Can Blockchain Replace Banks?

[wxa7115]

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.

And even if the blockchain could replace banks in a technical level it does not mean that this will actually happen, banks and governments are the two most powerful entities in our world and whether we like it or not this is not going to change, and they are working together to slow the adoption of cryptocurrencies and now with the announcement by the Chinese government that they will develop their own blockchain we are seeing another tactic to slow down adoption even more.

Governments are realizing that if things continue on the same direction they will lose so they will create their own blockchain and their own coins, this will create the illusion of freedom for the average person when in fact they will be using a more restrictive form of fiat.

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[Lagduf]

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.

People are expecting the blockchain system to somehow make the bank collapse due to people using crypto currency and leave the bank because the decentralization but as expected the bank is now using the block chain technology which more likely to eliminate that scenario.
It is undeniable that blockchain is beneficial but people are too optimistic thinking it could replace bank anytime soon wherr on reality it just become tool for bank to achieve greater efficiency.

[Lucas*]

Blockchain can be an innovation in banking system, when banks adopt blockchain they will be in the next digitale generation they will earn a lot of money from miner and cryptocurrency owner's. BLOCKCHAIN will give banks many advantages like the rapidity of transactions, the transparency of wallets, the trust of customers and many other advantages... Well Blockchain will be the key of banks to move from the classic way to the modern way. In conclusion blockchain can't remplace banks but it can be the soul of banks in the next years.

[duchiep37]

I think blockchain can replace Banks can, but not "decentralized", It is not the idea of ​​bitcoin and satoshi

[AjithBtc]

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.

You have misunderstood it, when it comes to banks getting replaced by blockchain means the functions taking place at the moment on traditional system will move onto the blockchain technology. Now itself more banking services have begun to use blockchain technology, so in future there are chance for higher level of adoption than the present.

[Vishnu.Reang]

If Blockchain has to replace the banks, then Bitcoin should become the main currency for ordinary people. As long as they use fiat cash, it is not possible. You need the banks to store fiat currency, and there is no alternative for that. And with Bitcoin being used more as a speculative investment asset (rather than as a currency), any chance of that happening looks quite remote.

[Cynthia Adoma]

Blockchain can not outrightly replace banks in the future. Looking at the characteristics of a bank, the bank can inculcate the use of blockchain in most of its services. People will still need to walk into a physical building to transact some banking business. In areas where the literacy level is low and blockchain adoption is still far-fetched, you think it's possible to introduce someone to blockchain that can't even use an ATM,a smartphone or a bank's mobile application?😁. How about those that will want to get loans?.Banks act as intermediaries. Imagine removing them out of the picture. Do you know how many people will lose their jobs? We will now start another discussion on unemployment.

[Brunus]

The crypto was born with the precise intent to replace the banks, and - theoretically - could succeed.
The point is that banks are unlikely to be willing to renounce their power, so a fierce war should be expected.
We'll see who wins.

[ice098]

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.

And even if the blockchain could replace banks in a technical level it does not mean that this will actually happen, banks and governments are the two most powerful entities in our world and whether we like it or not this is not going to change, and they are working together to slow the adoption of cryptocurrencies and now with the announcement by the Chinese government that they will develop their own blockchain we are seeing another tactic to slow down adoption even more.

Governments are realizing that if things continue on the same direction they will lose so they will create their own blockchain and their own coins, this will create the illusion of freedom for the average person when in fact they will be using a more restrictive form of fiat.

it will not replace the banks, government will never let that happen, since banks are being regulated by them, if blockchain and crypto will replace it, government will be alarmed and they will gonna try to stop it or they will do something to be able to regulized it and put some taxes on it. banks and governments are connected in order to improve the economy of a country.

[Edraket31]

it will not replace the banks, government will never let that happen, since banks are being regulated by them, if blockchain and crypto will replace it, government will be alarmed and they will gonna try to stop it or they will do something to be able to regulized it and put some taxes on it. banks and governments are connected in order to improve the economy of a country.

Definitely, banks plays a vital in our life, in each business and in our economy, without bank I don't know how money is circulating right now. And although we are aware and we believe that cryptocurrencies are the future digital currency doesn't mean that establishments such as banks will be vanished, they will just regulate and will add crypto to their transactions but banks will never disappear.

[BChydro]

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.

Viola you have no idea what you are talking about, which blockchain has a huge sums of money  Lets learn about the entire tech aspect before teaching other about bitcoin and blockchain, since you are not aware of it, both are different aspects and blockchain and bitcoin are separable.

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.

Blockchain will be implemented by banks but it might not accept the currency part of decentralized currency and bitcoin is not created to replace the banking structure but the system might be changed, to use blockchain you do not need to permission of any government if you are not aware about it .

[LUCKMCFLY]

You must have a logical thought about this, Blockchain will not replace banks, banks are run by people who are mostly very intelligent, they know they will take Blockchain to improve their processes in banks, they cannot go against the technology.

