Can blockchain replace bank?

[Pontorez]

I am absolutely sure that at a certain point in the future, Blockchain can really replace classic banks. After all, this technology today provides a set of advantages for the modern digital society and the global financial system.

[gabbie2010]

The two should be able to compliment each other (banks and blockchain technology) deploying this technology in banking system will surely go a long time way in ensuring quicker and trustful delivery and transactions service however its may likely lead to loss of jobs in the banking sectors due to the fact this technology will take over many of their duties or role.

[yeniruieni]

The Bank will not be replaceable because Blockchain has a different technology with the Bank. And this Cryptocurrency has not provided assurances of security for each user. However, the Bank already has a joint venture with the Government. But if you want to invest that can make you have a profit, you can invest in crypto.

[BoxerRobert]

The blockchain is a technology and bank is a service provider. That both are different but a bank can implement blockchain technology to their customer. As per now Indian bank's are research on blockchain technology.

[cr7]

Many States have opened a blockchain Department at universities for more detailed study of it. So in the near future we will be connected with the blockchain. But since many banks launder money, they will hinder the development of technology !

[Shtamm_oval]

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?

And why, you thought about the consequences or you think that it is so easy to destroy something and everything will be even better. Of course, with this approach, cryptocurrency is never recognized as a world currency, and it is too early for her to take such an important role in life.

[darshan331]

No it will not happen, but it is good to replace blockchain, blockchain technology advantages much better than bank for now.

[richcorner100]

I think bank can not replace with blockchain but bank will use blockchain technology to give better service and product to the customer. We still need bank and fiat because currently just alittle bit people understanding about Bitcoin and others cryptocurrency.

[lehnelora]

Blockchain technology has some very interesting features and is able to give a very big advantage. And when compared to Banks is very different. To save money, certainly safer in the Bank. While the bank also provides loans to venture capital. And the Bank also has a good relationship with the Government. And if Blockchain technology replaces the Bank, I think it can't.

[alonelyorange]

Not yet, never will be happen for seeing bitcoin or blockchain could replace bank, many people needed bank for saving their money and make transaction for sending and getting cash money by using bank, but bitcoin only for investment where we could growing up our money.

[ihaveaquestion]

New IBM world wire is built on XLM. IBM tech is responsible for 75% of bank to bank money transfers. So, yes, can replace.

[lappa1414]

The government will not allow us to switch to cryptocurrency instead of money. but someday there will be a " black market for all"

[duuuuude]

It would be good if banks switched to blockchain but not all banks need the advantages that this technology gives.

[Enzos]

The banking industry will not be replaced. Although the cryptocurrency is decentralized, there will be centralized coins in the future. Human civilization is currently inseparable from banks.

[3lyntmy]

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 possible but not so soon, i believe that blockchain will be our future technology  

[arion6868]

for currency maybe crypto can goes worldwide but for local currency transaction still is bank better than others, just imagine a dinner cost 100 dollar and u use bitcoin to pay it, the transaction fee is more than your meal

[spngebob]

for currency maybe crypto can goes worldwide but for local currency transaction still is bank better than others, just imagine a dinner cost 100 dollar and u use bitcoin to pay it, the transaction fee is more than your meal

This is what most people are wrong about, they don't understand difference between bank and blockchain. I'll only say at some point banks will use blockchain technology, this is indisputable fact.
Rumor says something is going on in europe.

[ronafurw]

blockchain will not replace banks but banks could use blockchain in their service. this will give lot of advantages, such as tranparency, transaction speed, security.

We need a bank for putting money, transfer, loans, etc. and if blockchain do all these for its users then there is no need for bank. But one problem here is that deposits in bank accounts is reliable and secure while using blockchain will be totally depend on internet which is hackable. But one thing is clear that banks will turn to new technology for survival.

[geliliyo.bit]

what happens if the blockchain replace banks ??
is there any financial flows happens ?

[cryptofunn]

I think ideally in theory it is possible. But so much money has been invested in the banking industry, so many states are tied up with banks that it is unlikely in practice that is possible. Therefore, an active process of integrating the blockchain into the banking sector and buying cryptocurrency exchanges is already underway.