Blockchain adoption by banking sector

[bitart]

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.

Becasue they're connected to each other, and they're using an old and slow system at the moment to exchange data between their systems. World is changing, now, when you can send an email in some minutes to the farest country, why your money would still remain slow? Today, if you want to transfer money from a bank to another bank in a different county, you have to wait 2-3 days. If banks have a blockchain based clearing system, they will clear transactions in an hour, and not in 2-3 days time. This is the goal, this is why they're trying to find a solution, but as long as they are only developing the technology, it's quite a slow process.

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[Natalim]

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.

Becasue they're connected to each other, and they're using an old and slow system at the moment to exchange data between their systems. World is changing, now, when you can send an email in some minutes to the farest country, why your money would still remain slow? Today, if you want to transfer money from a bank to another bank in a different county, you have to wait 2-3 days. If banks have a blockchain based clearing system, they will clear transactions in an hour, and not in 2-3 days time. This is the goal, this is why they're trying to find a solution, but as long as they are only developing the technology, it's quite a slow process.

People want a faster and cheaper transaction and bitcoin has delivered that to us, the bank sees that as an opportunity to grow their market and to attract more clients. Not necessarily that they will adopt but they are developing their own system, we don't know yet what would it look like as they had not release it if there's any. My interest only falls with bitcoin and I wan the current system will work until the future, and if possible no government intervention.

[Idrisu]

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.

The bank are only interested in using the technology and create their own private larger, I agree with your comments on  the reason why bank are developing they own blockchain. They might not using bitcoin but this will promote bitcoin as bitcoin created the foundation for blockchainer.

[target]

Just probably for fancy, its not like they can make it decentralized unless they are creating their own token under an algo which any one can mine or perhaps under a platform like ETH. If the blockchain technology are just there for tracking the fiat of individuals, its still not going to be something as useful as it should be, the government still hold its value and not the market itself.

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.

Yes, its probably just for records so they can track the riches of someone.

[asriloni]

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.

The bank are only interested in using the technology and create their own private larger, I agree with your comments on  the reason why bank are developing they own blockchain. They might not using bitcoin but this will promote bitcoin as bitcoin created the foundation for blockchainer.

What's private larger?LOL. Blockchain is the another chance for the bank to take more advantages for his system. They will be running on the fully automatic system with the blockchain adoption. Blockchain is not about bitcoin and it's not promoting bitcoin.

[Carlsen]

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.

The bank are only interested in using the technology and create their own private larger, I agree with your comments on  the reason why bank are developing they own blockchain. They might not using bitcoin but this will promote bitcoin as bitcoin created the foundation for blockchainer.

What's private larger?LOL. Blockchain is the another chance for the bank to take more advantages for his system. They will be running on the fully automatic system with the blockchain adoption. Blockchain is not about bitcoin and it's not promoting bitcoin.

I think that the word blockchain often comes along with the word bitcoin. People who are not very familiar with that often think it's the same.
When banks start to work with blockchain technology, I'm sure a lot of people think that this includes bitcoin somehow.
To me that is some free promotion bitcoin gets.

[Denker]

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.

Blockchain might have some benefits for banks.For instance reducing internal costs due to process and workflow improvements.For those institutions it's all about efficiency.
Furthermore when banks are making businesses, trades with other banks, they often depend on an intermediary.
With Blockchain they may get rid off that 3rd party.

[electronicash]

they are going to put themselves under a series of troubles if they operate under a blockchain network. its going to be a big decision for them and  i doubt they'd really implement such unless of course their own chain can be altered all the time. for that they can hide all the transactions that could get mess them up.

[severaldetails]

For banks efficiency is now more important than ever.
I am sure they have some capable people in their software departement.
If they can manage to adapt the blockchain technology in their system, they will be able to save some money (and fire some people who are now not needed anymore).
From the point of view a bank has, that makes perfect sense.

[ethereumhunter]

i think the banks is already learning and trying to implemented blockchain technology but they are not make any statement about this and i think they want to test it to make sure that the blockchain is really help them with their technology. unfortunately, we don't know what the banks do with the blockchain technology but i am sure that in the future, if the banks is ready, they will make press release and tell the people that blockchain technology can give benefits for them.