Banking is Dead… Long live Blockchain Banking!

[mahbuboracle]

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.

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[First77]

"Blockchain is a technology that allows anyone to send anyone else a piece of information, currency or data in a secure, transparent and anonymous way,"

[chetanvineeta]

Blockchain is the future. Some countries are already using/studying Blockchain for their banking purposes. It is fast and much cheaper than traditional banking methods. So yeah, it beats banking methods with a great margin.

[BitcoinMarshal]

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

[audaciousbeing]

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.

If you think blockchain would end banking then its purely an overstretched assumption. Blockchain is a technology just like people have said every businesses at one point or the other have to key into the technology. Several years ago, there was no Automated Teller Machine, there was no Visa or MasterCard neither was there mobile app or POS machine and the height of it was the deployment of USSD for banking transactions and finally scan to pay direct just by scanning a bar code but along the line every businesses had to fall in line or they fade away. This businesses have deployed to their operation that today, I can remember the last time I entered a banking hall. I see the same thing happen for blockchain. Banks are multi nationals with huge amount to money to hire any developer to work for them and if that won't happen, they would buy an existing blockchain payment system, then integrate it to make their operations more efficient.

[avikz]

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.

Our traditional banking system is outdated and over abused. So it needs to be changed. A revolution has already started and more and more banking institutions are joining the blockchain league for sustaining their business. Since you have taken examples from Indian Banks mostly, let me inform you that Kotak Mahindra Bank has signed a MOU with Ripple to use their cross border settlement service. This is just the beginning and we have long road ahead of us.

But the main question still remain unanswered. Does these adoptions will pave the way for cryptos to the world to make it mainstream?? I don't see much hope here. What I foresee is that, we will see a digital version of fiat will be introduced to the market which will not be decentralized in nature. A centralized architecture of blockchain will be used. Systems are certainly changing but when it comes to money, governments will not allow it to go out of their hand. 

[Hydrogen]

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.

Good point and one that is seldom mentioned.

Not many people seem aware of the fact that socialist governments like cuba charge upwards of 50% tax fees on wire transfers which move money into their country. Looking at the regional price of bitcoin--there is often a correlation between nations like africa who are willing to pay higher prices for bitcoin, and high taxes or fees imposed by central banks or states. We've seen many spam comments on this forum where people complain if they have to pay $5 transfer fees with bitcoin. I can't imagine how those people might react if they had to pay a 50% tax.

The advantages bitcoin and other 3rd party payment applications have in moving money across borders "sometimes" without incurring the heavy surcharges and taxes imposed on wire transfers is one of bitcoin and crypto currencies most under emphasized advantages. It might be fair to say the system is broken in ways with crypto currencies allowing people a means of avoiding worst case scenarios.

[richardsNY]

Banks adopting the blockchain technology will offer you more convenience overall, maybe even cheaper products,  but you'll lose your financial freedom in a way that we don't even dare to imagine. Governments could even replace the banking system by having its central bank function as the center of everything. They will gain more control over every aspect of the economy, and they can at any time decide to tax or haircut your balance effortlessly. I have always believed that it's not crypto potentially replacing banks, but the government itself, and there is nothing that will stop them from doing so. I'm not going to wait for that to happen....

[creeps]

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.

[Ranly123]

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.

As far as I'm concerned, bank is preferred by most people in the community because their savings is away from volaility which is good when you are saving money. On the other end, it is a good way for banks to adopt to the technology in finance like blockchain technology to ensure that they are not far behind in the evolution of money.

[jaysabi]

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.

Banking is nowhere close to being dead. If, and a big IF at that, blockchain is even able to disrupt the traditional banking industry, it will only be to the extent that traditional banks have adopted blockchain technology. The banks aren't going away, the banking industry isn't going away, and how either functions on a technical level isn't going to change this fact. Don't forget that every single crypto is too volatile to keep any significant value in for more than an hour, and you see exactly the type of folly expecting such an instrument to displace traditional banking. Perhaps the only thing crypto actually has a chance to replace wholesale is remittance or value transfer services, but expecting it to actually replace functional banking is far more than crypto can handle.

