Can Blockchain Replace Banks?

[Boov]

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.

Exactly. Very well said. Even if there are so many advantages lf blockchains and cryptocurrencies still it cant be replaced the traditional currency and traditional banking because as what you have said the traditkonal banking has a lot of advantages that cannot be performed by the blockchains. Blockchains can just help our financial stability but it cant fully replace the traditional way of banking due to its own disadvantages.

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[senne]

Bloclchain replacing banks? That doesn't make sense. It is a technology which will make banks more effecient. Your rally think these governments gonna let a decentralized currency govern them and replace banks for some of the fundamental operations? Never.
Money is central part of anything be it business, government or home. Give their control to something completely decentralized don't make any sense. So no replacement will take place but banks will integrate bloclchain for some of their core functions to make them more effecient.

[Sanugarid]

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.

Now a days, we grow up in our tradition way in society.Bank is one of this tradition and we all know that bank is very helpful to us people because this is the place where we hide money.I think it cannot replace the banks by the blockchain technology because banking system is unique and it connects to the government so we cannot remove it.

[Murat]

I don't think such in a way, you know the Banking system has been established since the civilization starts, so it's not a simple thing what you are thinking about, but it's true that people are getting bored such type of conventional monetary system, it's also implied that people are losing interest on the banking system but it's also very real issue that they don't have any alternative system, don't think the Blockchain would replace the banking system, I think in the coming days, Bank will use the blockchain system for its own development.

[meliodas]

I don't think such in a way, you know the Banking system has been established since the civilization starts, so it's not a simple thing what you are thinking about, but it's true that people are getting bored such type of conventional monetary system, it's also implied that people are losing interest on the banking system but it's also very real issue that they don't have any alternative system, don't think the Blockchain would replace the banking system, I think in the coming days, Bank will use the blockchain system for its own development.

That is what is happening to the banks right now. They are now studying and learning on how to use the blockchain technology to their current system. They are now taking actions because they do not want to lose their customers because there is a lot of alternatives to banking which is cryptocurrency because some cryptocurrencies can transfer a huge amount of money in just a few minutes which the banks cannot do because they will question you for a huge amount of money because of their centralization system.

[oktana]

the implementation of the blockchain system will continue to be conjunction with bank authorities with some tightening of regulations.

apart from the cryptocurrency in circulation, they will remain as the party that guarantees the control of digital fiat circulation circulation which is converted to crypto and vice versa, will indeed change the digital system, but does not erase the conventional system they have.

[Salamstar]

Actual business checks in China operate like financial orders, except that besides being used to claim payment from a bank, recipients can also exchange them with other entities.
There is an obvious problem with the current system is the large number of intermediaries who assume the role of conventional banks in issuing checks, which increases the risk of fraud. Later, fake checks could circulate among commercial banks and potentially undermine the country's financial integrity.

[luckyflop]

I do not understand how blockchain can replace banks. Currently, there are many countries that are banning blockchain and cryptocurrency, they do not want this technology to affect the operation of the nation's economy. But if things change in the future, I think blockchain can only be applied to banks so that everything becomes transparent and controlled faster. I know that a number of central banks around the world are actively researching blockchain, especially China. Hopefully in the near future we can see the positive surprises they will bring to this market and blockchain

[Williams_Leo]

I do not understand how blockchain can replace banks. Currently, there are many countries that are banning blockchain and cryptocurrency, they do not want this technology to affect the operation of the nation's economy. But if things change in the future, I think blockchain can only be applied to banks so that everything becomes transparent and controlled faster. I know that a number of central banks around the world are actively researching blockchain, especially China. Hopefully in the near future we can see the positive surprises they will bring to this market and blockchain

Blockchain is a technology that has many pluses that can help the bank's shortcomings, but to manage this technology absolutely and not fall into shortcomings, it is impossible because this technology always emphasizes too much individuality, it gives an individual an advantage while a bank needs to be an interaction between them and the user. In addition, bitcoin and blockchain are always two names that go together, the government has determined that it is very difficult to use in the future

[CarnagexD]

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.

I can see blockchain becoming the new banking system provided that bitcoin gets into a level of development that allows it to be of use without too much volatility. Given this chance blockchain will be the best way for us to store our bitcoins and any other cryptocurrencies of course.
 

[Captain Corporate]

 There is a whole difference between blockchain being able to replace "banks" and blockchain helping out banks. Blockchain in itself is not something that can replace banks at all, its not possible because the technology blockchain developed is not similar to banks exactly, it only helps out with holding your money safe and also sending it somewhere else in anywhere around the world for cheap and fast.

