Can Blockchain Replace Banks?

[Ailmand]

It cannot, banks had been there for centuries and it will remain there. However, banks can adopt blockchain technology which can make their system more efficient and convenient.

[maman567]

Not yet, many people still do not know about bitcoin and blockhcain, they are still less education about what is blockchain and how to used blockchain as technology and replace bank system.

[hahahafr]

The blockchain technology stands a good chance to out perform our banking institutions but issues with security where even major blockchain networks have once been hacked pushes this achievement of blockchain technology very far. Until hacking of blockchain networks are solved i don't the global adoption of blockchain technology would ever happen

[ShooterXD]

Blockchain will not replace the banks.
Its more probably the banks adopt blockchain system.

Some banks start use blockchain system. In a few time, most of them will implement the blockchain to your system, and it will be great, a big technology advance, more secure and fastest transactions!

[Silberman]

It is all true. There is no any possibilities that blockchain could ever replace banks because banks are also under by the government, while blockchain technology and cryptocurrency are still not regulated in every countries. Also, banks will definitely exist because it was existed for a very long time.

Banks will just adapt like they have always done, if for some reason cryptocurrencies begin to take over the world as people lose confidence in the currency printed by the governments and banks you can be sure that they will begin to accept deposit in cryptocurrencies and they will claim that they can secure your coins better than yourself and unfortunately that is true for most people so they will rely on banks to store their coins and banks will gain control of most of the bitcoin of the world in that way.

[teosanru]

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

No unfortunately Blockchain won't be able to replace banks. I know this is a bitter truth. But Blockchain may come handy to banks for faster payment processing and safe and secure storage of assets but no way people and regulators are going to trust Blockchain and decentralisation with their money. Not to mock anyone but crowd is never tamed without a leader and decentralisation in this sense is practically impossible no matter how much we grow. Because political supermacy of politicians is mantained due to their economic supermacy which is that banks are in their control. So no blockchain can assist banks but can never replace it.

[lab rat hoax]

This is of course possible because with the blockchain the person can be his or her own bank. for example, instead of keeping your money in the bank, you can deposit a stable coin your money and keep it in a cold wallet. Even this is enough reason to finish the banks. Also some crypto money exchanges can do a lot of things that banks do now for example give credit etc.

[Dreamr]

That's bullocks! Blockchain will never replace banks rather slow them down. Banks and Blockchain technology function differently so why is that? Government around the world trust banks more than anything. Banks are more suitable for the masses and fully regulated by the government.

[Zemomtum]

Some of their functions might likely be replaced in the near future but might not be any moment soon as the digital currency is still advocating for adoption.

[ShooterXD]

Banks have many features beyond those of a blockchain.
It is unlikely that a blockchain would replace a bank at all, but yes, the bank can integrate the blockchain into its systems to computerize, secure and streamline many of its processes.
Soon, most major banks will have many of their features supported by the blockchain, but full replacement is off topic.

[illnino]

Neither blockchain as a digital technology, nor cryptocurrency as one of the many products of this technology, can replace banks. Today's banks have a lot of different specific functions, and the blockchain or cryptocurrency has nothing to do with them. Even their usual activities such as legal support of the financial and economic activities of legal entities. Banks issue accounting documents to institutions and enterprises of various forms of ownership, which not only confirm the transfer of money, but also indicate to whom it was transferred, for which payment was made, the number and date of the contract and other information. The blockchain cannot contain this data. However, they are needed for tax authorities and audit.

However, it can help them. Awareness of the benefits of blockchain technology has led many banks to consider integrating technology into their systems. In addition, sanctions that exclude some countries from the list of participants in the global payment system SWIFT have led to the birth of alternative payment systems. However, blockchain technology needs to make more progress before it can process billions of dollars of daily cross-border payments between world banks.

[Flor1982]

Blockchain technology is proven fast and secured but i think it will not replace the banks but instead it will help it to improve more of their system to become more trusted financial institution that instead of blockchain will be a threat but it will be the banks supporting pillars.

[joshv06]

Banks will not be replaced by Blockchain as they are running from decades, there are chances that banks will adopt Blockchain for people's interest. Banks have gained a lot of popularity across the world and Blockchain still has a long way to go, well every countries national bank should a green signal to make it go. I feel small banks will give more prior to this in future.

[Irvinn]

It seems to me that these issues regarding the replacement of banks with a blockchain are already outdated, because so far many financial institutions, including the banking system, have successfully tested the blockchain for all systems.  The fact is that the banking system is created by man and can be controlled by man, unlike blockchain, and therefore such structures will be cautious about cryptocurrency, especially if there is no possibility of control.  But if you look through the information space, where more and more questions are raised regarding the control and legalization of cryptocurrencies, I believe that in the near future these problems will be solved and banks will work and it will be beneficial to use blockchain and cryptocurrencies.

[bristlefront]

That may happen but not yet now because blockchain need to accepted in many countries so if ever it could happen that cryptocurrency could really boost banks.  We just have to trust that blockchain technology can be even more  effective bcause blockchain is really good, like fast transactions, low fees and you can use it anytime..So we hope someday that cryptocurrencies will be accepted in any country as a payment and loans etc.. trust,patience and determination then keep our spirit to spread the word of blockchain

[Best Dreams]

Banks will not be replaced by Blockchain as they are running from decades, there are chances that banks will adopt Blockchain for people's interest. Banks have gained a lot of popularity across the world and Blockchain still has a long way to go, well every countries national bank should a green signal to make it go. I feel small banks will give more prior to this in future.

Agree with you banks are now adopting crypto now as it has more security features than banks we can easily keep our investment save in it. Block chain was first only for crypto but after more improvements now banks also has started to use this technology and it made banks safety even more clean and easy.

[blckhawk]

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 rapidly growing but I don't think it will entirely replace banking in the near future. Not all layers of the society would have access to the technology. Fiat is still essential for the small transactions. Replacing banking entirely is not a viable option since a large percentage of the society still rely on them. Also, one thing to note is the quick price swings of cryptocurrencies, which would make it more difficult for merchants to transact with prices as it can go up and down pretty quickly, which would be inefficient and would disrupt their profits and such.

[Silberman]

This is of course possible because with the blockchain the person can be his or her own bank. for example, instead of keeping your money in the bank, you can deposit a stable coin your money and keep it in a cold wallet. Even this is enough reason to finish the banks. Also some crypto money exchanges can do a lot of things that banks do now for example give credit etc.

No, even if you were to keep a stable coin in cold storage you are not your own bank in that instance as you are depending on the issuer of that cryptocurrency to keep as much fiat in reserve for each coin in circulation, however if you do the same with bitcoin then now you are your own bank since there is no central authority telling you what you can or cannot do with your bitcoin and bitcoin does not depend either on someone trying to guarantee its value since it is free to move around depending on the demand and the supply.

[yulionoo]

maybe to replace the bank no, but the blockchain technology has begun to be implemented at the expense of banks in my country so the bank system will continue to run as usual only the technology will certainly all banks will apply it because this technology is very useful for banks and also for government.
so in my opinion the blockchain will not be able to replace the bank totally but the blockchain system will be utilized in the future.

[Jorge158]

The intention for the creation of the Blockchain technology is not to annihilate the banks or any financial institution but rather to improve upon these systems on how the carry out their operations and transactions. Blockchain will not replace Banks but the Banks will integrate Blockchain into their systems in order to provide revolutionary services to their clients and the world at large.