect your financial rights by learning how to properly use Bitcoin and be free.
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January 17, 2017, 06:49:01 PM
 #38

They wouldn't use Bitcoin and blockchain technology as this wouldn't give them money, making biggest profit only for miners that earn with the transactions. Banks want profit and big profit for them without share with others.
As they have their own method to make transactions and to earn money, they won't use another's technology, they are fine with how the things work now.

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hajimasan
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February 06, 2017, 03:48:54 PM
 #39

the blockchain is not just a technology its a revolution because it will change the financial sector in recent years as many country including china and Indi ae researching on this technology and alrady china had started to develop something lke bitcoin useing technology like blockchain . so banks and other sectors would definotely adoptp such technology.


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Vikingr
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February 06, 2017, 03:55:43 PM
 #40

I think if the banks will be allowed by the governments then they will be allowed to use blochchain and then they will start to create their wallets and will accept bitcoin for their use etc. If they will collect enough data for themselves and will be satisfied with it then I do not think that they will need to show their transactions or the transactions of their clients to other people so they may tr to hide or if everything was the same as now then they will not be able to hide bitcoin transactions with them of their clients.

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