Can blockchain replace bank?

[Mkpez]

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?

[True Vozer]

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

[jossiel]

I'll replace your question and I guess its better if you'll ask this "Will the banks use blockchain technology?"
 
I doubt it that the banks will be gone in the future though we got crypto, we can fully ignore the banking system and stick to crypto's as no need for an application to open a bank account, no requirements needed and no more waiting days of creating our own bank accounts. Our wallets are already our bank accounts.

There's also a tendency that the bank will join this crypto revolution as they have no choice to compete against it.

[Tearz]

Obviously it's just impossible in this age my friend , just think about people who doesn't know nothing about crypto and blockchain. Crypto needs much more develop, first of all crypto need replace cash money, but we wont see this probably.

[lizardbtc]

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?

Listen, big money guys would not let crypto happen easily. As we already know countries like China are not lets say happy with crypto. On the other side people have trust in banks. With crypto since many people don't know what responsibility is will lose their keys, be scammed, send to wrong address and thus be unable to get a refund or anything. Thus they might even see it as something they don't want to use/be part of. As I am seeing banks might in future offer the ability for users to use crypto and fiat altogether. But for this to really take off a lot of time has to pass. And maybe we will see it. Mass adoption is still long way ahead. From this point I don't think it will replace banks.

[Mkpez]

I'll replace your question and I guess its better if you'll ask this "Will the banks use blockchain technology?"
 
I doubt it that the banks will be gone in the future though we got crypto, we can fully ignore the banking system and stick to crypto's as no need for an application to open a bank account, no requirements needed and no more waiting days of creating our own bank accounts. Our wallets are already our bank accounts.

There's also a tendency that the bank will join this crypto revolution as they have no choice to compete against it.

Nice one sir, thanks

[katri]

Nope, impossible for blockchain to replace banks, its because banks are institution why blockchain is a system. The institution will use the system but not the system will replace the institution. There are banks now that adopting nlockchain in their system well its a good news for us crypto enthusiast.

[billy.ryoko]

I think it impossible to replace the bank system in this moment, maybe they will use the blockchain technology in the future, but how you think when the network is busy, they will pay the higher transaction fee, and increase the transaction time?

[GREENch]

In such countries as the one in which I live, where the mortgage is from 8% per annum replacement of the Bank for a loan, through a smart contract, from another person, at a sane percentage would be a very interesting and popular solution.

[DabsPoorVersion]

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?

its impossible for blockchain to replace banks, blockchain is a technology that is being used as a channel, it means every transactions flows in different blockchain, it is not something like bank which can hold your money for good.

[argus312]

Most likely banks need to apply blockchain technology, but it seems to me that they are unlikely to go for this!

[jossiel]

I'll replace your question and I guess its better if you'll ask this "Will the banks use blockchain technology?"
 
I doubt it that the banks will be gone in the future though we got crypto, we can fully ignore the banking system and stick to crypto's as no need for an application to open a bank account, no requirements needed and no more waiting days of creating our own bank accounts. Our wallets are already our bank accounts.

There's also a tendency that the bank will join this crypto revolution as they have no choice to compete against it.

Nice one sir, thanks

Welcome but don't call me sir.

I've told this yesterday to someone on the Beginners and Help section I just don't feel to be addressed that way. 

Most likely banks need to apply blockchain technology, but it seems to me that they are unlikely to go for this!

They will and they are starting.

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[Btcallans]

I don't think so. I think it much riskier if you put in your money in blockchain compared to banks. Since most of the bank in the present is already establish for a long time.

[ppppph35]

I don't think the blockchain can replace the bank, because the blockchain is a technology, and the bank is a department, they can't compare them, but we can use coins to buy what we need, which I am very much looking forward to.

[rollingstorm45]

it's impossible for banks to be replaced by blockchain, but if banks adopt blockchain, maybe it's better
because now what people need is simple, safe, fast and reliable where from this trust will grow and has the potential to dominate the banking market
banks should be more open to blockchain technology

[popkiko]

No, because blockchain is technology that high risk in terms of stability of money, maybe if banks adopts blockchain that is better to make faster transaction.

[knuckey]

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 will not be replaced, but in the future the bank will evolve and turn its technology into blockchain. because if the bank does not do anything in this era of digital technology, the bank will be left by its users.

[Itsmylife]

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?

you have a mistake between two definitions blockchain and bank, blockchain is a techology, the bank is a company. Blockchain technology can be used to create the digital bank, I think Banks can use blockchain as a way to save transaction fees for customers.

[yanto@1977]

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?

I will say " NO " ( for now ) need more research and law to do that, for this one government will involved. Blockchain is good technology but bank need recommendation and protection to use it because all financial instrument already there. Maybe someday it will but not for now.

[SlavSL]

Many banks already use blockchain technologies, for example Ripple blockchain. In future banks and blockchains will merge