In several countries such as Spain, Blockchain is being implemented to improve processes, both in control for their identities (which is stopped, due to independence problems in Catalonia), but in food control processes, such as eggs, and Many more cases.

You cannot see a Banking versus Blockchain approach, because it does not exist, Blockchain technology is leveraged in Pro-Banks, bank owners will never go against technology.

What they can do in conjunction with Blockchain is to apply Artificial Intelligence to make their security systems, identifications, etc. be even more powerful, that is the vision that will be taken.

An example of change is the Chinese, who removed all advertising and labels from NO-Bitcoin and No-Blockchain, now it is pure love with Blockchain, speaking not very well of Bitcoin, but opening the way to its cryptocurrency, which they do not take into account is that its stablecoin that will be launched at any time, people will look for Bitcoin.

Now so much is his love that bitcoin is front page news in China: Bitcoin makes front-page news in China what they are looking for the most is the adoption of Blockchain, and they do it through news, training, among others, they are paying the ground for Blockchain.

[Rono]

Blockchain can not replace banks all alone but blockchain technology already used cryptocurrency to  big transaction like bank.I think blockchain can not take this as a bank they can give the useful method like blockchain is secure technology.Blockchain can provide the security system to banks. They could be work together in future.

[cutesgirl]

Waiting with how respond from government with blockchain technologies can adopt in country or not, without not legal by government maybe impossible blockchain can replace bank although have good service and transparent data payment using blockchain, other side by adopting bitcoin with bank many people will increase their assets every time depend with bitcoin price.

[Blackdeath]

Blockchain can not replace banks all alone but blockchain technology already used cryptocurrency to  big transaction like bank.I think blockchain can not take this as a bank they can give the useful method like blockchain is secure technology.Blockchain can provide the security system to banks. They could be work together in future.

There are no any possibilities that blockchain could replace banks because banks was existed for a long time ago and it was supported by the government. Unlike, blockchain technology it is not supported by the government, that is why banks will never be replaced and it will still be existed in a long term.

[supercanada1]

Blockchain can not replace banks all alone but blockchain technology already used cryptocurrency to  big transaction like bank.I think blockchain can not take this as a bank they can give the useful method like blockchain is secure technology.Blockchain can provide the security system to banks. They could be work together in future.

There are no any possibilities that blockchain could replace banks because banks was existed for a long time ago and it was supported by the government. Unlike, blockchain technology it is not supported by the government, that is why banks will never be replaced and it will still be existed in a long term.

Blockchain will not exactly replaces banks but their present way of working. Banks can and should use blockchain technology to improve their existing systems. Not only this, banks will also have to accept digital assets and most probably, all of them will be releasing their own crypto coins. Or at least, this is highly expected by the governments of the world to introduce digital currencies of their own.

[abhiseshakana]

Blockchain will not exactly replaces banks but their present way of working. Banks can and should use blockchain technology to improve their existing systems. Not only this, banks will also have to accept digital assets and most probably, all of them will be releasing their own crypto coins. Or at least, this is highly expected by the governments of the world to introduce digital currencies of their own.

A blockchain is a system whereas a bank is an institution that raises public funds. Blockchain can never replace the specific functions of banks as "agent of trust" and "agent of service"

Judging from the perspective of consumer choice between blockchain and bank?

- Blockchain only offers the convenience of transfers and payments to other parties, or
- Super Bank (a bank that adopts blockchain technology) that provides all service choices ranging from conventional to digital. Judging from the variety of services offered by banks, it can be a one-stop service for customers. And the advantages of a guaranteed refund if an operational error occurs from the bank is the choice deciding factor of the customer to the bank institution.

In the industrial era 4.0 ... Creativity and innovation in business ideas are indispensable. Similarly, the bank as an institution will conduct a series of innovations to maintain its existence. being the winner in the technological era is very important looking in the mirror of the newspaper industry that dies when the internet and smartphones emerge. So what must be changed from the bank is the business system, not the service qualifications.

CMIIW.

[Argoo]

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.

You have misunderstood it, when it comes to banks getting replaced by blockchain means the functions taking place at the moment on traditional system will move onto the blockchain technology. Now itself more banking services have begun to use blockchain technology, so in future there are chance for higher level of adoption than the present.

Banks have already started using blockchain technology. The effectiveness of their work will increase significantly, but they will do the same work that they did before the introduction of blockchain technology. Therefore, nothing will change significantly. Blockchain simply cannot replace banks, since blockchain is only a technology, a tool, and certain work is carried out by banks.

[ecnalubma]

Blockchain is not a threat to banks, its an innovative tool to make their services more effective and efficient. The two industries can harmoniously, some banks already realize and applied the technology in some of their services and yet its a good start for a new breed of banking system.

[wack slacker]

At best, Blockchain should only be a management tool or a currency or unit of property.  For the original purpose of the creator of bitcoin and blockchain aimed at a kind of security and privacy currency.  The bank has many functions such as lending, deposit, investment, monetary reserve, issuance and cash flow regulation.  And above all banks and governments are inextricably linked.  Blockchain cannot replace banks.