Blockchain can help banks

[brawdias]

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

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[vit05]

We do not need banks in this new economy. A new type of decentralized organization will emerge to help with credits and loans. But banks, as they exist now, will no longer be a utility.

[davis196]

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.

[sate_padang]

That's right, I agree with your opinion, rather than thinking negatively about bitcoin and Blockchain technology should banks use blockchain for the financial or economic world.

[Tipsters]

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

I think that banks can never co-exist with blockchain ever. But, in time, we will be able to create a blockchain technology which can mimic the abilities and services offered by a bank. It will be much faster, safer, and more efficient because technology always aims to make our lives more easier. Thanks for sharing this great article and I truly believe that Hongkong will lay a stepping stone on this one.

[Herbert2020]

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

you are confusing the blockchain aka the technology with bitcoin aka the currency build using this technology. the banks (some of them at least) see bitcoin as the competition and are scared of it, some others see it as an opportunity to make a lot of money by offering new set of services in the near future.
the blockchain technology however, is different because that is what they can use to build their own currency, and also use for a lot of other things that this technology lets them do.

in short when you hear some bank is considering the blockchain technology they are not talking about bitcoin.

[cutikanzilong]

In the era of digitalization at this time I think bank banks in the world will work with the blockchain and they implement a system blockchain in sisitem bank

[mu_enrico]

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

Don't you know what's inside bitcoin genesis block?

[Svafnir74]

Blockchain has long been actively used in the banking sector. For example, you can take a cryptocurrency Ripple. Ripple has already signed partnerships with a number of banks. In the near future, I think Ripple will enter into new partnerships with banks.

[jurelmartin]

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

Adapting decentralized technology in a centralized company makes no sense for them, this technology is the solution for eliminating that centralized concept, but ofcourse banks and governments dont want that to happen so they want to destroy it, to put it simply, we dont need that centralized or middle men on this economy

[jjacob]

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

They don’t see the blockchain as competition; they see Bitcoin as competition. They are intent on milking the blockchain model to improve efficiency in the banking system. There definitely is potential to do that, given the armies of back office staff that banks employ for reconciliation.

[bellamente]

Banks do not benefit Blockchain. Bankers hide money from depositors to manage money.

Open Blockchain removes the need for banks as such

[SivaSankarSMS]

its right, I agree with your opinion, rather than thinking negatively about bitcoin and Blockchain technology should banks use blockchain for the financial or economic world.In the era of digitalization at this time I think bank banks in the world will work with the blockchain and they implement a system blockchain in sisitem bank

[tokenomics]

The idea of using blockchain in banks is something we can consider and hopefully adopt. I mean with blockchain being use, it will be  a lot faster and cheaper when it comes to payment transactions and that is something I think everyone would want. Since blockchain enables transactions to be completed much quicker than is possible with centralized systems, there is less time for someone to intervene and divert payments, or to capture transaction information.

[Rajamuda]

The idea of using blockchain in banks is something we can consider and hopefully adopt. I mean with blockchain being use, it will be  a lot faster and cheaper when it comes to payment transactions and that is something I think everyone would want.

but everything goes back to the governments of each country I guess, if indeed it's more get support, till can deepening it.. the possibility that it will happen, but if on the contrary.. it will still be opposed because of certain concerns. We will know where the times will take us.

[longwintershere]

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 is surely of great use for banks, but the fact that it is created by bitcoin is being used by bank to fuel the wars against it. Bitcoin is a real threat to all traditional banking systems

[VitKoyn]

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

I think banks really don't have any issues about blockchain technology and we have seen a lot of people from financial sector praised it, it is just that those decentralized cryptocurrencies who relies on blockchain tech is a threat to them. Well this is true that blockchain can enhance or improve the banking system and add more security to your bank accounts, it can also help banks to make faster and accurate international transactions. I also think that it can reduce the fraudulent activities that is happening inside those financial institutions. It will be big if banks will be able to implement an appropriate new banking system with blockchain.

[Herlina]

The idea of using blockchain in banks is something we can consider and hopefully adopt. I mean with blockchain being use, it will be  a lot faster and cheaper when it comes to payment transactions and that is something I think everyone would want.

but everything goes back to the governments of each country I guess, if indeed it's more get support, till can deepening it.. the possibility that it will happen, but if on the contrary.. it will still be opposed because of certain concerns. We will know where the times will take us.

I think governments will not oppose the application of Blockchain technology in the Banks
As far as I know regulation only applies to cryptocurrency and I've never heard of regulations that prohibit the application of Blockchain technology in the Banks or Companies

[bad_apple]

Yes indeed, because block chain provides the following:

#1. They can be used as a single source of information and hence, for money transfers, record keeping and other back-end functions being the easy, digital, open, decentralised ledgers they are. For instance, most Banks need to maintain reserves with multiple counterparties at once and it would help immensely if they can settle transactions point-to-point as a straight-through process.

#2. The quality and speed of data becomes so high, consistent, precise and so real-time that new revenue streams can also be tapped while offering customers seamless and actually-nimble experiences.

#3. They can reduce human intervention and make it possible for banks to execute and verify transactions with improved accuracy and efficiency.

#4. Since transactions are continuously kept as ‘blocks’ of records, they are secure, scalable and durable- also making the entire process far simpler and fluid than it ever was. They do not just cut paper and costs but also revitalize the ingredient of trust that is quintessential in financial information.

#5. Disintermediation takes off both the risk and expense of counterparties and enables more empowerment for users to control their information.

#6. Possibility of failure or intrusion is almost negligible with these ledgers and hence process integrity as well as transparency goes to a new realm here.

[cuteboy2016k]

Block chain can help banks transactions easily. Ripple already its a part of bank transaction, major banks should be use blockchain technology, but many countries are not aware of this technology. In near future may be we can see all bank transactions through block chain technology