Blockchain adoption by banking sector

[metalbean]

For the well informed, can someone englighten on what the banks are doing with block chains?

Is it simply using blockchain to confirm transaction? All looks so fancy.

Take for example the latest report about using blockchain for small business facilitated by banks *

What do they really do?



*http://www.coindesk.com/new-small-business-blockchain-actually-big-deal/

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[pooya87]

it is blockchain (the technology) not bitcoin. which means the banks and so many other financial groups are very interested in this technology and want to "create their own altcoin". they will make a ledger and possibly not even make it public and use the technology to increase their security, and speed for internal transactions.

[darkangel11]

They need blockchain to quickly confirm transactions on a global scale. Currently, when you transfer money abroad from one bank to another, you need the transaction to be manually confirmed by an operator in your local bank and then by another operator in the target bank. Also the transactions are prone to human error and not encrypted, which means both operators see your personal details.
The more money you're sending, the more people will need to check and confirm the transfer, to lock out the possibility of a cashier modifying the transaction and sending a couple millions to his personal account.

[HabBear]

All Corporate business will some day be using blockchain technology.

The blockchain allows for easy, verifiable, transparent, and easily auditable transactions. It eliminates the opportunity to "cook the books". It makes transaction-heavy business easy to keep records of and audit.

It's something we should all celebrate. Adoption of the blockchain is good for bitcoin, it legitimizes bitcoin.

[rexxarofmoknathal]

Yeah, as someone that's been working some summer jobs at a bank in its technology group, I can tell you, blockchain is one of those big buzzwords that's constantly flying around. As everyone was mentioning, many banks have begun investigating blockchain technology for fast, secure transactions, though I don't think any big bank is near adoption.

It's actually quite interesting to see the sorts of technology that banks are investing in looking into. The one I worked at, for example, was researching possible ways VR could enhance client experience in the future.

[GreenBits]

Bank is have their own Digital money but unlike Bitcoin is have a blockchain technology that can record every transaction that user made.So every bank that know Bitcoin they want to make like a blockchain technology.

[Xester]

The banks are trying to create a currency using the blockchain technology while the other banks would just integrate the blockchain system in their transactions. China for example have adopted blockchain technology and hence they will release their prototype fiat digital currency this September to replace the Chinese Yuan. The reason for their move into a cashless society is to solve the issue on tax evasion, money laundering and forgery.

[Natalim]

it is blockchain (the technology) not bitcoin. which means the banks and so many other financial groups are very interested in this technology and want to "create their own altcoin". they will make a ledger and possibly not even make it public and use the technology to increase their security, and speed for internal transactions.

That's right, they like the blockchain system and they want to copy ours, that would help for the banking industry for a faster and more transparent transaction but my concern is the centralization. I am pretty sure that is the big different between bitcoin and possible blockchain technology of the bank, with that plan, it is not considered as a treat for the bitcoin community but it would help us to be recognize since we are the original of that system.

[Catmony]

Banks and other different sectors will adopt blockchain technology to store their data in distributed ledger, other than that bank may actually upgrade their traditional internet banking to blockchain based transactions. Banks are still researching on the use cases of blockchain tech, so it will be hard to tell what exactly banks are looking to do with this tech.

[deisik]

"Banks are still researching on the use cases of blockchain tech"

And how long is it going to take till we see some, well, any bank implementing the blockchain technology for real? Bitcoin has been around for over 7 years (so has the technology behind it), and I guess it is more than enough to put in practice what you guys are talking about here, i.e. adopting the blockchain by the banking sector in some way. Where are any implementations? Or do the banks need another 7 years till folks come to understand that this technology has nothing to offer to a deeply centralized system such as a banking one?

[danherbias07]

Seeing a lot of success with bitcoin then what you want to do. Specially those who are in financial industry. Create a new bitcoin which they own something like a mimic.
After that they have fater transactions and transparent ones which they cant do for a long time. They only offer your privacy but the files are still intact and can be seen. Here there wont be one.

[Loepuenkyou]

maybe the next time banking sector can use blockchain technology to use transaction
but banking sector, use internet banking is very faster in transaction above bitcoin transaction and safe

[loreykyutt05]

It is just like, getting your money on banks, loading money or just like block chain, banks can processed their own money, we could not see what are the possibilities will happen. It we can all be one of the best on it, if the blockchain adoption by banking sector, the banking sector can earn, while rest of us, will be having a transaction fee.

