Banking is Dead… Long live Blockchain Banking!

[coinplus]

Blockchain is new revolution for many fields and this is going to bring many new changes in next few years which could be very helpful and give easy to work for common peoples hopefully we will feel more comfortable with this change as its bringing new breakthrough technology

Yeah, the fact that it touches almost every sector of life based on its application makes it very much interesting. Health, legal, banking, engineering, name them all; blockchain technology is going to be bringing a huge evolution into these sectors.

For the banking sector, we all know they have always been a necessary evil from the onset, but now that blockchain technology is here, the evil is no longer going to be necessary any more. All that banks ever did was to find a way to keep stealing from us and making sure everyone gets indebted, but this is the freedom.

[izanagi narukami]

IMO, they are different things , blockchain handle digital currency meanwhile bank handle fiat.
Of course blockchain banking is keep evolve until it able match with current bank situation but remember when something come on internet , it can be hack. That's the risk !

[Tatzky]

Since banking needs your presence on the bank, you need to travel with your money and this often prawn to kidnapping and crime of people who know you have money with you, so blockchain banking is one way to add security for an individual.

[Silberman]

Banks will adapt to this new set of circumstances, bankers thought about ways to manipulate gold and silver for much time and they finally found a way to do it and that is why we have all of these economic problems, banks are going to suffer and many will disappear especially those unable to cope with the changes but those that are smart will adapt and we need to be careful with them because they may find a way to subvert bitcoin.

[stimliall]

The blockchain is actually a book, but it is distributed and decentralized, and the core function of the bank is to book!
Blockchain may change the way banks work, replacing a small part of the business, but it is impossible to replace the existence of the banking industry.

[Jamescur]

The blockchain has changed the nature of money, and banks will be challenged as a centralized currency storage, guarantee, and circulation.
Banks are valuable and recognized, and will not disappear because of a revolutionary technology!
It can only be said that banks will change the existing model to adapt to the development of blockchain trends.

[notaek]

Banks will adapt to this new set of circumstances, bankers thought about ways to manipulate gold and silver for much time and they finally found a way to do it -snip-

Those are just FUDs. Banks, will never be able to manipulate crypto just like gold and silver. Don't forget that they aren't similar assets, even though most of them do so.
Its just a way of manipulating your own minds and graving yourself into the griefs of this bear trend.

[HandsomePeople]

Blockchain technology is still far away from making traditional banks die, don't see how people panic every time bitcoin price crush. We still need to wait years before we can see any threat to banks and without support from governments and big companies I don;t see that happen any soon.

[notaek]

Blockchain technology is still far away from making traditional banks die, don't see how people panic every time bitcoin price crush.

That's the common psychology of every investors.
What they don't realize is that the bearish trend is healthy. What goes up will always come down at a certain point of time. Its the cycle of economics.

We still need to wait years before we can see any threat to banks and without support from governments and big companies I don;t see that happen any soon.

Governments will never be in favor of a currency that's beyond their control, let alone support them fully.
So that's definitely out of the question.

[cryptoscion]

well, i feel the argument is flawed... Because bank are nothing more than a storage center for your money..


As of today banks store USD... USD is dying, banks are not ! Hence, if tomorrow banks start accepting bitcoin and cryptos, then they become the storage center for bitcoin and not USD in future... So, now we have a usecase for banks to exist in future

[pitiflin]

Banks can not afford increasing expenditure of the old technology anymore they will have to adapt to the change.

Banks have more than enough money than you think and they already have adopted to change and are constantly changing their tech.

A lot of organizations around the world are already experimenting with this technology.

Yeah, not related to banks. They are experimenting for their own business ideas and not to replace banks. Companies need banks.

[bombie1]

A blow inevitably yours,the earlier you receive it,the better.Banking is indeed dead but the authorities do not seem to realize that but what is written is written.Nothing can be done about it.The cryptocurrency industry is yet to spread to all the corners of the world and people are moving into the industry daily.So the earlier the government authorities accept and move things toward the direction of the wind ,the better for all of us in the world.

[TheGreatPython]

Banks can not afford increasing expenditure of the old technology anymore they will have to adapt to the change.

