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Author Topic: Banks now looking closely at the blockchain technology  (Read 95 times)
Kjara (OP)
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May 08, 2018, 09:49:45 PM
 #1

Review by Cointelegraph:
Every major banking institution is now looking at blockchain technology, even if it is experimental, for fear of being left behind.

Banks and Blockchain: Wait-and-See Approach or FOMO?
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May 08, 2018, 10:13:45 PM
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It was pretty much evident that the entire banking industry is slowly changing their outlook towards blockchain technology. But it's the technology only and not the bitcoin. Banks are planning to embrace the blockchain technology but still thrashing bitcoin.

While bitcoin can posses a significant threat to their business, blockchain technology technology can ensure utmost integrity of the transaction which can help banks to reduce the number of banking frauds. Banks are now experimenting on how blockchain technology can be used in centralized environment. I believe JPM has already filed patent of their own blockchain platform.

There are few banks debating to release their own digital currency for their consumers. We all know blockchain technology is the future backbone of the future digital economy. It's a good sign that slowly banks are understanding the same.

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May 08, 2018, 10:22:15 PM
 #3

If a bank create a cryptocurrency, it will be completely different from bitcoin and other existing cryptocurrencies. They will create a cryptocurrency which they can control.
It might be better to not call that centralized currency cryptocurrency.
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May 08, 2018, 10:26:11 PM
 #4

old news 2014

research hyperledger

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Aleister Crowley
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May 08, 2018, 10:27:08 PM
Last edit: May 13, 2018, 07:40:33 PM by Aleister Crowley
 #5

Review by Cointelegraph:
Every major banking institution is now looking at blockchain technology, even if it is experimental, for fear of being left behind.

Banks and Blockchain: Wait-and-See Approach or FOMO?
of course blockchain technology is being studied, because there are so many advantages that can be gained by banks linked to this new technology, both through an unlimited network and the main one being the low cost that banks can use for remittances between countries without the need to pay attention to the exchange rate may increase
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May 08, 2018, 10:31:41 PM
 #6

Even if they are now looking into the blockchain technology and maybe will introduce something own in the foreseeable future, you can be rest assured that it still will be something to steal the value of our work. Because the financing of state budgets usually highly depend on printing as much money as they need and we people have to pay the price because our hard earned money loses its value every year.
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May 08, 2018, 10:33:10 PM
 #7

Review by Cointelegraph:
Every major banking institution is now looking at blockchain technology, even if it is experimental, for fear of being left behind.

Banks and Blockchain: Wait-and-See Approach or FOMO?
Eventhough they are looking for blockchain technology they will still make a way so that banks will not be gone like a bubble. They will find something new so that they will not be left behind.

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May 08, 2018, 10:34:33 PM
 #8

Review by Cointelegraph:
Every major banking institution is now looking at blockchain technology, even if it is experimental, for fear of being left behind.

Banks and Blockchain: Wait-and-See Approach or FOMO?

This news is very late. Blockchain technology has been with their radars ever since bitcoin bloomed. The ironic part is that banks really hates bitcoin but they embrace the underlying technology behind it.

But you have to understand why they like it. Imagine data can be instant, cannot be altered and everything is on record. Business decisions can be made very fast and efficient and every data is protected.

So I wouldn't be surprise in the next couple of years that the whole banking industry will have to replace their legacy systems and implement blockchain as their building blocks. Most of  them need to adopt or be left out.

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May 08, 2018, 10:35:00 PM
 #9

Review by Cointelegraph:
Every major banking institution is now looking at blockchain technology, even if it is experimental, for fear of being left behind.

Banks and Blockchain: Wait-and-See Approach or FOMO?

Funny to use the FOMO expression on the title of the article but I'm not sure this is the case. First I think they are more interested in blockchain technology, than in cryptocurrencies. They can't deny that blockchain has the potencial to have a great in impact in a lot of areas, but specially in the the financial sector, simply because trust is crucial for this sector, and blockchain solves just that, making everything more simpler.

Of course that their interest doesn't stop there, and they are understanding that they can actually profit a lot from bitcoin. I'm not sure this is a good thing though, because that was not the goal of BTC. Banks maybe be using bitcoin to promote themselves, and capitalize on the fomo around it, at the same time they will try to create a blockchain solution that will be backed by them and the government. I know it's not the same, but who knows what the majority will think about an option like that.

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May 08, 2018, 10:36:29 PM
 #10

In my opinion and it also happening here in my country that some of banks was embracing the world of bitcoin so i dont think if banks was didn't think on what happen or on what they can do in terms of embracing and accepting cryptocurrency technology because here in my country some bank was accepting bitcoin of accepting the exchange and savings using bitcoin transfer so that i think they are step by step thinking an strategy to totally embrace cryprocurrency.

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May 08, 2018, 10:38:30 PM
 #11

indeed bleckchain technology system is very good. that we avoid fraud. even in my country in Indonesia the government has implemented bleckchain system in all Banks in Indonesia .
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May 08, 2018, 10:45:18 PM
 #12

That's great if Blockchain technology can be applied in a bank, because it's very profitable.
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May 08, 2018, 11:13:04 PM
 #13

Its interesting article, blockchain technology is a very useful technology so no wonder the bank want to adopt it and used it in the future, I think now the bank still observe and analyse the advantage of using blockchain and where to implement the technology, this is a serious matter for the bank, becauae it can change how the transaction work in the future
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May 11, 2018, 02:30:51 PM
 #14

In the near future, almost all banks and types of businesses will apply Blockchain technology to their business systems. Because the Blockchain system is too great.
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May 11, 2018, 02:37:20 PM
 #15

Review by Cointelegraph:
Every major banking institution is now looking at blockchain technology, even if it is experimental, for fear of being left behind.

Banks and Blockchain: Wait-and-See Approach or FOMO?

Of course they will, given the fact that Bitcoin is creating a huge noise in the society which alarms people and being interested on what they can make in order for them to bw profitable same as the other prior people who were involved here. I think private or government entities nowadays would lile to acquire Blockchain, and I think this is somehow great cause if you are an entrepreneur uou mist adapt constant changes and you have to fit in in whatever is boom nowadays, and these days thats Bitcoin, Im not even shock with this one.
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May 11, 2018, 05:48:40 PM
 #16

indeed all banks should use a blockchain system.
if they do not do then the bank will lose its role in the eyes of the world, even banks also have to add the function as an exchange with the aim that BTC and other coin users can get better security.
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