Can a Bank Run Financial Activies on Blockchain Without Crypto Currency ?

[Teamfearless]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

[NeuroticFish]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Yes.
Blockchain is only a specific type of database. For a public blockchain the crypto currency is a way to bring incentive for the average Joe to mine the new blocks (which will help record the new data and bring strength against 51% attacks).
A bank can probably have its own private blockchain and will handle internally the mining and safe keeping of the blockchain without requiring some coin for that.

[dothebeats]

It can since blockchain is just a way how to store data after all, though the banks must invent a way to get a system going to produce blocks of data and have them chained together. Some banks are already trying to integrate blockchain into their systems, and it's just a matter of time before a bank gets a fully-working system that uses blockchains for its own financial services. It's not really impossible, we just haven't seen a working one as of late.

[VitKoyn]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Of course they can because blockchain technology is not just about transacting cryptocurrencies it can also just store data, blockchain can work without cryptocurrency and it has a lot of potential for different uses and it can improve a lot of systems because it is resistant for modification or hacking, for example in financial sectors like banks, blockchain can reduce fraud from those banks because all data that are stored on the blockchain cannot be changed, but of course banks don't want that to happen lol.

[Teamfearless]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Of course they can because blockchain technology is not just about transacting cryptocurrencies it can also just store data, blockchain can work without cryptocurrency and it has a lot of potential for different uses and it can improve a lot of systems because it is resistant for modification or hacking, for example in financial sectors like banks, blockchain can reduce fraud from those banks because all data that are stored on the blockchain cannot be changed, but of course banks don't want that to happen lol.

thank for answering but what i am trying to ask is that , can bank sector do transactions on blockchain with creating the own crypto Currency  ?

[franky1]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

"transactions"
moving value /financial transaction is by very definition creating their own crypto currency.

however
a blockchain can be used to run a ID blockchain to allow/reject which members of staff have access to different data
a blockchain can be used to run a customer personal details blockchain to keep customers home addresses uptodate
a blockchain can be used to run a call centre log of calls taken by particular staff in different call centres

[suzanne5223]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

"transactions"
moving value /financial transaction is by very definition creating their own crypto currency.

however
a blockchain can be used to run a ID blockchain to allow/reject which members of staff have access to different data
a blockchain can be used to run a customer personal details blockchain to keep customers home addresses uptodate
a blockchain can be used to run a call centre log of calls taken by particular staff in different call centres

Well said. Yes banks can run financial activities on blockchain without having their own crypto currency because blockchain can used to stored data, it can be used for security some classified information, can you used to distribute some information to the right people. The banks only have to understand and choose the size they want to use it for.

[avikz]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

The answer is yes! Firstly you should not consider blockchain and cryptocurrency as a single thing, they are two separate things. Blockchain is a technology and cryptocurrency is one of the use cases of blockchain.

Banks have already started using blockchain to power up their transactional activity. Read the below news,

https://www.cnbc.com/2018/05/14/hsbc-makes-worlds-first-trade-finance-transaction-using-blockchain.html

So it's already a reality!

[thesmallgod]

yes, it is possible the reason why many blockchain introduce a token (that you call cryptocurrencies) is to provide a means through which users of such platform pay for using the services (transaction charges, mining etc). for a private financial institution that wants to improve on managing and store a large amount of data. they may not need to create crypto but in case they need some external agent (such as miner) to keep the platform running then they will need to provide a way of incentivizing them and such is what happened in cases of some coin that are created by blockchain that is used for financial activities

[hxtop]

It is a possible thing that could be done easily. A bank can implement its internal financial activities via having an unique currency or not. Although there are some legal issues not to have internal currency, there is no a technical barrier for that. As you know, banks don't have right or authority to issue money on the market.

[dewildance]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

It is easily possible. They can create their new network easily and progress with it. I think central banks can create and open for use all their national banks. So all banks use same network and make their transactions quickly.

If they think it globally, then they can use Bitcoin

[FedorIzmailov]

I think that maybe why not? blockchain can exist without cryptocurrency and it is important to understand

[enogheghase123]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Absolutely no, this is not possible, the blockchain technology must be backed by crypto currency, for any transactions to run on the system, it must have it's own coin. The whole idea behind crypto currency is to tokenize the transaction system, this could only be achieved when all transactions running on the blockchain has a token.

[Dexion]

Of course. banks can use the concept of blockchain without crypto currency. blockchain has many functions. so the bank can use the blockchain system to store customer data. save money. and make monthly reports. even the blockchain can be used to record every meeting.

[pooya87]

i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

the answer is no.
others (except one) are misunderstanding the question since it is a bit strange. of course as others mentioned the technology is a different thing and they can adopt it without using the bitcoin or altcoins. but that is not what you are asking here?

first you need to know that there is nothing called "coin" in this technology. we only have a ledger that we store "transactions" in it. and then we call those transaction outputs as "coins". when you want to use this technology you have to do the same, meaning create transactions and store them in that ledger (like a database) so you are creating your own blockchain, your own transactions or your own "cryptocurrency"

[bitcoinzen]

Blockchain can be used for banking and financial activities whereas cryptocurrency is to run an asset in the digital trading platform. ripple blockchain is widely used in the banking application

[geminiboy]

thank for answering but what i am trying to ask is that , can bank sector do transactions on blockchain with creating the own crypto Currency  ?

So far, I know that banks have not used blockchain transactions and they do not think they will create a crypto coin in it because this is against the bank that has hated the existence of crypto, if it is true that banks will use the blockchain system without crypto currency

[bolbau]

yes they can use blockchain technology for bank purposes without having to get involved with bitcoin or cryptocurrency, because fundamentally blockchain is a technology related to databases, and cryptocurrency is just one of the digital currency innovations that use that technology. and also the blockchain is not only focused on financial matters both crypto and banks, many companies and even governments make discourse on the use of blockchain for ease of transparency and data processing.

[peter0425]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Definitely. Bitcoin and Blockchain are separate entity. What powers bitcoin though is blockchain technology. Just what others have pointed out, blockchain is sort of a ledger or database that can be used not just by the banking industry but other sectors that involves high volume of data to be stored like supply chain management or logistical system.