Can Blockchain Replace Banks?

[GideonGono]

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

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty.  Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

[iv4n]

you confuse two things that are different in nature: banks are institutions and blockchain is a technology
the question should be either can Blockchain help xxx to replace banks , or can Blockchain replace banking
and the answer would be no , at least not at the current stage of its development
while distributed ledger is widely used nowadays , it has its drawbacks if we speak about banking in its fullest
blockchain does allow a faster processing and cheaper transactions ( ideally )
but the infrastructure is simply not ready , the idea of multiple banks adopting one and the same blockchain implementation is close to zero
lets get back to this when banksters develop one global payment infrastructure , before that it is not possible for blockchain to overtake the banking world

Why no? Banks already started with implementation of blockchain. After 10 years of life bitcoin is well known to many, and popularity is growing. But while they are trying to implement blockchain cause with blockchain technology they can have faster and safer transactions, here we talk about decentralization. Its a concept, and even thou many people don't understand what that means, that will unite people around the world. We can work together, we don't need third party services controlled by banks or governments.
My opinion is that banking sector is in the problem! In near future people will turn to crypto, they will learn about crypto and people will have a choice to use centralized or decentralized services. What you use its what you support, and when you do the math its far more better to support decentralization!

[diazepam666]

No it will not be replace the bank may be you will be find the Bitcoin as another alternative from the bank itself bro. There areany banks already shared the news about blockchain adoption.

If Satoshi comes may be he may try to give the best banking experience with the patent policies and make bitcoin as the banking vfor everyone.

[Xxmodded]

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

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

Bank have been pass fifty years ago and never can replace by bitcoin and blockchain technology, as adopting bitcoin is the bank is possible depend with how regulated bitcoin by government, to see bitcoin replace of bank impossible thing because bank become source of government running their activities.

[asus09]

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

Blockcahain can replace bank maybe many people do not have to go bank if want deposit their money, they can transfer or deposit money with using bitcoin to save in bank, we only have dreaming with blockchain can replace bank next time. After bank have adopt with blockchain investor only use bitcoin and altcoin for saving their money in the bank.

[tinyteapot]

Blockchain can naturally replaces traditional banks but it shall never be implemented by the politicians/governments because blockchain shall bring a lot of transparencies, government money laundry shall be diminished entirely.

On the other hand, i will not support that blockchain should replaces the traditional banks because it shall make a lot of bank staffs worldwide to  loose their job, my suggestion is that banks should implement the blockchain system and make their services to be faster.

Blockchain also requires some levels of education, some third countries still have more than 50% citizens as illiterates. 

[Meowth05]

Blockchain can naturally replaces traditional banks but it shall never be implemented by the politicians/governments because blockchain shall bring a lot of transparencies, government money laundry shall be diminished entirely.

On the other hand, i will not support that blockchain should replaces the traditional banks because it shall make a lot of bank staffs worldwide to  loose their job, my suggestion is that banks should implement the blockchain system and make their services to be faster.

Blockchain also requires some levels of education, some third countries still have more than 50% citizens as illiterates. 

You have a point, Blockchain can definitely obliterate banks for some some reason however at the same time this will increase the unemployment rate of a certain country especially for third world countries. Besides, some of third world countries have no enough such technologies to access this thing. Implementation of Blockchain system might be better solution.

[Kevondo]

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

Banks can never be replaced by any digital currency even bitcoin or blockchain technology as they provide various services to customers and they are financial branches of country.Blockchain technology can be used by banks to improve the services but they can never be replaced by such new technologies as they are integral part of system.

yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty.  Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

Never is a word that is used when something cannot happen in the real of forever. Digital currencies are still too young and you must have seen that the number of people has increased over the last few years. So these coins have already started to grab fame and become a hot topic for top governments of the world too. It is just a matter of time before bitcoin will go mainstream and fiat will be wiped out.

[aysg76]

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yup, because fiat was never be removed in a certain country because technologies never spread so fast on every person by the cause of poverty.  Still cryptocurrency not accepted by some country that's why it will never replaced a bank by a block chain.

Never is a word that is used when something cannot happen in the real of forever. Digital currencies are still too young and you must have seen that the number of people has increased over the last few years. So these coins have already started to grab fame and become a hot topic for top governments of the world too. It is just a matter of time before bitcoin will go mainstream and fiat will be wiped out.

You are mistaking the question here. The question was not if Cryptocurrencies are success or failure. But the question was Can Blockchain based currencies replace banks and the answer to that question is NEVER! Cryptocurrencies and Banks are not even closely related. It is like comparing apple with strawberry jam. Bank is the institution that provide services like loan processing by accepting collateral which are standalone not at all possible with cryptocurrencies.

[btc_angela]

This has been a ongoing debates for many years now, bitcoin or at least blockchain has existed for 10 years and I think it was only in the last 3-5 years that organisations really look at blockchain as an options.

