Blockchain can help banks

[EnaksiS]

In my opinion blockchain is end of the banks. If it is not it is worthless to me. Banks are making people suffer in their entire life. Blockchain is a solution for all these matters.

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[Harrow30]

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 believe it's high time the banks and the government stopped shying away from the truth and get to do proper and open understudy of the blockchain. Just like you said there are more advantages to the banks and also the government when and if they get to adopt the blockchain into their operations. One of the top Directors of central bank did come on air some time ago that they have set up a committee to look into the study and how it can be adopted for use. No positive news yet but I know they know the truth already.

[Nevkeke]

I think they will love this technology. And they are against bitcoin right now.But maybe in the future they will want to catch it when they realize they can not stop it. Maybe they will say "yes you must use our internet banking wallet for cryptocurrency" But these are just guesswork. Thanks

[Maame Esi Sergio]

Instead of these banks seeing blockchain as a threat to their old centralized system, it would have been better if these banks embrace blockchain tech. Technology cannot be destroyed not to even talk about blockchain. No one is ready to compete with these banks and there is no way crypto is going down too. I am pretty sure they worry much about the volatility of these currencies, they would have grab this cryptos by now.

[Wolfwar]

I think they will love this technology. And they are against bitcoin right now.But maybe in the future they will want to catch it when they realize they can not stop it. Maybe they will say "yes you must use our internet banking wallet for cryptocurrency" But these are just guesswork. Thanks

Recently, very often there is information that the banking system is also beginning to implement a blockchine for its systems. But it seems to me that this is more connected with the management of the system, and not in order to attract more users .

[Heartbreakeren]

Blockchain reduces the cost of verifying transactions, so I'm pretty sure banks are already looking into the benefits of bitcoin.

[Thefrolly]

If banks can spend less money, they will. As with any business, the ROI of the banking industry is a major concern.

Blockchain systems could be far cheaper than existing platforms because they remove an entire layer of overhead dedicated to confirming authenticity. In a distributed ledger system, confirmation is effectively performed by everyone on the network, simultaneously. This so-called ‘consensus’ process reduces the need for existing intermediaries who touch the transaction and extract a toll in the process. In financial services, that includes those who move money, adjudicate contracts, tax transactions, store information and so on.

[anisuzzaman99apu]

A Quick Overview of Blockchain
First, however, let us briefly review what blockchain is, for those needing a refresher.

Where conventional financial transactions are facilitated by centralized financial institutions, a blockchain is a decentralized system in which encrypted transactions are entered into a ledger that is shared by multiple parties. A greatly simplified explanation of the how blockchain transactions work is as follows:

1. The transaction is encrypted and added to a distributed ledger.
2. Multiple parties with access to the shared ledger verify the details of the transaction, without compromising the identity of those involved.
3. Verified transactions are added as a permanent, irrevocable part of the shared ledger.
4. The transaction is completed.

Because only verified “blocks” of transactions can be added to the ledger, there is no need to re-examine the authenticity of any transaction once it has been verified and entered into the ledger.

Let us now look at how blockchain is impacting the banking industry.

[anhhungcolao]

Blockchain can help traditional banks if only government banks accept Bitcoin and other cryptocurrencies as a payment.

[aryaadikariyansyahsuwarto]

I hope the bitcoin is not united or entered into the bank system, it is very detrimental, because the bank system can harm its customers .. therefore bitcoin more own and independent.

[Accertarsi]

One of the most talked-about topics in the financial services industry today is blockchain.Utilizing blockchain technology allows for greater trade accuracy, and a shorter settlement process.When identity management is moved to blockchain technology, users are able to choose how to identify themselves and who will be informed. Actually technology is everything if all get used to it.

[fiulpro]

Blockchain aside from Bitcoins has already been used in hospitals and schools and at many more ... So I think maybe the banks are already into adoption blockchain since it provides a prefect and fool proof method for.. documentation and their passing from one point to another..
They won't accept Bitcoins but yes.. to block chain maybe they are already accepting.
We must not forget that .. " block chain is a technology and Bitcoins is it's application and it have many more applications and banks obviously can use it "

[BTC_BTC]

I think banks will not be able to use the blockchain system, this will be very contradictory.
The centralized bank system while the blockchain is peer-to-peer.
Banks try to get as much profit as possible while in blockchain transaction costs are very few.

[mladakar]

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

But the banks needs to understand this,, currently they are treating it as a competition only. Some banks even paid to spread negative news related to bitcoin and crypto.

[Batang Hambog]

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 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

[bukikbarisan]

using blockchain in the bank is something we can consider and hopefully adopted. I mean with blockchain being used, it will be much faster and cheaper when it comes to payment transactions and that is something I think everyone wants.

[pekcoin01]

Blockchain system is a very valuable system. That's why Bitcoin is so appreciated.
It's a blessing from technology and the digital world.
The banks are trying to integrate into the blockchain system. On this count, they will make billions of dollars a year.
In the following years we will see more of BlockChain.

[elemosho.crypto]

Blockchain can be used by the most of the banks around the world. And I believe that it might be popular because of its distributed ledger technology and decentralization. We can save a huge time if banks adopt blockchain. We will not stand in line to get service or any other banking issue.

[Jess KaKa]

I believe the technology behind bitcoin can make alliances with the current banking system. There are some banks that use blockchain, which is a sign of optimism in the near future. The security, safety and speed of transactions, the banking sector encountered in the past years will be resolved.
 

[jaymmagne]

I agree with this since there is a lot of feature that blockchain can improves the banks in any factors.