Banking is Dead… Long live Blockchain Banking!

[kwabeedat]

It's government and central bank regulations that's making banks become unfriendly. The fact is that both can coexist peacefully. I'm sure that will happen sometime soon.

[no0dlepunk]

Yeah, sooner or late these companies HAVE to adapt to changes. And adapting to blockchain technology is part of it... The best thing about blockchain is it's transparency and irreversibly.

[squog]

That is a very good and optimistic viee of things. But the way i see it, we will still see a few huge banks surviving and thriving even when there is a block chain dominated market. For one thing, both fiat and banking have been going on for centuries, and those kinds of institutions are hard to totally eradicate.

[Fatanut]

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.

Well, there's BTCJam right now. I honestly don't understand how it's still standing up until now because people can just submit IDs of other people. It's so easy to get them on the Internet these days since people are so gullible anyway when doing a deal on the Internet. Even people that are only selling something are uploading their IDs on facebook to prove that they are that person. This opens them to an attack. The picture of their ID and their picture holding the ID are the only two things that you need to submit in BTCJam last time I checked. Those can easily be found in buy and sell groups on facebook (at least in my country that's the case because a lot of people are in that business). You can also simply deceive them by pretending that you're interested in buying something and that you need to see their ID to prove that they are actually the person selling the items. I'm not saying that you should do this but I'm saying that it's one way people get attacked on the Internet. We should be aware of things like this so we can avoid doing it ourselves.

I once asked in slack what about the people that didn't pay in BTCJam. They said that they go to jail. On the other hand, no one should go to jail because of debt according to the law (at least my country's law) so I really have no idea how come BTCJam is still running. The site is probably full of people lending money and never paying them since they can't really go to jail for it. And if anything, will BTCJam do so much effort to put someone in jail when they're on the other side of the world and only owe a couple hundred bucks? Of course not.

What you're saying is probably the most viable way in order to have a legit lending service that will not close down because of people not paying up. Plus if it's small scale, they can probably do collateral.

[Baikonur]

I am sure that banks will switch from centralized technology to some form of blockchain as soon as it's 100% required, but I dont see why would they collapse. Yes money transvers are big chunk of their business but as far as I know lending and investing are main sources for income for banks.

[Ctn]

Really! I dont think that is really the case. I dont see that banks can not afford the improvements of old traditional methods at all. They are the richest organisation of all time and they literally rob us when we keep our money into savings account. I guess thats enough money for them to change their or upgrade the current technology. 
But its good if they are really looking after the blockchain technology adoption and implementation of the same in their banking network. If this news is true then this country should be the first one I guess to have it inside their network.

[fabrizoc]

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.

It is there compulsion that they will have to start trade in crypto otherwise banks will be closed forever. Blockchain is developing technology and when it prevail in the world, all people will use it and they will feel ease. Blockchain is new era technology and cryptocurrency is backed by them. Those countries that know about this technology have accepted bitcoin.

[CHENIEN]

In this new technology system today that cryptocurrency slowly become more popular all over the world, maybe it has already a big impact that affects banking business reduces it's volume of daily transactions because of the new blockchain technology system. But it doesn't mean that banking future business transactions will dead, because cryptocurrency business needs legal transactions from any banking businesses by making cryptocurrency coin into real paper money.

[weblouartisan]

It's government and central bank regulations that's making banks become unfriendly. The fact is that both can coexist peacefully. I'm sure that will happen sometime soon.

In my own opinion banking is not dead but there are more people who always prefer cryptocurrency more than fiat so definitely, the price of bitcoins in the future will grow even more and fiat will be just disregard.

[Macai]

I think it will be a long process still for fiat bank to close and shift to blockchain, it will still take time for people to involve in digital money. It is so hard to educate old people about advance technology where they are the richest invetors in banks.

[arthotdog]

"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,"

And this is the reason why banks need to adapt to our technology or else they will be gone with the wind,because this is the only reason why most of formerly uses banking system converted and transferred here in this community,the anonymity and the privacy and this is what banks need to progress before things get worst in front of them

[crzy]

It's government and central bank regulations that's making banks become unfriendly. The fact is that both can coexist peacefully. I'm sure that will happen sometime soon.

In my own opinion banking is not dead but there are more people who always prefer cryptocurrency more than fiat so definitely, the price of bitcoins in the future will grow even more and fiat will be just disregard.

Not just bitcoin but all good cryptocurreny. Banks will never die, they will adopt the system and try to destroy this market which they will failed forever. Blockchain technology will be good for us in the future, so many new rules of banks, frauds, and failed system of the banks here in my place and I think Cryptocurrency will make a huge impact here in my country soon.

[Stavri]

well banks are not dead yet and i dont think they will be totally dead in the future. bitcoin and blockchain based crypto currencies will be an good alternative to modern banking system and i think banks will also start integrating blockchain technology to their processes.

[Coffee135]

well banks are not dead yet and i dont think they will be totally dead in the future. bitcoin and blockchain based crypto currencies will be an good alternative to modern banking system and i think banks will also start integrating blockchain technology to their processes.

I think you're wrong. Banks will never be dead and will never integrate into the cryptocurrency world. They are not profitable. The state is on the side of bankers and therefore the properties of Fiat will gradually approach the crypto-currencies. But the main control over the turnover and production of money the state will not let out of their hands ever.

[realcrypto]

In a normal sense banks will like to adopt blockchain technology or integrate it into their system. The banks cannot do this automatically because the banks are operating under  supervision and are taking orders from central bank which means they are directly working under government directives. Government of most countries have not approve the operation of blockchain technology in their country. So it will take time for banks to adopt blockchain globally.

[oegarod]

I don't think the banking sector has dead, indirectly banking sector is the one that makes bitcoin live long. With this I believe bitcoin will serve as an alternate to the banking system. Blockchain technology will make advancements in the functionality which will make everything in an efficient manner than the traditional system.

[Qeupe]

Although blockchain has already begun to master international finance, I think we still need a regular bank because not everyone understands and agrees with the use of blockchain technology, there are still many areas left on earth that have not understood the digital finance world, this may take a long time.

[embargo]

Undoubtedly, there is a tendency to reduce bank branches and branches, banks are trying to reduce their operating costs in order to survive with great competition. Technology blockade and new technologies also contribute to the withdrawal of banks from the market. But it will not be as fast as it seems. The transition to a digital currency is possible only with a new world order and a completely digital society.

[Experia]

banking is the traditional way of storing money specially those huge companies who were afraid as of now to adapt the blockchain technology since because it can risk their assets many the time revolution make it someday.

[orions.belt19]

The banking industry is not so advanced where I come from, so I’m not surprised that not much has been investing on blockhain technology yet or have made any major steps. I don’t think that it will die soon especially since majority of the population in my country is heavily reliant on banks. Especially since most of the elders are probably used to using banks, the emergence of blockchain technology would not be much of a hindrance to the industry.