Can Blockchain Replace Banks?

[Unblock_news]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

[odolvlobo]

Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.

[jseverson]

There will always be demand for custodian services, so no. The most anti-bank thing I see happening is for banks to completely pivot their businesses towards crypto. That means insured crypto safety accounts, loans, etc.

[avikz]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Blockchain replacing banks - is a great subject for day dreaming, but that's not gonna happen! Not at least in our lifetime! No nation would throw out their authorities over the money to a technology that is controlled by none! Also having no authority will also lead to a lot of other problems. Let me give you an example,

In case of a fraud, now you can actually contact you bank and police to get that transaction reversed to your bank account. How you will handle the same situation if it is controlled by none or the same fraud happened in your bitcoin wallet??

Centralized authorities are not bad, just some revamps are required to adopt the changes of a progressive economy! Complete decentralization is a myth!

[Kemarit]

Not gonna happen, we love blockchain technology but I don't think it will totally replace or make bank obsolete, simply because banking system is a business, no one would allow their business to be swept just because a new technology emerge.

Right now banks are seeing the potential, that's why even banking system around the world are totally split as far as crypto or blockchain goes. There are majority who sees crypto not a competition but rather a model wherein both banks and crypto's can exist. While on the other side, there are the old and traditional way of thinking, crypto is negative and disrupting the banking ecosystem.

[audaciousbeing]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

This issue has been over-flogged already in the sense that the possibility of blockchain replacing bank is likely impossible what we will likely see is the bank system implementing the blockchain as a technology into their operations in other to make it more efficient which I believe they are already doing something about. And insinuate about bitcoin now replacing the bank, then that is also likely not possible because as we go into the future with series of new technology springing up everyday, banks have the resources to hire anyone to deliver a solution that could feature effectively in that same future.

[el kaka22]

I think blockchain can replace mastercard/visa and not banks, bitcoin is a currency and not blockchain is the underlying technology that helps you send and receive bitcoin from each other (also other altcoins have blockchain too) and it helps sending something from one place to another just like mastercard/visa, so blockchain will not replace banks, maybe crypto will replace banks but then blockchain will replace the mastercards of the world? Who knows, I just know that its not bank like technology just yet, maybe instead of blockchain replacing banks the banks will instead start using more blockchain and implement it into their systems so they could work together instead of fighting against each other, that would be a lot better than fighting against each other.

[arpon11]

I think blockchain can replace mastercard/visa and not banks, bitcoin is a currency and not blockchain is the underlying technology that helps you send and receive bitcoin from each other (also other altcoins have blockchain too) and it helps sending something from one place to another just like mastercard/visa, so blockchain will not replace banks, maybe crypto will replace banks but then blockchain will replace the mastercards of the world? Who knows, I just know that its not bank like technology just yet, maybe instead of blockchain replacing banks the banks will instead start using more blockchain and implement it into their systems so they could work together instead of fighting against each other, that would be a lot better than fighting against each other.

A well saying sir! It is very good and important we understand the difference between blockchsin and cryotocurrency as most time many of us see it as the samething. To explain further on what you said or to put it in another way : blockchain is a processing system or technology and bitcoin is an assets like money and security. You can own money or bitcoin as currency but blockchain is just a system that allows you to hold, transfer and transact business with another party without third party involvement. Therefore it is not a bank but a system why Bitcoin or ethereum or any of the crypto-coin can replace bank in the future.

[arpon11]

I think blockchain can replace mastercard/visa and not banks, bitcoin is a currency and not blockchain is the underlying technology that helps you send and receive bitcoin from each other (also other altcoins have blockchain too) and it helps sending something from one place to another just like mastercard/visa, so blockchain will not replace banks, maybe crypto will replace banks but then blockchain will replace the mastercards of the world? Who knows, I just know that its not bank like technology just yet, maybe instead of blockchain replacing banks the banks will instead start using more blockchain and implement it into their systems so they could work together instead of fighting against each other, that would be a lot better than fighting against each other.

