Blockchain adoption by banking sector

[CyberKuro]

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/

Of course they interested to blockchain technology but I don't think they will use the same blockchain as bitcoin but the idea similar to bitcoin blockchain which allowed for newer, potentially and better ways to complete and record instantly all transactions without any mistake from human error. The bank blockchain won't directly affected bitcoin as the technology not support or accept bitcoin but for manage fiat money.

[1715363284]

1715363284

[1715363284]

1715363284

[1715363284]

1715363284

[1715363284]

1715363284

[rajasumi3]

Block chain adoption is not only in bitcoins .but it has been widely used in banking sector and it industry like salesforce .they are also using the concept of bitcoins .

[Dudeperfect]

This is something more than the bitcoin, they are working on blockchain to improve the speed of their transactions and confirmation. It has nothing to do with bitcoin unless any bank directly accepting or giving any service regarding bitcoin. Have a look at this news,

ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD.

Banks are interested in this technology because this technology is faster than the traditional way of confirming transactions on global level.

Great job for the bank for copying the blockchain technology system, it will help them to minimize their expenses while maximize their income if you know what I mean.
With blockchain technology like, they do not need to invest in high cost system just to track their transactions as with blockchain everything is fast and easy. This news is good and for sure with this experiment when successful, it will trigger other banking sector to follow.

Exactly, It would open the whole new world of possibilities not only for the banking sector but also for the other sectors where there is a requirement of big data and accessibility of such data.  For example,

Blockchain-based Property Ownership Recording System.

Bitcoin is a very first step of blockchain technology and eventually, we will see how this technology will influence the other sectors too.

[upsidedown75]

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

Blockchain is type of managing and maintaining database. So, any industry which are based on database may try to use blockchain according to their specific needs. Blockchain will helps them to manage database in a distributed computing manner.

Blockchain is a revolution in data managing field. So, we can expect more enhancements in respective industries due to adopting blockchain technology.

[CraigWrightBTC]

Block chain adoption is not only in bitcoins .but it has been widely used in banking sector and it industry like salesforce .they are also using the concept of bitcoins .

Yes but the banks are just adoption concept of bitcoin and blockchain technology
they don't really adopt bitcoin as currency on their banks
 because bitcoin can not be controled by them.

[Doms]

Although we may perceive banks as being traditional financial institutions, some of them are now trying to keep up with the changing times. Nowadays, you would find banks that are offering high yield, high risk types of investments. If they are going to adopt blockchain altogether, it is not impossible for them to create a new investment instrument which is similar to bitcoin.

[Zadicar]

Although we may perceive banks as being traditional financial institutions, some of them are now trying to keep up with the changing times. Nowadays, you would find banks that are offering high yield, high risk types of investments. If they are going to adopt blockchain altogether, it is not impossible for them to create a new investment instrument which is similar to bitcoin.

If they would adopt blockchain then for sure they will create new ways or services or even creating a new e-currency as long they could able to saw that they would able to make money. Blockchain adoption is very possible because we are now on a high-technology era.

[Ipwich]

Although we may perceive banks as being traditional financial institutions, some of them are now trying to keep up with the changing times. Nowadays, you would find banks that are offering high yield, high risk types of investments. If they are going to adopt blockchain altogether, it is not impossible for them to create a new investment instrument which is similar to bitcoin.

If they would adopt blockchain then for sure they will create new ways or services or even creating a new e-currency as long they could able to saw that they would able to make money. Blockchain adoption is very possible because we are now on a high-technology era.

It's a different method they are gonna use and for sure that is still very similar to the present banking system when it comes to the fees and the transparency of transaction. Once they adopt and we transact with bank, we will no longer gonna have our anonymity as I am pretty sure we will be complying lots of banking rules and guidelines.

[marcoman22]

France biggest bank BNP Paribas,Barclays in UK, Santander in spain and citigroup have all started showing interest in blockchain technology.Blockchains has an unparalleled potential to revolutionize the banking system by improving efficiency and limiting costs.Large business to business transfers could be completed with significantly lower costs.Latest technologies  are always adopted by banking systems as how they introduced online payments and ecommerce in the mid 90s and now, the block chain technology.

[stadus]

France biggest bank BNP Paribas,Barclays in UK, Santander in spain and citigroup have all started showing interest in blockchain technology.Blockchains has an unparalleled potential to revolutionize the banking system by improving efficiency and limiting costs.Large business to business transfers could be completed with significantly lower costs.Latest technologies  are always adopted by banking systems as how they introduced online payments and ecommerce in the mid 90s and now, the block chain technology.

Good to know that banking industry are very interested with the blockchain technology, although they will not adopt with bitcoin, it is a good change of the system to benefit the masses. Cheap and fast transaction is what we need, and with bank we can feel secure with our money transfered.
This should happen soon so other banks will follow, lucky are those who stays in a develop countries as they are the ones who can try it first it ever it will be realize soon.

[zikel]

France biggest bank BNP Paribas,Barclays in UK, Santander in spain and citigroup have all started showing interest in blockchain technology.Blockchains has an unparalleled potential to revolutionize the banking system by improving efficiency and limiting costs.Large business to business transfers could be completed with significantly lower costs.Latest technologies  are always adopted by banking systems as how they introduced online payments and ecommerce in the mid 90s and now, the block chain technology.

