Can blockchain replace bank?

[bittick]

Blokchain can easily replace a bank because it is transparent and safe, but before that it needs to become as convenient as a bank, people first have to learn to trust a blockchain only then they will take their money there. Unfortunately, most people, associate blockchain with bad things.

NO. people generally think of blockchain as a good thing because so many company has repeatedly saying that this blockchain technology could be useful for humanity but the opposite for cryptocurrency which is one of blockchain product.Moreover blockchain can be used by bank too.

[1714861378]

1714861378

[Primaryio]

Blockchain presents a double-edge sword for banks. On the one hand, it could potentially save banks billions in cash by dramatically reducing processing costs. Banks are salivating at the opportunity to reduce transaction costs and the amount of paper that they process. Implementing blockchain would make banks increasingly profitable and valuable. Blockchain will dramatically reduce inefficiencies in the financial marketplace. Banks and financial institutions will take advantage of blockchain benefits and incorporate many of the advances being implemented by fintech startups. So i don't believe that it will replace the banks, it is gonna be used by the banks, as by a whole bunch of other industries.

[Revvo1]

No. Blockchain is a technology while bank is an organization. They can't replace each others.

This is kinda true. I don't think one can replace the other, but one can eventually over Shadow the other. Thou banks since their inception has been playing vital role in peoples daily living; financially wise. Blockchain technology for me is becoming the highest stage of financial easiness. Even banks are beginning to adopt some parts of crypto knowing fully well, it will make them better.

[duoleduo]

Banks will not disappear, and in the future banks will work with blockchains and they will merge. The world needs banks.

[BitcoinBooster.info]

Yes why is also not present. I think quite to myself can replace a bank sisitema. Banks became outdated for a long time. They take from us the huge commissions for transfer of our money or for their removal. Even when we lay down the money for a card from us is withdrawn by percent. If the blockchain manages to replace a banking system I will be very glad. With its help it is possible to transfer any amount quickly and almost free of charge.

[Boris_sahnevich]

The banking system is too strong, it has enormous power and it will be very difficult to destroy it.

[Darker45]

Blockchain does not have to replace the banks. As a matter of fact, some banks are now shifting to the use of the blockchain technology. It is not just the banks that are using blockchain. Government agencies in some parts of the world are already trying to explore the use of blockchain for a more efficient services. In fact, governments themselves are also appreciating the amazing potential of blockchain.

[Tonstar]

The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?

it is hard to say for sure as technologies nowadays are developing so rapidly so maybe one day it will happen but i am not sure

[MisterLangley]

Blockchain does have good technology for the financial system, but to replace a bank, I don't think so. Bank can implement systems like the system that is on the blockchain.

[Tonstar]

Blockchain does not have to replace the banks. As a matter of fact, some banks are now shifting to the use of the blockchain technology. It is not just the banks that are using blockchain. Government agencies in some parts of the world are already trying to explore the use of blockchain for a more efficient services. In fact, governments themselves are also appreciating the amazing potential of blockchain.

bank system will change within time there is no doubts about that but i do not think that something can fully replace it

[crypthomonkey]

No. Blockchain is a technology while bank is an organization. They can't replace each others.

i think that there is no need for bank to replace blockchain or for blockchain to replace bank system they both are needed

[crypthomonkey]

Blockchain does not have to replace the banks. As a matter of fact, some banks are now shifting to the use of the blockchain technology. It is not just the banks that are using blockchain. Government agencies in some parts of the world are already trying to explore the use of blockchain for a more efficient services. In fact, governments themselves are also appreciating the amazing potential of blockchain.

bank system will change within time there is no doubts about that but i do not think that something can fully replace it

i agree and i do not think that bank system needs to be replaced it is a necessary institition and we need to save that

[goldenstatewarriors123]

I don’t think blockchain could be fully replaced by bank as bank is financial institutions that play a key role in the economy. On the other hand, blockchain is just a technology for a growing list of data. 

[karicir]

I think this is quite possible and everything is gradually coming to this. Blockchain this is the banking technology of the future and already the present.

[daviidalpert]

blockchain will not replace banks.because banks have a very important position in the country.But banks will use blockchain technology in the future.We should witness its development.

[hariini]

In terms of its use, it might be more appropriate instead of replacing banks, it's just that the blockchain will be more widely used than banks, in a blockchain using high security and very difficult to hack and also not need to use third parties. maybe in the future the blockchain will become a very advanced technology.

[castiloros]

Blockchain does not have to replace the banks. As a matter of fact, some banks are now shifting to the use of the blockchain technology. It is not just the banks that are using blockchain. Government agencies in some parts of the world are already trying to explore the use of blockchain for a more efficient services. In fact, governments themselves are also appreciating the amazing potential of blockchain.

This is a true fact. blockchain will be able to be the complement in the bank system to make it more secure and more perfect to use. systems with verification codes belonging to blockchain will be better applied in the bank to avoid a wide variety of disorders or even hackers languid occurs.

[dewildance]

Your question is certainly not for today! If you're asking what will happen in the future, there will be a blockchain solution for not only banking but many sectors.

[Thesaintplague]

No, I don't think we'll be able to get rid of the banks completely in the near future. This is the task of the next generations - our children, grandchildren and great-grandchildren. Now we can transfer banks to the blockchain. The difference will not be great, but it will be the beginning of a great way.

[JeffreyBasil]

The current trend of blockchain is very high, couple with it's ability to execute millions transactions within seconds, few transactions cost and no third party is require or paper signing. All transactions recorded and kept open, taking alway cross border and languages barrier, excellent in e commences. So many features to change the world. My emphasis is can blockchain has the capacity to replace bank?

Well not really sure but yes to some extent it can replace bank. Blockchains are really in the trend nowadays. There are a lot of coins using blockchain technology. ParagonCoin is one of them.