Blockchain can help banks

[ondabeat]

I agree with your opinion, rather than negative thinking about bitcoin and blockchain technology should use a blockchain bank for the financial or economic world. In the current era of digitalization I think they are implementing a blockchain system in a sisitem bank.

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[EGOR EXACT]

Cool! A very cool example of how a blockage enters our world and will soon become along with other currencies

[CryptopreneurBrainboss]

Another indication that banks can use blockchain as an ally, instead of seeing as a competition.


https://www.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUSKCN1IF01X

blockchain will revolutionize the banking and finance industry, it's just a matter of time. Very soon these big banks will realize the importance of decentralisation and security been made almost perfect with the Blockchain technology and jump right on the train 

[cryptosonu]

blockchain will revolutionize the banking and finance industry if they decided to use it thus it's far less expensive and super fast for transactions. It could  save banks millions of dollars by removing the authenticating layer

Some banks want to adopt blockchain technologies,but all the banks want to see cryptocurrencies destroyed.
I`m not sure how the blockchain can be more efficient than the ordinary transaction technologies.It still has a lot to improve.

yes. i agree with you. Central banks across the world are exploring the potential for shifting parts of their payments systems on to blockchain technology or even using it to launch digital currencies and Trade finance is still mostly based on paper, such as bills of lading or letters of credit, being sent by fax or post around the world so many bankers to be crying out for modernisation. so believe that blockchain is the obvious solution especially as numerous parties need access to the same information.

[Abraham777]

Vitalii described three key issues for banks in building their KYC programs:

Duplication of efforts. Today, people need to go through the KYC process for each one of their banks, as well as with any particular bank’s subsidiaries in most cases. Conversely, banks need to identify and verify each one of their customers, even if they’ve already been identified and verified by another financial institution. This is clearly a time-consuming, wasteful process.
Limited digitization. Many banks, “even in very tech-savvy jurisdictions,” Vitalii said, “still use physical forms with the implied administrative and customer burdens.” This is another legacy of a pen-and-paper era.
Spotty audit trail. “Compliance departments and regulators struggle to identify an impartial and immutable audit trail,” Vitalii said, further adding to delays and expense in a business, where today’s customers expect lightning-fast service.

[Raidal]

I think that's true because if the bank uses blockchain then all transactions will run easy, cheap, and fast. Even, we can do bank transactions for cross-country just a few seconds. Especially,  if the blockchain is applied to a credit card or debit card then I can take my money in a bank in another country while on vacation. I do not have to adjust the currency of the country that I visit. It will make me very facilitated.

[7788bitcoin]

Another indication that banks can use blockchain as an ally, instead of seeing as a competition.

No one in their right sense will have any argument against blockchain and i am sure blockchain will be implemented to most of the businesses around the world in the next ten years, the are afraid of bitcoin as a decentralized currency and not blockchain.

[Nodehype]

yes, but it will generate incovenience

[Virtual miner]

I think here are three ways using which blockchain will help banks in their daily routine:
1. Settlement and clearing: We all know that big investments banks spend billions of dollars on these jobs. But it is estimated that these banks can save a huge amount of money spend on clearing and settlement with the help of blockchain technology.
2. Payments: Many banks across the world are trying to shift their payments system on the blockchain technology. This would offer higher security and simultaneously reduce the costs involved in processing the payments between their clients and organizations.  Blockchain technology will also eliminate the intermediaries involved in the payments processing job.
3. Know your customer: Financial institutions spend a great deal of money to meet the KYC norms. These norms aim to reduce terrorism and money laundering activities by requiring the banks to verify the identity of their clients. In this case, the blockchain technology would allow the organizations to access the individual verification of each other’s clients. This will reduce the administrative costs.

[dupee419]

Definitely it will help the banks make seamless payments, I'm definitely rooting for this, banks and blockchain is a great idea, with the technology of blockchain I think that payments will be the greatest asset here, since blockchain technology is used, higher security and fast payments would be made, hassle-free and provides high security also.

[0t3p0t]

blockchain will revolutionize the banking and finance industry if they decided to use it thus it's far less expensive and super fast for transactions. It could  save banks millions of dollars by removing the authenticating layer

The reality about this issue is that banks need blockchain technology but blockchain technology don't need banks. Blockchain technology is on trendwhich fiat money have missed due to it's stability. It might be that banks want a much safer and faster transactions arround the world. A lot of people prefer to use blockchain technology rather than that of fiat money but will help banks with some upgrades and security.

[Xester]

Another indication that banks can use blockchain as an ally, instead of seeing as a competition.


https://www.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUSKCN1IF01X

Well banks does not see blockchain technology as a competition but they see it with bitcoin. Blockchain technology will greatly improved the banking services if they will integrate it in their system. They can easily monitor the daily transactions of clients through the blockchain and the clients can also monitor it. But bitcoin on the other hand is a threat to the banks thus the banks are also evolving so they cannot be left behind.

[bitcoinposts]

Blockchain will be very useful for banks in ledger keeping and transparency so bitcoin is finite example how data can moved recorded in open source platform

[kiemponxs]

Of course, Blockchain will greatly help banking and many positive things if banks use the Blockchain system, because with the Blockchain system every transaction will be easier and faster, and important customer data will be stored much more safely.

[gilangIDR]

Another indication that banks can use blockchain as an ally, instead of seeing as a competition.


https://www.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUSKCN1IF01X

Yes that blockhain is a sophisticated technology and gives us a sense of comfort and security. If it can be implemented properly then blockhain will revolutionize the existing financial system in the bank. This will make the existing system getting better and the bank system will become stronger, safer and have very high mobility.