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.

Most companies fall out of the Fortune 500 because they're bought by other companies in the Fortune 500. They're not dead, they're subsidiaries of other companies now. I 100% guarantee no banks currently in the Fortune 100 will fall out of the Fortune 500 because of blockchain technology in the next 10 years. Even if that were going to happen, it doesn't happen that fast. Banks lower than the top 100 could fall out due to being replaced by newer companies and because those lower spots aren't very big by banking standards, but it also will not because of blockchain.

[ParadoxXx]

Nowadays the banks rule the entire world, and say that they are dying seems a bit hasty. They are already adapted to this new reality, and i hope they can stay away from at least some part of the cryptocurrencies.

[spongegar]

Well, that is the hope. That blockchains will be proliferent in the market. Then again, banks will definitely see this as a threat. Not unless they will open up a blockchain of their own, i mean with the resources they have they could afford to create one for themselves. I just hope countries will accept this kind of economics as forward thinking move.

[gowobonyok]

there is nothing wrong if in the future, blockchain technology is applied in the banking system. with transparent transactions safe and anonymous, I think it's quite effective to reduce the money laundering case because all transactions are recorded in a blockchain ledger and can be tracked.

[neliawesome]

Banking will never die in my opinion.For sure they will make another way to improve their transactions and services while blockchain banking is very convenient because of its new technology that makes it more faster and more reliable to used but the problem is even how popular and how convenient a blockchain is if its not fully accepted and embraced by the majority it couldnt still beat the traditional banking system.

[davis196]

What a ridiculous title.Blockchain banking is still banking,so banking won`t be dead.
The ugly truth is that blockchain banking (if all the banks really implement that tech) will destroy cryptocurrencies,so I`m not so enthusiastic about all the "every bank should adopt blockchain technologies" idea.And,by the way,energy consumption will go thru the roof.

[gambitcoin53]

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.

If you think blockchain would end banking then its purely an overstretched assumption. Blockchain is a technology just like people have said every businesses at one point or the other have to key into the technology. Several years ago, there was no Automated Teller Machine, there was no Visa or MasterCard neither was there mobile app or POS machine and the height of it was the deployment of USSD for banking transactions and finally scan to pay direct just by scanning a bar code but along the line every businesses had to fall in line or they fade away. This businesses have deployed to their operation that today, I can remember the last time I entered a banking hall. I see the same thing happen for blockchain. Banks are multi nationals with huge amount to money to hire any developer to work for them and if that won't happen, they would buy an existing blockchain payment system, then integrate it to make their operations more efficient.

i agree, banks has always been ahead of us consumers, in all terms, even about blockchain, they have already been finding ways to adapt this technology, long before this technology was developed and expand in the digital world. we may not see it but right now i think they have already developed a new technology with all their funds and resources, to develope their own platforms.

[Idrisu]

Banking is not death yet and it will take a long time for us to see blockchain technology replacing the current banking system because of the type of leaders we have that did not want human to have control over they finance. However, in future things are going to reset themselve and blockchain technology will kick out bank and bankers

[RamonBTC]

Banking system and blockchain technology can work hand’n’hand or together to make the service fee less, interest higher for a better society.

At this point, they don’t have the monopolising power against the people and the sad part is we can’t monopolised the use of this technology either.

So the fact that bankers can use it to their advantage then it will not kill them, but they must need to change drastically to adapt.

[Mometaskers]

Not yet. There were several threads in the forum talking about banks and remittance companies getting their hands into blockchain research. They ain't disappearing anytime soon.

Most reason people use banks are for loans and we still don't have a good way of providing that service (at least with bitcoins, where people still want to remain anonymous).

What I'm imagining is that traditional big banks would coexist with smaller lending agencies that are using blockchain for processing the loans. More options for getting loans, the better.