Why Banks on blockchain?

[reactorjuno]

Blockchain is for everyone even for greedy bankers..Ripple is great example if you want to research the advantages of blockchain technology compared to traditional banking system. After 5 years  i want to see blockchain as the main way to control data,money,government.

Sure bankers are greedy but here it's nothing about greed, it's more about efficiency. I mean the old system of banking is due to die if it remains the way it is today (with the fierce competition of Online banks as well).

The blockchain will make everything smoother and more efficient, with less human interrelations as well but this is what technological progress is all about.

[1715070101]

1715070101

[1715070101]

1715070101

[1715070101]

1715070101

[Tavarez]

Banks must switch to blockchain one day simply to expel the middleman and to lower the fees. Dealing with physical money is more demanding in terms of safety, more people involved....printing etc..

[Johnzky]

https://cointelegraph.com/news/singapore-central-bank-partners-with-deloitte-nasdaq-on-blockchain-asset-settlement/amp
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain?  Please share your opinions . Is it really  helps rural banks  and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the  mass market and brings down the cost of service?

I believe that this leave them no choice but to adopt blockchain as the technology behind crypto is continuously eating the system of transactions and investing

The banks are afraid of being leave behind as cryptocurrencies are growing popularity and helping people have their rights and privacy for their own money things that banks cannot offer

[kalstarzz]

naturally banks adopt Blockchain, in my opinion they adopt it because of its sophistication, for example they can save data more safely, transactions faster and avoid multiple transactions.

[pentol86]

today many people and media believe that the blockchain is the future of finance and data. Its decentralized nature is no longer taboo.
Security, speed and effectiveness are very appropriate if the bank adopts the blockchain. Banks must follow the flow of technological change, so they are not left behind.

[Th3Program]

I find it first and foremost quick and convenient! Again, at least some kind of anonymity. I have always believed that cryptocurrency will be accepted by the world, this is a huge potential!

[drachman]

naturally banks adopt Blockchain, in my opinion they adopt it because of its sophistication, for example they can save data more safely, transactions faster and avoid multiple transactions.

They want to compete against cryptocurrencies and they are seeing that adopting the blockchain for themselves can be the best thing they can do, they love the blockchain but they do not like the idea of having a currency they cannot control over it, this is why they are adopting only the blockchain and not bitcoin or any other cryptocurrency above it.

[posi]

today many people and media believe that the blockchain is the future of finance and data. Its decentralized nature is no longer taboo.
Security, speed and effectiveness are very appropriate if the bank adopts the blockchain. Banks must follow the flow of technological change, so they are not left behind.

I believed you guys misunderstand the different between blockchain and crypto currencies because blockchain is just the block which contains cryptographic hash list and blockchain is not totally decentralized but it secure, effective in terms of distribution or keeping data. Which is why the Banks see it as a good alternative.

[cahbagus555]

https://cointelegraph.com/news/singapore-central-bank-partners-with-deloitte-nasdaq-on-blockchain-asset-settlement/amp
http://news.abs-cbn.com/business/05/21/18/unionbank-to-link-rural-banks-using-blockchain
What is the possible reasons why banks adopt of joining blockchain?  Please share your opinions . Is it really  helps rural banks  and small banks to be more productive and efficient? Is it faster and easier in terms of financial transactions to the  mass market and brings down the cost of service?

Blockchain is technology and any bussiness can adopting this technology to save a lot cost and make their bussiness more eficient. Beside that, banks will use blockchain soon or later because blockchain offering security more than current system

[ice18]

Transactions specifically like cross border payments can definitely lower transaction fees by using blockchain technology its fast, secured and most all it cannot be tampered thats why most banks today are under testing this kind of technology so that in the future they can fully implement it into banking systems.

[Maamejane]

Well i think that the banks might not love cryptocurrencies at large due to the competition they bring on board but doesn't mean they are not interested in the technology behind it, so they are just trying to copy some aspect of crypto into their day to  day administrative work.

[ipsec]

There are several reasons why banks are starting to use blockchain technology.
It is more secure. This is the most important parameter of any bank. You do not want to carry your money in a less secure bank.
Secondly, it is a cheaper way. Blockchain technology can reduce data storage costs by up to 40%.

[Pffrt]

In near future, most of the system of internet will be blockchain based. Cryptocurrency has brought a bigger changes in payment system. If bank wants to exist and run their business, they must have to be up to date. Otherwise they will not be able to survive. That's why they are thinking of blockchain integration from now so that they can establish themselves from the beginning and don't get late in the party.

[hxtop]

Banks' interest of potential uses of blockchain technology is not a new thing. Even though they don't publicize their projects, they are working on development of promising tools of blockchain technology. We are going to be a user of a new banking system based on this technology just in a few years.

[AimHigh]

Before banks is the number one critics and aganints of blockchain technology  even bitcoin but if they didn't adopt the new technology their is possible  that they going to bankruptcy  because blockchain was the new update and the new technology of our generation  and all big company and establishment was adopting and embracing blockchain  and bitcoin.

[AimHigh]

Banks need to abandon the old paradigm and adopt blockchain technology in their sphere.The sooner the better.Already now there are banks in the European Union that introduce this technology and legalize.For example https://wbb.io/

You are right  because they are now adopting and accepting new technology if they didn't do that they lose or they got bankrupt because some of multi billion, big establishment, celebrity, businessman was on blockchain so that is why banks are now on blockchain.

[Malam90]

Blockchain has brought a revolution in the financial sectors. Banking sectors are coming toward adaption of blockchian technology for more advanced banking services to customers with less time and less fees where there will be no third party.

[SIDDHI777]

Banks are keen on revolutionary blockchain technology because they know if banks adopt blockchain technology into there core processes and functions there efficiency and productivity will sky rocket because it will definitely give effective ways to allow customers to do transactions and provide more benefits that the current traditional system can never think of and that is the reason they have focus on blockchain technology even they hate blockchain based cryptocurrencies and bitcoin

[cahbagus555]

The banks are aware that blockchain is the way forward the earlier they key in the better for then and their jobs. Blockchain has a lot of advantage over normal ledger the banks are using because bitcoin is decentralized and the record are immutable and it is not with a particular person control.

maybe what you say is true but why only the blockhain system that is used is not the crypto currency that is also taken and used in the economy I am sure in the future the bank will also use crypto currency

I am agree, soon or later banks will accept cryptocurrency and adopting blockchain technology. Blockchain technology offering security on data transaction and i think its needed by banks.

[kaisa]

I think there will be no financial institution like the central bank to adopt blockchain technology because they have a political element that depends on the policies of each country. But the most likely is that banks will cooperate with blockchain-based institutions or companies to facilitate more accurate digital recording.