Can Blockchain Replace Banks?

[Periodik]

It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization.

You are a little advanced, mate. I don't think there is an existing blockchain that can process millions of transactions per second as of now. The highest are on the thousands only.

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?

The two may not be completely opposite to each other. There are already banks that use blockchain in their services. In the same manner, that there are now crypto banks.

[RealMalatesta]

But banks and many company as of now are trying to take advantage what blockchain offers by implementing it in their system. I just can't see it replacing banks in the upcoming time also considering that so many people are still putting their money in those banks anyway. Most of them don't even care how is their money or even the risks involved so it is just kinda hard to imagine blockchain could do that much.

First question that that person needs to be asked first is if bank is a technology. Blockchain would, never replace bank indeed, blockchain is a technology that is meant to be used by bank to improve the financial sector, banks are actually supposed to be the ones that would need blockchain technology the more, but because of the cryptocurrency product if blockchain that will disrupt their activities, that is why they have been finding it difficult to use blockchain or seeing the blockchain itself as the threat, meanwhile it is not.

It is time that many organizations needs to look beyond cryptocurrency and then understand exactly what blockchain is and how it can positively add value to their already existing system, even the entre government itself.

[asajapheth]

It may be possible, but government wouldn't allow that.

It may replace banks in placing transactions, since most would prefer to use a car to a place than take a Carmel. The speed of transactions may be appealing.

The conversion from a crypto from a blockchain to cash is the only way banks stay in business as a facilitator of fiat exchange: which is what it’s original function was.

And Bitcoin is the best blockchain app of all time.

I don't think Blockchain can completely replace banks, they'd work hand in hand.

[HELLOFF]

If such conversations are now heard that the blockchain will be able to replace the bank in the future, then why have some banks already managed to successfully use the blockchain in their system?  It seems to me that we will not witness that the banks will die, because those who control the financial sector in the world will not allow this to happen.

[Oilacris]

Blockchain doesn't tend to replace banks yet this tech would be nor adopted when it comes to transaction making.It way faster more and enhance when it comes to data transfer speed plus having that public ledger check out.

This wont replace banks but would be integrated but it will depend if banking industry will switch to it or would remain into their old style.

[Smokey23]

have a look at this video, from the TV show Mr Robot: https://www.youtube.com/watch?v=gHOAKWzDH-Q

[Little Mouse]

Maybe blockchain can. However, in a recent report on one of the bank, I have seen a group of people were suggesting banks to adopt blockchain based banking, otherwise, bank will have a bad future.

[BITDV]

In technology side blockchain maybe can replace some case in banking such as messaging, etc. To replace bank fully, i think it can't. Bank is complex system in infrastructure, Technology, Finance, politics, business, and the most complex is at public use for layman

[Barbut]

It can replace some function of Banking system but not in its entirety. Bank will still remain but will struggle when digital assets are adopted globally. It might not come any time soon, but that will be the future.

A bank is a third-party service, it helps you to store, send/receive, invest your money, and for that help, they take a big interest. Be your own bank is Bitcoin motto, you can store, send/receive or invest your Bitcoins from your computer or phone. Now you tell me what kind of function can bank offer us that we don`t have with Bitcoin? I doubt you will find that function, Bitcoin is better than fiat in every way.

[breathlessz]

In technology side blockchain maybe can replace some case in banking such as messaging, etc. To replace bank fully, i think it can't. Bank is complex system in infrastructure, Technology, Finance, politics, business, and the most complex is at public use for layman

the most severe is that the bank deals with politics. in this case, of course, the bank becomes the controller of a country's economy. Will the government keep quiet? I don't think so, there is a lot of interest in it. So I have the same thought that the blockchain won't be able to replace the bank completely

[Polar91]

Banks convert cryptocurrency into a real casg vice versa; thus it won't happen as long as the fiat exists. Nevertheless, they can both work together just like what happened in one of the banks here in my country wherein they are now using Blockchain for their transactions so their transactions tend to process faster and cheaper than other banks here.

[kennen1113]

Banks convert cryptocurrency into a real casg vice versa; thus it won't happen as long as the fiat exists. Nevertheless, they can both work together just like what happened in one of the banks here in my country wherein they are now using Blockchain for their transactions so their transactions tend to process faster and cheaper than other banks here.

Well, the bank has built too many roots and it has plunged deeply into the economies and development of countries, this means that replacing banks with another technology is almost impossible, the empire that banks have built is too strong and has too much influence, the replacement only creates unnecessary losses. But as you said, blockchain can also collaborate with banks, more precisely, banks quite like this technology as it allows them to handle long distance transactions very well and accurately.

