Why Banks on blockchain?

[jake zyrus]

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?

Of course banks need to adapt with today's technology or esle they will be surpassed further by bitcoin and other cryptocurrencies. This upgrade is just a start of how blockchain will revolutionize our economy in terms of financial and business transactions. It's proven to be more efficient and holistically cheaper than conventional fiat so it just matter of years until it would be implemented and use in the same frequency as today's fiat.

[saumang2m]

Blockchain is the new currency in today's time. It is very easy to use. And we can transfer this currency to anything in less time. In this transfer we do this from the currency. They are transparent in them. Because of which the bank has not adopted blockchain. Thereby, blockchain and bank are being damaged.

[vgk88]

I think Bitcoin can minimize their costs. Therefore, it is beneficial for them to implement the blockchain in their work. But I think Bitcoin is not very profitable for them.

[kucritt]

blockchain is the great system i think, and maybe it will make a big changes when the banks use the blockchain system. and i think right now there are many banks that learn about the blockchain system and so some research about the blockhain system

[SamarasLoch]

I agree with you.  Blockchain has proved to be very useful especially in the financial industry.  With blockchain,  several setbacks experienced by banks will have a solution.  For example,  fees used for transactions will be reduced to the lowest minimum and this would really help the bank as well as its customers. We need banks to be blockchain-based so we can exploit the full power of the blockchain in our day-to-day transactions.

[Patient_Zero]

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?

many people already understand blockchain technology, with a decentralized system that makes it very easy to monitor the movement of money and makes it very safe without being broken by irresponsible parties, the bank also knows that blockchain technology makes it very easy for us to conduct financial transactions wherever we are in any country, maybe something like this from the bank's side wants to adopt a more advanced system of crypto currencies.

[aray80]

Today many of the Bank Managers are studying about the Blockchain and are starting to implement this technology, because the blockchain is a distributed data storage technology that verifies records of transactions recorded transparently in ledgers so that anyone can access, to prevent hacking. therefore the Bank also needs it for prevention from the hackers

[Kurevazeyo]

Many of banks entire world that adopting blockchain including bitcoin for them to expand and embrace the updating new technology or else they well bankrupt or lose their business because as we can see people was aware on blockchain and they also adopt and embrace it just like bitcoin or other altcoin so that some of banks including here in my country that they need to explore and adopt it for them to expand their business regarding blockchain.

For cryptocurrency the bank is still awaiting regulation from the government, because the bank must have KYC while cryptocurrency is anonymous. But the technology that accompanies that is the blockchain, the bank is very supportive, because of decentralization. The results obtained are increasing efficiency which has an impact on improving service to customers.

[CryptoMoar]

in my opinion the bank is interested in using the blockchain because by using the blockchain technology the transaction system in the bank will be faster because there is no need to use a third party. then the cost is also cheaper compared to using a traditional transaction system. and blockchain is more transparent everyone can access data or money easily. maybe in the future the blockchain will replace credit cards and debit cards.

[gesdan]

all we know here is blockchain is the great system and the important things that it is a secure system. and I think there are many banks that will learn about bitcoin in the future, they want to use blockchain for their system to change their old system

[Ladyga]

Banks are interested in blockchain technology, as they believe that this will allow them to respond in a timely manner to the aggressive threat that bitcoin poses to traditional money. Although now many financial institutions are talking about their interest in the blockchain, they ignore the fact that cryptocurrency is necessary to create a blockchain. blockchain amid the understatement of the significance of bitcoin Hacket sees attempts to reduce the risk for traditional currencies.

Banks and rulers of different countries that regulate national currencies recognize that cryptocurrency is one of the few alternatives that will allow for the safe and efficient use of money, bypassing the control of the bank and the government.

Using Bitcoin contributes to decentralized trust, which is the main advantage of the bank. He also threatens the monopoly of the state to issue money.

Since Bitcoin is a decentralized network, traditional methods of dealing with legislation and intimidation tactics will not work. Instead, banks are trying to adapt the blockchain to protect themselves from bitcoin.

At the moment, many banks, hedge funds and fintech companies claim that blockchain will change the future of the financial system, improving its efficiency and safety.

[Menawi12]

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 think banks adopting blockchain technology because banks realize blockchain is good technology to secure their customer data and can saving a lot cost. New technology like blochchain should give an advantages and blockchain provide it

[Joeyvicky]

Every goodthing does not speak of itself and as far as blockchain has been exposed to the world there is no reason for such as institutions like banks to hold back without moving unto blockchain. Is ideally tried and tested platform to better the function of banks and to me is a good move.

[burky156]

The banks and the goverments.. Two very important think with the bitcoin and with the cryptocurrency today. Both of them used to have some problems with the blockchain and with the coins. But they would never leave the market. I am sure they both try to find things that brings benefit for them. They always try that. Otherwise the bitcoin or the altcoins couldn't come this far.

[rudox]

Blockchain is the latest technology that has a lot of innovations that will help and strengthen the banking industry. Blockchain will help to check fraud in the banking system. It will also make transaction faster even confirmation of transactions will be swift and effective. Blockchain will help banking data to safe and available anywhere and anytime.

[nellakarisma]

because bnak seeing the system contained in bleckchain is very useful. to prevent corruption. especially in Indonesia the bleckchain system has been established in all of the animals in Indonesia

[mitchr4]

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?

Sure and can work with that. If you look at some of the most cryptocurrency use blockchain technology that is much safer. The decentralized nature makes this technology can not be changed and can not be controlled by the government though. Each transaction is faster, offer a low cost and transparent. That is why many banks wanted to adopt the technology blockchain.

[LeGaulois]

Banks aren't going to develop decentralized blockchains. They don't have any use of it. But they do develop centralized blockchains for their own benefits and not for the sake of "transparency" "decentralization" "pseudo-anonymous"
They can increase their security, increase the speed (and so efficiency), save on operating costs, save on employees, and more things
We should see banks adopting blockchains as a bad thing, it's an adoption of new technology like internet was new.

[leetcoiner]

Banks aren't going to develop decentralized blockchains. They don't have any use of it. But they do develop centralized blockchains for their own benefits and not for the sake of "transparency" "decentralization" "pseudo-anonymous"
They can increase their security, increase the speed (and so efficiency), save on operating costs, save on employees, and more things
We should see banks adopting blockchains as a bad thing, it's an adoption of new technology like internet was new.

Banks are also different. There are banks that go to meet the client in solving various problems. There are also banks that strive to develop in step with the times, because their Directors are young people and follow new trends. Such banks will use blockchain for such banks in the future.

[seleme]

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.