Will blockchain kill traditional banking?

[xiaoxz]

A bunch of blockchain tech founders debate the question here: https://bitnewstoday.com/opinion/will-blockchain-kill-banks-or-financial-sector-can-use-this-technology-to-improve-its-efficiency/

James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.

No, I dont think  blockchain kill traditional banking.
I think that traditional banks will use the blockchain and apply it at a certain level, but it will not let him widely push it away.
And government agencies are not willing to see this.

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[EdfuJihad]

I think traditional banking will not get killed by the presence of blockchain, some of them still need traditional banking and the state also needs it to reach the whole

I have the same idea, and i add that. it will correlate with each other.
man needs the fiat money to. and some government ban cryptocurrency.
And blockchain is founded by banking chains/methods/steps. So not one
will kill another in banking and blockchain relationship hence they'll support
one another.

[BCSHonda]

I think blockchain technology helps reduce transaction costs and change the form of payment. Some tech-savvy people will probably use blockchain technology. In addition, many people who do not know about technology will still use traditional banking to trade. So, in my opinion Blockchain will be developed in parallel with the traditional bank, helping people flexibly, increase the efficiency in the transaction.

[smhome354]

I think traditional banking won't disappear even if blockchain is around. Banks have many ways to produce their income so even if the digital currencies  have gone pass ahead of them they still have other source of income.

[Barcode_]

I believe the invention of blockchain technology is not meant to kill traditional banking, instead I believe the technology is here to encourage banks to improve their system and services by implementing the blockchain technology to their organisation, that is the right way for banks to provide better services to their customers in the future.

[iluvbtc]

Definitely, just a matter of when. Personally I would say 3 years.

[Fantina]

banking will remain , but the blockchain will take away part of the market , and bankers in turn will do a lot of nasty things , because they take away the bread

[Tambu]

A bunch of blockchain tech founders debate the question here: https://bitnewstoday.com/opinion/will-blockchain-kill-banks-or-financial-sector-can-use-this-technology-to-improve-its-efficiency/

James Song, founder of exsulcoin , is featured too. He's showing up everywhere these days.

Blockchain would not kill traditional banking but it will enhance it.  IBM already proposed to use blockchain to enhance their system.
New technology should not be considered to kill or destroy the traditional but it will enhance rather.

[Barrett Thomas]

Blockchain has incredible abilities which are:
-enabling creation of tokens of value (eg. cash, currency) without central creator and regulator of supply
-enabling creation of binding contracts which could be automatic and enforceable by themselves
-frictionless, authentifyable, uncontrolable exchange of information, value and agreemnt between actors of the market.
-prevents counterfeit and hazard.
With all of this, it is clear there is no need for any kind of central entity to issue or confirm information or value. It’s up to anybody to create a new blockchain with a set of rules which will enable predictable and stable supply, exchange and usage of the currency or other asset.

[Bernard Jackson]

Banks have expensive and slow system for users. Cross-border transactions, from payments to letters of credit created 40 percent of global payments transactional revenues in 2016.
Blockchain technology will offer a payment system with higher security and lower costs as a way of sending peer-to-peer(P2P) payments and will require no intermediary. There is no need for third parties to verify transactions. The new technology will give people access to cheap, fast, and borderless payments. So think it will replace banking in the future.

[lopez cryptomania]

Banking and blockchain will exist together. The blockchain is revolutionary no doubt, but banking has been around for as long as we have. The only way for blockchain to survive is to exist in addition to the banking system, that, of course, can change to become less corrupt. Here is a promising project that understands the sweet spot between decentralization and centralization.

https://bitcointalk.org/index.php?topic=3085831.0

[Duncan Martinez]

I believe that blockchain will help banking operate more smoothly, not totally killing it, because a [Suspicious link removed]bined with smart devices could let real estate investors track the condition of their investments and know, for instance, that equipment is being repaired and replaced on a schedule.

[Emery Clark]

Yes, because blockchain technology can play the role of a central bank - provided other technical aspects are in place (namely that the other banks the given central bank services and interacts with are blockchain-capable in all applicable ways, and so on)

[xbiv2]

Will blockchain kill traditional banking?

Bitcoin will make banking better and cheeper

[zakero]

Eventually it will kill traditional banking. Probably in 5-10 years. Because blockchain technology provides efficiency in every aspect and banks would definitely want to adopt it to cut costs.

[digitran]

I don't think so, mostly Banks may adopt blcokchain technology.

[Genamant]

my opinion may not be destroyed, but added to complement the lack of traditional transaction systems. I think our world needs a better development. we can not survive without development

I agree. Traditional banking may never be destroyed, but somehow most of them will and has to innovate and may use blockchain to keep up with the changing world we live in. Coz i strongly believe that blockchain and crypto is the future.

[Cluster2k]

Yes it will kill it, but banks will find a way to become intermediaries between low end users and BTC ecosystem.

[Lilmon]

 blockchain will not kill traditional banking, it will however improve the transaction speed and efficiency, some people will still chose to use the traditional banking systems.

[Garrick Lee]

Banks have expensive and slow system for users. Cross-border transactions, from payments to letters of credit created 40 percent of global payments transactional revenues in 2016.
Blockchain technology will offer a payment system with higher security and lower costs as a way of sending peer-to-peer(P2P) payments and will require no intermediary. There is no need for third parties to verify transactions. The new technology will give people access to cheap, fast, and borderless payments. So think it will replace banking in the future.

No, I think that new technology will be just a supplement or reform the existing system. While the old system provided a larger profit margin many institutions will no doubt feel that they will gain more customers by adopting blockchain systems since the new technology is quicker and cheaper.