Can blockchain replace bank?

[Siegtal81]

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?

Blockchain is an excellent technology that can be easily replaced. But after all, banks can be replaced by a blockchain. I think that if it is possible and necessary, it will be applied

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[Bitknick]

These are different things, and I do not think that the blockchain can replace the bank, but I am sure that the blockchain is fully capable of infiltrating the bank!

[Remainder]

These are different things, and I do not think that the blockchain can replace the bank, but I am sure that the blockchain is fully capable of infiltrating the bank!

I also agree, no other can replace on our existing bank system even the new blockchain technology because for me blockchain is made just to have an other alternative payment system that don't need banks.

[keepandhold]

Of course, the blockchain will be able to replace banks, all functions of bank employees will be performed at the level of smart contracts. Only the banks will have to disappear and I think that the bankers will do everything possible to prevent this.

[cescudero95]

I'm curious, how is loan approval/validation performed on the blockchain?  One of the key functions of any banking institution is the extension of credit.  Therefore, you cannot be anonymous if you wish to be approved for a loan over a blockchain solution.  How, otherwise, could the creditor(s) assess the credit-worthiness of the borrower?

[Happydd]

The blockchain system is very useful for us. But it can not substitute for the bank. It can help us better manage the data but can not replace all the bank's work. Whatever work needs human intervention.

[ice098]

These are different things, and I do not think that the blockchain can replace the bank, but I am sure that the blockchain is fully capable of infiltrating the bank!

I think blockchain cannot replace bank because they are totally different because bank system runned by someone while blockchain no one can control it. But they can collaborate by using blockchain system to the bank so that bank will be more stronger and more secured. I think if the blockchain will allow innthe system in all of the government so that the corruption will be lessen.

[Ini35]

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?

Blockchain technology is an evolving technology. It is evolving in the sense that we are yet to explore all the potentials it has. Personally, i am yet to learn and know all that blockchain technology can do and i believe experts in this field are still working on it and are coming up with different discoveries. So, it will definitely be useful in different sectors and industries and not only in banking, but it might not replace banks totally.

[dumplingsandsushi]

I've always wondered why people think things like this.
Another one I hear is "can crypto replace cash and fiat?"

All around, the reality of the world, is that it can have both things at the same time with each not taking down the other.
A more realistic idea is that banks adopt blockchain, they coexist together.
they both offer valuable services to society and aren't direct competitors.
I suppose you can say that blockchain enables complete p2p transactions so banks aren't necessary.

But even in totally unstable countries like central african republic or venezuela, where hyperinflation basically makes all purchases p2p (it's how black markets run).
there are still banks and bank services.

Of course, it would be nice if blockchain makes it so banks don't have such an authoritarian grip on the world lol.

[qolaqola]

Blockchain cannot replace a Bank because their purpose is too different. The Bank performs other functions. A blockchain is a database of transactions. the Bank can use blockchain in its activities. Other people can organize a kind of Bank on the blockchain. But let's not do a substitution of terms.

[MetalEngine]

Considering the security level of blockchain - yes, it can. However, data center can be attacked the same way as the stongbox. That`s why it is not very useful

[E_3fff]

Well, I do not like the Bank as an institution. On the one hand, this is what was necessary for the development of the Institute of Finance. But now it is a means to extort money from citizens.

[kalstarzz]

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?

with the features and sophistication that the blockchain has, I think it can replace the bank. because with this technology all people can save time, and make it easier for every transaction they make.

[ambeo]

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?

my thought here, yes. in the future, it may be one of the major changes that take place because of the crypto. as you said, no languages barrier and any other inconvinience connected with a bank system

[bkbirge]

Within 50 years I'm guessing. Sooner than that we will be in a world of mixed methods with electronic decentralized gaining more ground and banks trying to co-opt and centralize the technology.

[Leonard2016]

I have heard that Ripple had made some agreements between some while ago , And yes I'm pretty sure that banks would go that way , they are smart and want to make the most profit , so they choose the best ways and I think blockchain is a good new way .

[Tigra3458]

I'm curious, how is loan approval/validation performed on the blockchain?  One of the key functions of any banking institution is the extension of credit.  Therefore, you cannot be anonymous if you wish to be approved for a loan over a blockchain solution.  How, otherwise, could the creditor(s) assess the credit-worthiness of the borrower?

Here about any anonymity can not be considered because Monroe is a kind of antipode cryptocurrency, and it works according to other rules than the crypto-economy

[jakiro.hovard]

Required. This will definitely happen very soon, because today cryptocurrency is probably the most profitable business for the whole world. Everyone understands that sooner or later we will switch to cryptocurrency.

[johnleo]

I think old and big bank will hesitate to adopt blockchain technology since they have a real and direct relation with economy of the country where they operate, but new or small bank will take a chance to adopt it to attract new customers.

[andrey755]

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?

Banks are already concerned about this issue, so they are considering the possibility of using blockchain technology in their field, otherwise they will go into the past, as much has already gone. Banks are intermediaries between the seller and the buyer, who impose their intermediary conditions than increase the value of the product. They must be removed from this chain.