The interest shown by many, but to introduce this technology has not yet wish. I think banks are not willing to ensure that all operations keep open. There, too, corruption is rampant

[Pab]

I dont believe that big westerness banks are intersted in blockchain,it will cut his transaction profit.Blockchain is to much transparent ,big banks prefer hide everything in his bank books
But blockchain banking will occur in China,Chinise are working on that kind of project and we can expect similar things in Swizerland.World is changing fast so maybe in close future blockchain banking will be available all over the world

[Grdas130979]

Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it

[lordquanta]

Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it

Currently banks are in testing phase and nobody knows whether blockchain technology implementation would work correctly for them or not. What would happen unknown blocks or what will be correct blocksize for them.
Thus it is too early celebrate. One thing I don't understand is why people connect bitcoin acceptance with banks are experimenting with blockchain.  Many people think that acceptance of blockchain is directly proportional to the bitcoin acceptance. Blockchain acceptance has nothing to do with bitcoin acceptance. Even if banks or any other sector implement blockchain then it is not going to affect the bitcoin world at all.

[Barbut]

Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it

I have similar thoughts about this matter, here in thread no one knows for facts how much is cost for fiat maintenance and in my seeing bitcoin is easier and cheaper to maintain then it is fiat.
You can't override bitcoin, and maybe banks will try that with some new alt coin in the end I don't agree with lordquanta words, if banks accept blockchain that will be huge boost for bitcoin community. People will start to read what is blockchain, what is alt coin, and they will see what bitcoin is.

[deisik]

Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it

I have similar thoughts about this matter, here in thread no one knows for facts how much is cost for fiat maintenance and in my seeing bitcoin is easier and cheaper to maintain then it is fiat.
You can't override bitcoin, and maybe banks will try that with some new alt coin in the end I don't agree with lordquanta words, if banks accept blockchain that will be huge boost for bitcoin community. People will start to read what is blockchain, what is alt coin, and they will see what bitcoin is

We don't know that for sure

Bitcoin may be cheaper to maintain than fiat by simple virtue that it is not yet as big as fiat (and which fiat exactly?). If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume

[el kaka22]

Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses.

Not just time and expenses, blockchain technology will cover many other aspects of banking sector preciously security features. The efficient data management in secure way is the top layer benefits of adopting blockchain technology to be benefited by banks.

If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume

Why you are forgetting to consider the infinitely divisible feature of electronic formats ?
If you consider bitcoin's satoshi as a basic unit there would be 17 M *10^8 bitcoin units in circulation against dollars. Again we can have centi-satoshi and milli-satoshi if needed. If volume is the big consideration, I believe bitcoin is already versatile to cover up this.

[Ipwich]

Banks will adopt blockchain technology for sure, it is crucial for them to save time and expenses. I dont now about cryptos, i cant think they like BTC but i cant think of a way to override it

I have similar thoughts about this matter, here in thread no one knows for facts how much is cost for fiat maintenance and in my seeing bitcoin is easier and cheaper to maintain then it is fiat.
You can't override bitcoin, and maybe banks will try that with some new alt coin in the end I don't agree with lordquanta words, if banks accept blockchain that will be huge boost for bitcoin community. People will start to read what is blockchain, what is alt coin, and they will see what bitcoin is

We don't know that for sure

Bitcoin may be cheaper to maintain than fiat by simple virtue that it is not yet as big as fiat (and which fiat exactly?). If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume

That's for sure, there's a reason why dollar is called the strongest currency in the world and as a characteristics of s strong currency, it is widely accepted all over the world which means it will be a hard journey for bitcoin to reach the level of success dollar had. The adoption that people are speculating will never happen with the bank, they have their own and most likely just improve theirs if they see something useful that will help to maintain their standing in the top.

[deisik]

If we take the US dollar as a reference with many trillion dollars in circulation, then even if we assume that all 17M bitcoins mined by now are in circulation (which is apparently a far cry from reality) that will make only a minuscule fraction. It might well be that Bitcoin would turn totally unsupportable and useless if it were to come close to the US dollar in terms of circulation volume

Why you are forgetting to consider the infinitely divisible feature of electronic formats ?
If you consider bitcoin's satoshi as a basic unit there would be 17 M *10^8 bitcoin units in circulation against dollars. Again we can have centi-satoshi and milli-satoshi if needed. If volume is the big consideration, I believe bitcoin is already versatile to cover up this

Obviously, you miss the whole point of my post

Infinite divisibility is irrelevant to it. In essence, I'm talking about the load on the network (read number of transactions processed per unit of time). If Bitcoin circulation comes close to that of the US dollar (in fact, if it just increases a few times beyond what it is now), the load on the network will increase multifold as well (unless we have something like LN implemented) and it will just get stuck being unable to process these trillions (or just billions) of transactions. I hope now you understand how inconsequential your remark is to my thought

[ImHash]

Why would any centralized company/organization wants to use blockchain? they are in control of everything and they have all the records.
It's not like banks trying to double spend their own money, since people can't access their system there is no need to implement such technology.