[SquallLeonhart]

The whole point of blockchain to the banks is to improve the services that they deliver to people, but not to completely replace it, and whether we like it or not, there would always be an existence of banks, the only think that may change is the way they operate which blockchain is the key to giving them a better technology, but that would be for banks and countries that are not corrupt.

When it comes to blockchain, we know how it brings about transparency to the system of banks, and all those their hidden charge will no longer be there, and they will not also be able to steal from their customers. Traditional banking method really needs a great upgrade, and I think that there would be a government that would impose the use of blockchain on them.

[davinchi]

Looking at what blockchain can accomplish I think its easy to say it can only help people who already have money and not the ones that need money. You are thinking banks as a place where we put our money and than spend it there instead of carrying cash, if that was the case than blockchain would have gotten more popular by now and many more people would have used it.

However, reality is that people use banks for many other reasons, first of all its legally much more simple, it takes a lot more to use crypto to control your money and be on legal side (its still quite possible and doable but requires more effort) on top of that there is loans and credit cards and many other stuff like that which makes you use banks over anything related to crypto because crypto can't offer you these.

[Duzter]

The whole point of blockchain to the banks is to improve the services that they deliver to people, but not to completely replace it, and whether we like it or not, there would always be an existence of banks, the only think that may change is the way they operate which blockchain is the key to giving them a better technology, but that would be for banks and countries that are not corrupt.

Yes, it is something beyond the traditional system that is developed to serve the common people in a much better way. Blockchain as a technology has been getting more importance as it is completely transparent which is a must in a banking sector. However this is not gonna replace banks, but banking services are gonna get integrated with the blockchain technology.

When it comes to blockchain, we know how it brings about transparency to the system of banks, and all those their hidden charge will no longer be there, and they will not also be able to steal from their customers. Traditional banking method really needs a great upgrade, and I think that there would be a government that would impose the use of blockchain on them.

Banks are primary financial service providers, but they always try to keep its customers under them. At times the bank authority decides what the customer needs to do. This gets eliminated when blockchain technology is integrated, which means it helps common people have their own banks.

[Mahanton]

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?

Question sounds too dumb actually yet it has nothing to do or make such comparison because blockchain technology can be integrated to banking industry.
The question would like be, does banking industry will apply or integrate blockchain tech? This is the main question that should be answered.
We havent seen yet that a bank do apply it.

[randyboy]

Local banks make their steps on how to integrate blockchain and they also start creating this in some country. banks will not be replace by blockchain. even so, they use it as a system to be more transparent and offer to their users that banks can be improve more to their services that blockchain can provide. and to what I want to know is crypto banks will replaced local banks? 

[OrangeII]

for some functions, I think blockchain is indeed superior to the current bank. in fact, that opinion I found in the cointelegraph article, which said that Toronto said that bitcoin is more efficient to pay taxes than bank cards. well, that might be a small example.

reference: https://cointelegraph.com/news/bitcoin-payments-6x-cheaper-for-municipalities-says-canadian-exchange

although it cannot be used as a strong grip, I think the potential does exist. it's just that, some people say that some of the bank's strengths that are hard to beat are trust, stability, service, loans, and many other things. however, in the case of transactions, blockchain might be better, it's just not enough to replace the bank.

[freedomgo]

Local banks make their steps on how to integrate blockchain and they also start creating this in some country. banks will not be replace by blockchain. even so, they use it as a system to be more transparent and offer to their users that banks can be improve more to their services that blockchain can provide.

Indeed, it's a technology that helps them to make their operations better, bank is a business of trust, so they should be more transparent to live by their nature of business. Blockchain has been use within the bank already and I'm delighted to say that our banks in our country has been using blockchain already and adopting to crypto as well.

and to what I want to know is crypto banks will replaced local banks? 

That's hard to tell, Banks is the biggest financial industry in this world, they gain the trust of the people more than any financial business so it's not gonna be easy. Also, crypto banks has to offer something better than the current banks now so they will excel, I believe bank now can adopt with crypto and they can also be a crypto and fiat bank at the same time.

[ruski]

Blockchain technology can be used by banks, but it can't replace banks in my view. People around the world are still depending on fiat currencies and on banking services a lot more than involved with cryptocurrencies and blockchain transactions. So it will take a long time until the popularity of crypto becomes competitive to fiat and banks.