Banking is Dead… Long live Blockchain Banking!

[Shenzou]

Well this is an obvious, banks are becoming an old system because people are starting to relay more on online and virtual money to do their everyday transactions, and since cryptoucrrency have started becoming a popular thing and banks and government cant decide on accepting bitcoin, they have constantly shown their interest in the blockchain technology, however blockchian to me is about decentralization anonymous transactions but surely if banks and governments get involved in it then you know that is not gonna be the case. 

[RAAAMA]

I do believe that blockchain technology will play a very important and huge role in our economy. With the security it offers and the fast and cheaper way of transaction, it will for sure create a mass adoption in the near future. Banks will definitely have to adopt with the change or else they will have a problem with their business.

[Siren]

Yups they are now adapting to our technology and in sooner they will be begging for us to accept them as we are now enjoying the new world without them as third party

Banks will never die but they will need to accept us and bare with us for them to compete the market

[zakariajaki]

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.

I am trying to make an opinion, I think we still need banks traditionally as a means of saving and direct money exchange, including digital currency exchange, traditional currency and digital currency needs as well as bank structures, digital or wallet accounts exactly like bank accounts different form, precisely when viewing the shortcomings of the crypto that must connect to the internet means we still need a bank, may be useful and successful for all of us

[bennypagulayan]

Yups they are now adapting to our technology and in sooner they will be begging for us to accept them as we are now enjoying the new world without them as third party

Banks will never die but they will need to accept us and bare with us for them to compete the market

Cryptocurrency is outperforming banking and other types of payment media so that banks do not like to think and adopt the advantages of Blockchain technology will cause banks to fail quickly.

[Johnyz]

Yups they are now adapting to our technology and in sooner they will be begging for us to accept them as we are now enjoying the new world without them as third party

Banks will never die but they will need to accept us and bare with us for them to compete the market

Some banks here in my place are making move to adopt the technology, for sure if they don't adopt blockchain technology they will experience problem in the future. They cannot escape this growing technology, they have no choice but to use this technology. People realized already how suck banking system is, so they might have a hard time to encourage people to put money on the banks.

[jblittle00]

I couldn't agree more. I bank with one of the largest banking institutions and I cannot wait to not need them anymore. We're almost there. Just the other day, I was trying to send funds to someone using "QuickPay" and received a message saying it required internal review. Not so quick. I've been banking with them for decades. Their system is dumb. 

[jblittle00]

Check out this article on how blockchain affects banking:  https://medium.com/@julie_45376/blockchain-for-dummies-26fdf5de6dff

[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.

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.

Just looked them up, they already closed. I don't know how they operated their business but it really gets complicated when you run international. BTCjam should have instead did a hybrid approach where the loan applications are handled locally, where the future debtor have to walk up to to confirm his her identity. The money would still be handled through the blockchain, meaning anyone can still easily contribute to to pot.

As for getting into prison, I know people who did from borrowing from those loan agencies but never from banks. Guess banks just have way more clients and so focus more on larger debtors. I know people who have defaulted on credit card loans from various banks. Save for the harassing phone calls and letters, nothing else happened.

[sandisunny]

Banking can only be dead if the government goes towards cryptocurrency but u and i know that will not be in any time soon because of the policies they put in place that will favor them. It will be a good thing if they adopt the whole idea of blockchain banking, lets just watch and see what the future holds.

[xbl1008]

bitcoin is created to have another form of payment than bank who is mostly available physically and only on working hours making it too hustle consuming time and money in just transferring money so satoshi nakamoto think that something must be revolutionize which is the digitalization of payments that is relatively cheap, fast and can be done anywhere and anytime.

[zakariajaki]

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.

my opinion on the traditional bank is going to die, I think the traditional bank will not die that easily, but if it decreases the number of its banks, I think blockchain is an alternative to store assets in digital space does not mean we do not use traditional money to buy basic needs, and I think the bank system will still exist and complement each other until the world really modernization technology system, may be useful and successful for all of us

[Vanhoang2000]

banks and bitcoins are two economically relevant sectors. If bitcoin was the pre-digital market created in 2008, the bank has a long history with monetary and financial functions.

[Harrisonimo]

A good one to know that change has come and those who are not ready to accept/adopt it will get swept off by same change they ignore. I really will want to believe that banks are on the research on how the blockchain will be of positive impact on their operations. The ignorant ones will soon become outdated/obsolete.

[kulitmanggis]

it seems the bank has not died because at this time there are still many people who use the bank and still many people who do not understand digital currency so they still entrust their money in the bank.

[jhongzjhong]

it seems the bank has not died because at this time there are still many people who use the bank and still many people who do not understand digital currency so they still entrust their money in the bank.

That's right Banking system takes a long time before eliminating by blockchain technology. Maybe this will happen but I think a lot of time will consume because some countries now are not yet adopting bitcoin in the country. Maybe blockchain as of now is another alternative banking method for those who already engaging bitcoin. Because this technology is very helpful to us very convenient transaction and there are transparencies in every transaction.

[solkinsolali]

The Banks are indeed going to struggle to cope with the pace of things in financial activities unless they inculcate blockchain technology into their operations. Blockchain will surely be the leading technology in financial activities in future.

[Crypdon]

Although banking isn't dead yet, it is going to happen. When those bankers caused the 1% protests in wall street it signaled that something has to change. Bitcoin is the driving force and so we should all get in now before it happens

[DunnDy]

I think that banks will be forced to adapt to the new competition and I'm certain that many of them will fail. Some people will prefer to use banks to store their cryptocurrencies because they were taught that banks are the safest possible way to keep money away from thiefs or any other dangers. People want to avoid bureaucracy and banks are not helping with that. Using a bank is more and more difficult because of new regulations which aim is to preven money laundering.

[Brunus]

It would also spell to me that the banks would stop being so powerful, and that the bitcoin would offer us the freedom we desire.
But I'm not so optimistic, and I think the power of the banks will last for a long time.