Talking about technology and banking, Blockchain, will disrupt the financial domain with certainty. Much has been discussed, debated and discussed about this distributed ledger, both online and offline. So this innovative technology does not require a special introduction at this time. Calling it 'annoying' is a disparaging statement. To understand what a blockchain is, look at bitcoin or cryptocurrency. It has achieved many 'never heard' scenarios in the financial domain. Since technology has been introduced in the banking world, experts are always struggling to create safe and secure means of transactions. A person must go through a third party application or an intermediary or regulatory body to transfer money. But here is the digital currency - completely unfocused - and has broken all conventional banking laws. Today, a person can send money to anyone in the world immediately without having to go through the hassle of what I experienced. It has happened in many parts of the world. You can transfer money via WeChat, Whatsapp, and even Facebook Messenger right now.

Believe it or not, blockchain is a breakthrough technology that can be applied to your domain-name. From agriculture, aviation to supply chains, finance, and the food industry, blockchains are everywhere.

A lot of organizations around the world are already experimenting with this technology. Major financial organizations such as the SBI Holdings, Goldman Sachs and Citi group have already invested in blockchain. Back home, the State Bank of India (SBI) has grand plans in place to use blockchain for a number of processes, including the KYC system. South Indian Bank seamlessly carried out an international transaction using this technology. ICICI, YES Bank, Bank of Baroda, Axis Bank and Kotak Mahindra are some of the few banks that have hopped on to the blockchain bandwagon. While some banks are experimenting with this digital ledger and achieving impressive results, some financial institutions are gearing up to reform and redefine huge chunks of their banking processes.

Good for them and their customers!

As far as my bank is concerned, I recall reading this article which showed that out of Fortune500 in last 50 years, 84% of them are dead today. In the next 10 years, I am happy to predict just a few banks will remain in Fortune 500. Most financial institutions will have either absorbed blockchain tightly OR they will be gone.

Lol… do you even know what you’re saying at all? 🙄who told you that blockchain will be replacing banks? This topic is becoming very boring please stop it and it’s making no sense. It’s only people that don’t know anything about the Blockchain that comes here making noise about how blockchain will replace banks. We are no longer interested in this topic, it will be much better if we all fold hands and shut out mouths and see what happens. Dayumnnn…

[mahbuboracle]

THANK YOU FOR YOUR OPINION

[korkyqq]

One thing is certain. Blockchain banking is faster than conventional banking. It all depends to this: are the countries willing to let faster(not so controlled) money flow, or not. Anf if they still want to control the money flow, how much time it takes for the countries to adapt to the system, and regulate it well.

[Ems30]

Banks have no more choice but to adopt or else they will be dead for good. Banking system is too old for this generation so better for them to start adopting the system, in time almost all banks will use this technology and we will experience a better banking transactions or in worse case scenario we don’t need banks anymore.

 yeah you have also point because ,the future of technology will also fast to change the new world,,if blockchain will absord at the bank  many viewers here are also wholeheartedly support from this future,, specially to all people has been involve  of this furom .

[CryptoKaju]

I agree with you! Blockchain is the technology which can people daily routin change. It is great for change the method of banking! Long live blockchain!

[ReiMomo]

We cannot take banks that much easy and these banks are the ones who mis guides the government and people about crypto currencies. As you said if crypto is been accepted worldwide and if that replaces paper currency then banks will be dead and that is the reason banks are defending themselves spreading negative news about crypto and making the governments to ban crypto. 

[sevenbits]

Banks are simply an out-of-date technology for disposing of money. The system has not been radically reformed since its inception. The crisis of 2008 clearly showed the structural weaknesses of the international financial system.

[magneto]

I mean, it makes a lot of sense for sure to integrate blockchain into at least some of the components in their systems in order to achieve an immutable ledger. Banks are already starting to experiment with this and so are some governments.

It's important to note though that by integrating blockchain into a centralised structure, it's not really the same as using bitcoin. In this case, the central entity will still have full control essentially.

But even with a decentralised currency like bitcoin, it's obvious to me that there will continue to be centralised banking services that surround it. The banking sector won't just disappear as a result of bitcoin or whatnot, they will just cater for new services. Banking isn't dead. But as you said, it's definitely evolving to suit new technologies.