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Kaznachej123
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August 27, 2018, 08:48:38 PM |
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For finance and money transfers, the blockchain simplifies this procedure by making verification and guarantees by banks and other financial organizations unnecessary and, as a result, significantly reduces the price of all financial transfers and transactions. Many banks do not sleep, and many already have their own block projects and tokens to keep up with progress!
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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dewildance
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August 27, 2018, 08:51:18 PM |
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In theory, if Blokchain and CryptoCurrencies are successful, banks may not need blockchain integration. More precisely, banks may not be. I know a lot of projects that if they succeed, they will be able to easily do what a bank does on the internet without a branch or employee. Including credits!
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xWolfx
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August 27, 2018, 08:54:31 PM |
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Blockchain is a much more secure technology to process information.
The fact that some banks would consider adopting it means that they are finally thinking straight. This is a technology that will strongly help with the inner processes of any organization which decides to adopt it, it might reduce costs in fact - Depends on the use and the way of implementation.
Instead of trying to fight Bitcoin they should realize that there are possible advantages and that we all can win here.
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shield132
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August 27, 2018, 09:14:25 PM |
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It has to do nothing with the fear of bitcoin and etc... Blockchain is another universe in this situation.
If you often read news, it seems everyone tries to move on blockchain technologies because of it's advantages, it's an extra layer of protection after all. Now even goverments move on it. Just google: Blockchain pros and cons <-- You'll understand everything yourself.
From my eyesight, now almost one company from any service tries to test Blockchain, it's like beta test, if it will succeed and will be better, then we will see massive movement on BC.
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crazybtclover
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August 28, 2018, 04:42:58 PM |
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Initially the banks did not even deem the crypto market and the blockchain technology as a threat, let alone as a competition. But as the time went by, the market got more and more popular and thus it has come to this now. They need to keep up with the pace in order to survive in this competition.
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Bounty_Hunter
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August 28, 2018, 04:58:36 PM |
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I think so banks want to show their transparency and honesty, because the blockchain is an honest system and there can not be fooled by the user.
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Ucy
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August 28, 2018, 05:30:10 PM |
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Well, Bank as we know it is incompatible with Blockchain ideals. Their own kind of Blockchain would probably be the so called Private/closed Blockchain, which makes no sense.
I think they are also trying to adapt to the current reality. In my opinion, there is no way they can compete with with the true Cryptocurrencies unless unduly favored by governments as usual.
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CorneliaMarket
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August 28, 2018, 05:54:37 PM |
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Our current digital world is transforming by blockchain technology day by day. Blockchain is a very secure record keeper mechanism by which banking system can get benefit much.
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CorneliaMarket
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August 28, 2018, 06:02:47 PM |
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Blockchain is a digital technology by which a banking system can be changed and can be more efficient by making safe, fast and cheap transaction. Also banks will able to avoid fraudulent transactions.
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Brenda Smith
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August 31, 2018, 06:03:45 AM |
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Blockchain is a innovative technology and why not bank apply Blockchain? Central banks are actively testing blockchain technology for a variety of different use cases, everything from new central bank digital currencies, new payment systems, to records management – having some kind of audit trail for certain functions and so on. Incorporating blockchains, central banks are taking advantages of this technology. I think the resilience and transparency of this technology is the reason why central banks like to apply this technology.
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Justin Jones
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August 31, 2018, 06:08:24 AM |
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Banks, especially central banks, are moving away from physical cash to a completely electronic money-based system. Blockchain is resilient and has zero downtime, so it is extremely helpful and important to banks' transformation into the completely electronic money-based system.
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Pamela Andrade
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August 31, 2018, 06:08:36 AM |
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Blockchain can be quite resilient, it can also be a way to create greater transparency into central banking, more credibility because of the rules a blockchain-based system enforces. Nowadays, banks are thinking about moving to a electronic money-based system, so Blockchain, with the above features, is of great importance.
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Brandon Thompson
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August 31, 2018, 06:08:51 AM |
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I think Blockchain with the feature of transparency can help banks with clearing and settlement. In fact, the tangled web that records loans and securities costs investment banks billions of dollars to run. That amount of money can be lowered by using blockchain technology to improve the efficiency of clearing and settlement. It's likely that Blockchain can restructure banking industry.
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Mark Tabicas
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August 31, 2018, 06:16:06 AM |
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Blockchain may indeed be exactly what big data analytics needs to scale the ecosystems appropriately. This technology will undeniably help AI realise its potential and open up development opportunities that have previously only been available to proprietors of data.
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kolsernik
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August 31, 2018, 06:27:03 AM |
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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/ |
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Fretcy
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August 31, 2018, 06:44:47 AM |
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The opportunity to start banks with low cost is attracting many new fintech people and banks are trying to reduce transaction cost and papers so banks are attracted towards blockchain . The wide circulation of blockchain and the popularity of cryptocurrencies and the boom of ICO's has contributed ,could not deny their potential of blockchain technology . Blockchain can solve lots of problems and it has a transpiracy and no manipulation can be done and blockchain technology provides high security .
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zimpleskill
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August 31, 2018, 07:22:27 AM |
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The banks and other institutions saw the greatness of blockchain. They wanted to adapt it so that it will make their transactions faster and cheaper. Aside from that, it is really very convenient to use. Blockchain has a great potential in the future. So that's why they are joining ....
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Athanasios Motok
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August 31, 2018, 07:59:45 AM |
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It seems to me that the blockchain system and banks can work. But cryptocurrency and banks are incompatible. The blockchain system was created for transparency, if banks are ready to work transparently, so that everyone can see the transitions of transactions and payments, perhaps it will be a new economy. |
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Miklight88
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GDZKVBV3L3JU5TFDBWMUMPZAHD3OSM2I3TAJRWPG7KU5U4UZCI
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August 31, 2018, 08:27:05 AM |
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Bank trying to use blockchain should not be a case study , because blockchain is a new technology using to track data on any activity for a reference purpose which must find the previous transaction before generating the next and can't be adjust after being produce, and if banks use it , it will easy their work and makes the data decentralized for the use of general public , Bitcoin is a cryptocurrency that use blockchain to store it data too for future reference and same will apply to banks if adopt blockchain.
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