Can blockchain replace bank?

[sorrros]

Blockchain and cryptocurrencies will be created to replace current bank system. But I think still people are not ready to use this technology. Many of them do not know more. For example that payments are not reversal or their funds are not  insured.

[1714883501]

1714883501

[1714883501]

1714883501

[1714883501]

1714883501

[TaofenBoy]

Your statement is wrong in itself, why should the blockchain replace the bank? Are they the same thing? There is no substitute here, but we all know that blockchain technology will definitely be used by banks.

[Sarisang]

I think this blockchain will thus support the bank system or help get better and not replace the bank. blockchain can help prevent data theft and this is certainly good enough when applied in the bank. This is quite good because of a security network in the blockchain complex as well as a large number of verification would be the occurrence of a transaction so that's quite impossible when there is data retrieval or data theft.

[Ewinsane]

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?

What you do not understand is that blockchain is a technology that simply can be adopted by the banks, so blockchain on its own cannot just simply replace banks.

This is a technology that would certainly be applicable to a whole lot of sectors, from financial sector, to health, to gaming, to engineering, name them all. Banks will always find a way to stay relevant at all cost, and as long as fiat cannot be eliminated, banks cannot be eliminated.

[maman09]

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?

not for now, even for a long time. the existence of a bank is a benchmark for every country, banking destruction is a destruction for a country. so if banking uses the blockchain system I think that has happened and will be used globally. it's just a matter of time.

[dulce dd121990]

There is a big possibility that blockchain can replace banks. But that may be happen in the next year or maybe century, since blockchain market today is in crisis. Banks needs a stable currency and that needs the blockchain to develop. 

[haroldtee]

There is a big possibility that blockchain can replace banks. But that may be happen in the next year or maybe century, since blockchain market today is in crisis. Banks needs a stable currency and that needs the blockchain to develop. 

That is certainly illogical! I wonder why a lot of people are not even seeing the fact that blockchain and banks are totally two different things. Bank is an entity for saving money, giving loans, investment and so on, whereas blockchain is a technology that is there to help disrupt the way we spend.

Now, I see banks in the long run, adopting blockchain and in that case, banks will still keep finding a way to stay relevant. It can only challenge them in discarding the way things are done in the past.

[Stavri]

they can not replace totally. but after adoption to blockchain technology and cryptocurrencies, dominance of those traditional banks on nowadays financial ecosystem is going to reduce for sure. blockchain will provide a better financial system for all of us.

[boljul]

Blockchain indeed is just a method of storage the data, but bank is the subject of storaging. To replace banks we need financial ecosystem that will give the same functions.

[doctordidi]

I think it is difficult for blockchain to replace banks, but if the Bank uses the blockchain system it might happen, because what we know for now is that the bank is global, and in every country, and has been recognized by every country.

[vanthanh1320]

I don't think so, cashless society will be the trend of the future so the government and the central bank have no choice but to prepare for the trend. But a cashless future does not necessarily require government-recognized virtual money. Although Bitcoin and other virtual currency technologies will certainly pave the way for the introduction of many useful applications, cash replacement can not be one of those applications. Blade technology brings two important features of Bitcoin - allowing peer-to-peer transactions to take place without the need for a trusted intermediary, and allowing parties involved in anonymous transactions. On both sides Bitcoin is quite similar to real money. But while real money is the responsibility of the government, with the central bank controlling its value, virtual currency is not the responsibility of anybody. This is a dangerous defect in its currency. Nothing or anyone can stop its value back to zero.
Digital money may or may not be the future of money, but if governments release virtual currency, they will have other characteristics than Bitcoin.

[indoagung88]

If we talk today, I think it's still too early. If the Blockchain is to replace the BANK ?? There are several factors that do not allow this to happen. And the most important thing is that you also need to understand about Blockchain and also cryptocurrency.

[dxgam]

in my opinion, blockchain cannot replace a bank. because the blockchain performance system is different from banks. blockchain is an egalitarian system of recording digital financial transactions and no third party intervenes. whereas the principle bank works to accumulate funds from third parties to be channeled in the form of third party loans.

[asayoyaasa]

I think blockchain can't replace the bank, its possible if the bank use blockchain technology to make it better. You know in the world every country have bank which is can manage their money and its so difficult for blockchain overtake the bank.

[alexhitch20]

I don't think so, most people won't enjoy no customer service etc. Most like chargebacks for scammers aswell, hence why paypal got so popular.

[baduday1991]

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?

No, because blockchain is a technology but with an organization or a company uses this kind of technology and do something that are more faster and secured transaction more than the banks do for sure it will replace the banks.

[hanlap]

The latest blockchain technology is making a difference in the career of the finance and accounting profession and can replace the functions of the bank as well as the legal profession.

[maemunah]

Blockchain and cryptocurrencies will be created to replace current bank system. But I think still people are not ready to use this technology. Many of them do not know more. For example that payments are not reversal or their funds are not  insured.

but if I think even though people already know about the bank blockchain system it will not be replaced because in the blockchain system there is no such thing as insurance losing money

[Siren]

Theres no replacing that will happen because banks now are starting to adapt blockchain to their systems and its obvious that they are learning the lessons that they will be leaving behin if they continue to denied the reality that cryptocurrency is the new era of money investing and they need to take it or they’ll be gone

Bankers are smart and all they need is money,to profit and what ever it takes still the objective of gaining is their priorities so now blockchain has been entering their technology and ofcourse all the technology behind the cryptocurrencies,congratulations to all of us because this is the innovation of virtual currencies

[anobtc]

Blockchain can be a platform technology. I think it can take many years - perhaps decades - to develop, standardize, and integrate with the architecture of the Internet and the financial system. It will need to be accelerated, made more efficient and reduce operating costs. However, it is likely that eventually, it will become a fundamental change in commercial activity.