So I would say that blockchain technology won't make banks obsolete in the future. And I think banking system also sees some advantages of blockchain that they can implement within their system and improved by not necessary replacing them. How can blockchain replace one of the pillars of a governmental system around the globe? Think about that.

[NeironixNV]

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

I read at neironix. io that this is real, even the very cryptocurrency from facebook and telegrams competes with banks, but the banks themselves will not let themselves be displaced and are already introducing blockchain technologies into their systems.

[Andrews193]

This has been a ongoing debates for many years now, bitcoin or at least blockchain has existed for 10 years and I think it was only in the last 3-5 years that organisations really look at blockchain as an options.

So I would say that blockchain technology won't make banks obsolete in the future. And I think banking system also sees some advantages of blockchain that they can implement within their system and improved by not necessary replacing them. How can blockchain replace one of the pillars of a governmental system around the globe? Think about that.

That is right. The banks will not replace their system completely with blockchain because it will be difficult for them to start again from scratch. They will just implement it to their system with some of modification that will suit to their needs as a bank. Blockchain has a lot of benefits depending on how you will use it. I hope that the banks will adapt blockchain as soon as possible so we can see more efficient banks in our world.

Sure, blockchain can bring a lot of great points for banks to manage but it is not entirely appropriate, even banks do not lack the more appropriate technologies, therefore, the presence of blockchain for banks now and in the future is not encouraged by banks. And in addition, banks are operating based on needs and wants, providing what is needed for customers while blockchain is only working on what has been programmed, with no flexibility, a user will understand which product is trustworthy for them

[makolz26]

For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions. 

[FaMouS8828]

For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions. 

Maybe we should consider asking a question something like "what can bring blockchain that will replace banks?". if we associate answer with decentralized system and possibility to get rid of the intermediary agent - it's not so simple because banks are businesses and their owners definitely don't want to reduce their income and money, so it will be really hard to replace banks despite presence better technologies.

[Bohxz M4p4gm4h4l25]

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

Certainly no since fiat to Cryptocurrency conversion vice versa still needs bank. Without banks people can't buy crypto with their fiat, the same way crypto holders wouldn't be able to sell their crypto to fiat. Banks are considering using Blockchain for their transaction process, in fact there is already one bank from the Philippines which uses Blockchain already which you may find more details here: https://www.google.com/amp/s/www.coindesk.com/philippines-unionbank-launches-stablecoin-conducts-first-blockchain-transaction-by-bank%3famp

[asus09]

For all we know, technology is rapidly innovating over the years, and we will see a lot of improvement, discoveries, invention anytime soon.

So, for the question, if blockchain can replace banks, it's a big 'No' when in fact some banks are seeing the potential, advantage, transparency of blockchain, so they are checking, reviewing and studying it how they can use it in bank transactions. 

Maybe we should consider asking a question something like "what can bring blockchain that will replace banks?". if we associate answer with decentralized system and possibility to get rid of the intermediary agent - it's not so simple because banks are businesses and their owners definitely don't want to reduce their income and money, so it will be really hard to replace banks despite presence better technologies.

Replace bank by blockchain is not easy because many participant bank never hear with blockchain technology and adopt for bitcoin and altcoin transaction, how ever for participant have older year very hard how to use bank if adopt with blockchain bitcoin and altcoin, how to sent and how to receive money if using bitcoin and altcoin, now keep bank at the same place and give space for blockchain become legal currency payment.

[White Christmas]

It would be hard for the blockchain to replace banks because as we can see, banks are the one that many people are trusting for so they will definitely follow banks till in the future. There are some case or properties that the blockchain will replace into the banks but not all of the concept of the banks, maybe they will be added some concept and information to the banks in order to be more efficient to the users.
It will takes a lot of time before the blockchain replace the banks although we can say that blockchain can process multiple transaction and larger transaction than banks faster, we cannot predict on what would happen on this soon.
So the main point is, the blockchain cannot replace the banks right now but maybe in the future there is a possibility that it may occur.

[Fappanu]

Not anytime soon! Because it's not instant, you need to look at the advantage of Blockchain to replace banks and I don't think it's going to happen now. Because you can see on the blockchain who has huge sums of money on it and this could be the reason for the lives of these people to be risk.

[cotton ball]

Not anytime soon! Because it's not instant, you need to look at the advantage of Blockchain to replace banks and I don't think it's going to happen now. Because you can see on the blockchain who has huge sums of money on it and this could be the reason for the lives of these people to be risk.

Need time for blockchain replace bank because not instant can get access to listed crypto with bank institution, need allowed from government want to adopt bitcoin or not and we are waiting procedure with bank how to adoption bitcoin and respond from member with blockchain, maybe if want to replace blockchain with bank now maybe memebr not ready to move their assets with bitcoin and altcoin.

[bitbunnny]

How could blockchain replace banks? Blockchain is technology that is applicable in many industries, including banking and financial but it can't replace bank as an institution and services it offers. So, banks could only implement blockchain into their business. I think we have problem here with basic understanding of some facts.