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Author Topic: Can blockchain change financial industry?  (Read 1215 times)
Tonygold1967
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April 16, 2018, 12:21:25 PM
 #1

Blockchain is new technology which change a lot of things in the world. In nearest future a lot of things will be based on it.

Here is an article: https://icoguide.com/en/blog/blockchain-in-the-real-world-industries-it-can-revolutionize-and-change-everything

Author claims, that blockchain will be able to change financial industry. What do you think? Do you agree?
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April 16, 2018, 12:35:59 PM
 #2

It can definitely make it scam proof. As you must be aware, a huge fraud took place at Punjab national bank in India where 11,000 Crore INR were scammed from a nationalized bank. Had that bank used blockchain technology in that system, that scam could have been avoided.
It is only after such scams get unearthed that people realize the importance of blockchain technology. I have a strong feeling that sooner or later more countries are going to adopt this technology and we will see a revolution in the financial industry.

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April 16, 2018, 12:41:24 PM
 #3

Over time I think blockchain has changed the financial industry today in the world.
so it is not impossible that blockchain technology will be developed again for a variety of purposes that are beneficial to mankind.

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April 16, 2018, 12:43:51 PM
 #4

Short answer: YES!
It has many applicabilities, and there is no question about it. If our societies want to further develop, we need to use and implement blockchain.
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April 16, 2018, 12:50:14 PM
 #5

It can definitely make it scam proof. As you must be aware, a huge fraud took place at Punjab national bank in India where 11,000 Crore INR were scammed from a nationalized bank. Had that bank used blockchain technology in that system, that scam could have been avoided.
It is only after such scams get unearthed that people realize the importance of blockchain technology. I have a strong feeling that sooner or later more countries are going to adopt this technology and we will see a revolution in the financial industry.
Because blockchain technology promotes transparency and reliability, I think is useful enough to fight scam specially if the scammer is the central authority. The important thing that blockchain acquire is to stop financial institutions like bank to fight fraudulent scam.

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April 16, 2018, 12:55:01 PM
 #6

If the blockchain technology does not solely used in crypto money, but used in another industries, it will absolutely chance the system in many ways.
But if the technology will be limited with the money, there will not be a crucial change in the financial industry.


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April 16, 2018, 12:57:42 PM
 #7

Yes it is strong and fast new technology and it will be implemented in many field in the world and hope soon it will be the major financial industry in the world.

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April 16, 2018, 01:06:13 PM
 #8

Blockchain is new technology which change a lot of things in the world. In nearest future a lot of things will be based on it.

Here is an article: https://icoguide.com/en/blog/blockchain-in-the-real-world-industries-it-can-revolutionize-and-change-everything

Author claims, that blockchain will be able to change financial industry. What do you think? Do you agree?
Very likely
Because Now many projects use the blockchain system as its foundation.

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April 16, 2018, 01:07:04 PM
 #9

Yes it is strong and fast new technology and it will be implemented in many field in the world and hope soon it will be the major financial industry in the world.
This can be regarded as the most promising technology in recent years. It will not be long before the world will use it extensively.

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April 16, 2018, 01:16:20 PM
 #10

why not? I believe it will happen soon and blockchain will be used in various sectors (not just financial).

but the blockchain has the biggest enemy, the government and the people who love corruption. they will not like blockchain and the various ways they will do to thwart the massive adoption of blockchain.

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April 16, 2018, 01:23:49 PM
 #11

There is a lot of money transfer and transaction in the financial market every day, and the blockchain technology will significantly reduce the transaction settlement time!

Using block chain technology can significantly reduce cost, payment speed and fraud risk, which can ensure the transaction is verified and completed in an instant!

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April 16, 2018, 01:29:24 PM
 #12

in a few years i think blockchain can't change the financial industry because any of countries still restrict and prohibit payments using blickchain.any of them considerthat blockchain is a threat and can disrupt nstional stability
thanks. Smiley

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April 16, 2018, 01:38:18 PM
 #13

Blockchain is new technology which change a lot of things in the world. In nearest future a lot of things will be based on it.

Here is an article: https://icoguide.com/en/blog/blockchain-in-the-real-world-industries-it-can-revolutionize-and-change-everything

Author claims, that blockchain will be able to change financial industry. What do you think? Do you agree?

Yes, i agree. I think the blockchain technology has the potential to change the financial industry.
This is a good chance for the society to permanently change the financial industry to the positive one. I do not know if this will happen, but I hope so.

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April 16, 2018, 03:36:05 PM
 #14

According to some articles, one of the banks that have implemented Blockchain on its system is Royal Bank of Canada (RBC). They developed a distributed ledger technology (DLT) system based on Blockchain technology called Hyperledger. The application has already been made in the financial transactions of their branches in the United States and Canada. This means that this technology when used by other conventional banks, may be going to use a different name with the concept remains the same because it is developed based on open source.

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April 16, 2018, 03:38:08 PM
 #15

yes I'm sure it will.. we still don't know what improvement will happen to blockchain because it is still in infancy stage and if blockchain would mature I'm sure that technology will really benefit..

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April 16, 2018, 03:40:42 PM
 #16

Once the Internet was a new technology and many thought that he had no place in this world, now he is used by almost the entire population of the globe, innovations are inevitable! Blockchain will replace the entire financial system, but this will take time

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April 16, 2018, 03:42:43 PM
 #17

Blockchain is new technology which change a lot of things in the world. In nearest future a lot of things will be based on it.

Here is an article: https://icoguide.com/en/blog/blockchain-in-the-real-world-industries-it-can-revolutionize-and-change-everything

Author claims, that blockchain will be able to change financial industry. What do you think? Do you agree?

Banks are already experimenting with blockchain technology. My understanding is that they see potential for its benefits but want to create their own centralized blockchains rather than use Bitcoin or any other decentralized open ledger. This shows that this technology is relevant and is probably here to stay and even if banks don’t use Bitcoin, I think there is room for many variations out there.














 

 

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April 16, 2018, 03:44:33 PM
 #18

yes sir, it will definitely change a lot of things.
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April 16, 2018, 03:49:03 PM
 #19

Author claims, that blockchain will be able to change financial industry. What do you think? Do you agree?

Blockchain technology has already revolutionised the financial industry as we are already witnessing many banks putting all of their resources on the blockchain. Traditional ledger maintenance is a thing of the past as everything is instant and real-time here. Moving on, more financial institutions are implementing this in a move to automate most of its associated processes.


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April 16, 2018, 03:50:15 PM
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A recent report from Deloitte, Financial Services Center predicts that the blockchain payment system will experience a significant increase in transaction volume by 2020. If this system is adopted by the banking authorities, then the possibility of bitcoin will be stronger.

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