[ikydesu]

They just in research how blockchain works, then they will create digital currency. The system work I'm sure will jot same as bitcoin blockchain, it's more centralized.
Bank is connected to government, and government hate how bitcoin system works.

[ASHLIUSZ]

They just in research how blockchain works, then they will create digital currency. The system work I'm sure will jot same as bitcoin blockchain, it's more centralized.
Bank is connected to government, and government hate how bitcoin system works.

Several banking service providers were in research about the blockchain technology relative to their requirement. As said by above mate blockchain developed will not be similar to the bitcoin's technology. The reason is that in banking sectors they need a central governance to control the flow of cash within the system. Soon we can experience blockchain making big changes in digitization.

[amacar2]

Bank is have their own Digital money but unlike Bitcoin is have a blockchain technology that can record every transaction that user made.So every bank that know Bitcoin they want to make like a blockchain technology.

They may release digital money based on blockchain just like bitcoin but it will be in centralized ledger and there will be no any reward for miners. They are just interested in level of security blockchain/bitcoin have.

[deisik]

Bank is have their own Digital money but unlike Bitcoin is have a blockchain technology that can record every transaction that user made.So every bank that know Bitcoin they want to make like a blockchain technology.

They may release digital money based on blockchain just like bitcoin but it will be in centralized ledger and there will be no any reward for miners. They are just interested in level of security blockchain/bitcoin have

They already have all the cryptographic tools that Bitcoin has

In fact, they may even have such tools that are not yet publicly available, so this is not an issue or point of interest to them. Just like they already have a digital currency of their own which is called fiat. The centralized ledger you mention has nothing to do with the blockchain technology, either. It exists as well, and it is called a central bank

[lordquanta]

All Corporate business will some day be using blockchain technology.

The blockchain allows for easy, verifiable, transparent, and easily auditable transactions. It eliminates the opportunity to "cook the books". It makes transaction-heavy business easy to keep records of and audit.

It's something we should all celebrate. Adoption of the blockchain is good for bitcoin, it legitimizes bitcoin.

Many banks work/grow on 'cooking the books'. This happens only when great amount of money is in play. Look at many incidents where banks were caught laundering dirty money.  If you google 'multinational banks caught in  money laundering' many search results will show.  Thus big banks surely want something which they could tweak at will.  Afterall Banks don't want transparency  but secrecy.

[Victorycoin]

All Corporate business will some day be using blockchain technology.

The blockchain allows for easy, verifiable, transparent, and easily auditable transactions. It eliminates the opportunity to "cook the books". It makes transaction-heavy business easy to keep records of and audit.

It's something we should all celebrate. Adoption of the blockchain is good for bitcoin, it legitimizes bitcoin.

Indeed the blockchain technology is the answer to "trust and security" that have been very evasive but so much needed in ever facet of human endeavor. Bitcoin and its technology - blockchain is a masterpiece and worthy of celebration, but the banks and governments are opportunists and only after what they perceive as the juicy part.

They like the transparency, trust and cost effectiveness that blockchain technology brings, but they dislike Bitcoin and instead wants to tweak the same technology to develop an altcoin, that would provide for them the control that Bitcoin denied them of. At any rate and whatever they do, Bitcoin is here to stay and a copy could hardly be better than the original.

[deisik]

They like the transparency, trust and cost effectiveness that blockchain technology brings, but they dislike Bitcoin and instead wants to tweak the same technology to develop an altcoin, that would provide for them the control that Bitcoin denied them of. At any rate and whatever they do, Bitcoin is here to stay and a copy could hardly be better than the original

And how are they going to make use of that?

I mean employ the "trust and cost effectiveness that blockchain technology brings" to their advantage in practice? As I see it, for that they would need to create another decentralized network which would basically cost them nothing, like the Bitcoin network costs nothing since no single individual or entity grabs all the profits. Of course, the Bitcoin network does cost a lot, but these costs are compensated by profits that are shared in the same network, so it is basically a win-win situation and no costs entailed. I don't think that banks would be able to leave the costs to the network while themselves would only reap profits. In other words, who will be running network for them for free?