A well saying sir! It is very good and important we understand the difference between blockchsin and cryptocurrency as most time many of us see it as the samething. To explain further on what you said or to put it in another way : blockchain is a processing system or technology and bitcoin is an assets like money and security. You can own money or bitcoin as currency but blockchain is just a system that allows you to hold, transfer and transact business with another party without third party involvement. Therefore it is not a bank but a system why Bitcoin or ethereum or any of the crypto-coin can replace bank in the future.

[shield132]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Blockchain is techbology and bank is place which offers some services so can't understand how technology can replace service but this technology can be implemented in services and as a result we will get bank with blockchain technologies which is pretty much possible. Blockchain technologies are integrated in a lot of services because it adds an extra layer of protection to whole process, it has nothing to do with transaction fees in your statement.

[Moshaid]

Probably in the next millennium because at this rate there's no assurance that blockchain is capable of outgrowing the traditional banking system. I do hope to this see being put in place, but first the assurance that traditional banking system has on ground must also be implemented in the blockchain system to see this coming to past.

[tomahawk9]

No. Banks will most likely take advantage of the blockchain tech and implement it into their own services. And this is already happening, early this year JP Morgan announced that they're planning on launching their cryptocurrency, JPM Coin, which will have its own blockchain so that their clients can transfer funds.

I think the whole "cryptos will replace banks", "blockchain will replace banks", and "bitcoin will replace banks" narratives just need to dissapear. Neither of them will replace the other, the bankers will learn to adapt and coexist with both cryptos and the blockchain technology.

[Oilacris]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Dumb question I have seen so far.Do you know on whats truly blockchain technology?It has nothing to do to replace banks

yet it can be adopted by this industry or banking sector.Blockchain is an innovative tech that can be used up on this space.
It do fasten and give out more transparency on such banking transactions way more than on the traditional ones.

[hatshepsut93]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Millions of transactions per second? What are those people smoking, true blockchains like Bitcoin are limited to a few transactions per second, and they require something like Lightning Network to break that limit, which is still in development because it needs to solve some problems. Even then, in best case, it won't be millions of transactions per second.

The article sounds like a typical "blockchain technology" propaganda - absolute misinformation just for the sake of hyping blockchain, to profit from it in some way, like shilling for ICO's.

[creeps]

Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.

Loans can also be work-out under bitcoin, especially if there’s a companies who are willing to do business like this. But i agree that not all the functions can be done with blockchain, so they cannot fully replace banks. If making transactions online here is the main concern, then blockchain technology is the best replacement for banks.

[Pumapipa]

Not in the near future. Given that there are speedy transactions, with the anonymity and all, it will not suffice to think that people will just deviate from the norm of using fiat and banks to switching to crypto. Banks are more secure and offers insurance for every depositor. Unlike crypto, once it's lost, it's lost.

[Thirdspace]

~ is it possible that blockchain will replace banks any time soon in the future?

the posted article link has some good points
what I said below came to my mind even before I read it, the article confirmed my thoughts
we can use blockchain to store fund and to carry out daily transactions (peer-to-peer)
but as stated, issuing loan and managing investment must still rely on a third party institution (bank)
I strongly agree that banks will most likely adopt blockchain than against it in the future
it just that they haven't figured out the best way to incorporate blockchain technology into their systems

[Unblock_news]

The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future?

More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banks

Yes i agree on that, speaking of blockhain there are so many people that is now slowly believing on it. And it is already proven and tested that blockchain is really an amazing ways to make payment or thousands of transactions in a seconds in a very low fee, i believe that there will be a great posibility that it will replace bank in the near future.

Yes, there are many believers now in blockchain. They see the potential of what does blockchain can do. Maybe in the future, people will fully adopt blockchain and will use it.

[Unblock_news]

Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.

There is nothing impossible when it comes to this technology. As far as I know, there are some crypto sites that you can do loans. Like this https://coinloan.io/

[maxreish]

Bitcoin (and other cryptocurrencies) can replace some of the functions of banks, but not all. Bitcoin can't make loans, for example.

Yes, that's how things works to banks vs bitcoin. There are still people who wanted the centralized system which offered by Banks and lacks by Bitcoin. There are great things also that Bitcoin has and vice versa. If you are asking  If it can replace banks, my answer is no. Governments are still on the side of the Banks no matter what.