 Let me explain this in another way and tell you what blockchain has and what banks need.

 Blockchain allows you to create a new coin right? Or basically any coin has blockchain backed, now the reality is that if you have blockchain you can send those coins very cheap, you can build dapps on it, you can keep data on it, you can create tokens and you can build a whole new company with shares and dividends that token holders share all the time. There are countless stuff you can do with blockchain backed projects.

 However banks need people, banks need loans, banks need investments and savings accounts and mortgages and many other stuff that blockchains basically can't give. Plus you need to remove all of banks in the whole world if you want blockchain wallets to be your own personal bank, adoption for crypto currencies should be super high and be accepted everywhere as well.

[romero121]

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.

Well said may be the blockchain technology can be used by the banks for efficient working like one of the examples as the XRP being used by the banks for the remittance. Obviously it cannot replace banks entirely at least for the next few decades

Already few banking firms have integrated everything into the blockchain technology and has gone under trial. Looking upon the potential of blockchain technology, and the way cryptocurrencies developed over the blockchain technology have been serving as a hard competence to the banking sector. This is the reason more banking firms to adopt blockchain technology, and this at any cost won't replace traditional banks.

[btccashacc]

Definitely yes, Blockchain can replace 3rd party such a Bank but this only happens in a decentralized cryptocurrency, the scenario might be different when the government of one country is starting to create their own cryptocurrency, maybe the bank still out there, they just revolute the system when it comes to adopting the blockchain technology it's kind of like cutting the cost and let blockchain do some automation.

[johnwest]

Blockchain is already replacing banks in many countries. Transactions from one country to another is easier with blockchain and crypto. Many banks have understood this and already using it. They just dont want to market this idea as people may opt in to crypto on their own if they get to know about this.

[Visbay]

Definitely yes, Blockchain can replace 3rd party such a Bank but this only happens in a decentralized cryptocurrency, the scenario might be different when the government of one country is starting to create their own cryptocurrency, maybe the bank still out there, they just revolute the system when it comes to adopting the blockchain technology it's kind of like cutting the cost and let blockchain do some automation.

You are right it is possible but it’s hard well I know at some places people stopped storing money in banks and started to use the crypto investment that saves Your investment as long as you want.  In some countries, people still use banks because in those countries crypto is not yet so familiar that’s why yet banks still present in our society.

[freedomgo]

Blockchain is already replacing banks in many countries.

can you site some example like what country is fulling adopting blockchain and replace the traditional banking?

if you can't provide one, I would think that your statement has no basis at all..
personally, I don't think blockchain at this stage will replace bank, it's controlled by the government and we know their powers.

[Wexlike]

Blockchain is already replacing banks in many countries.

can you site some example like what country is fulling adopting blockchain and replace the traditional banking?

if you can't provide one, I would think that your statement has no basis at all..
personally, I don't think blockchain at this stage will replace bank, it's controlled by the government and we know their powers.

It's a blatant lie. No one in the financial industry(=banks) is adopting anything related to a blockchain on a larger scale. And rightfully what for ? They have databases which are much more efficient and faster, their network is anyway centralized, thus there is no need for a blockchain.

Nevertheless there are a few small scale technological studies when it comes to blockchain, however with almost no real chance of real world application. (source: friends who work in the fintech area)

[JessicaVL]

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 don't think that banks will ever be replaced, and if they ever are it won't be in our lifetimes. I do think that crypto banking is something that is going to become more prevalent. There are already companies such as Tap that have come out with crypto banking apps, and I think this is just the beginning of the future of blockchain banking.

[thottum]

Blockchain is already replacing banks in many countries.

can you site some example like what country is fulling adopting blockchain and replace the traditional banking?

if you can't provide one, I would think that your statement has no basis at all..
personally, I don't think blockchain at this stage will replace bank, it's controlled by the government and we know their powers.

It's a blatant lie. No one in the financial industry(=banks) is adopting anything related to a blockchain on a larger scale. And rightfully what for ? They have databases which are much more efficient and faster, their network is anyway centralized, thus there is no need for a blockchain.

Nevertheless there are a few small scale technological studies when it comes to blockchain, however with almost no real chance of real world application. (source: friends who work in the fintech area)

Some banks started to use the Ripple XRP X Rapid for their remittance which involves reduced fees and ease of operation with faster processing like SBI Japanese financial giant and several other banks all over the world. But related to this topic it will not be possible to replace banks anytime sooner or later as it will not be possible to have control as the government has now. Example in India where the higher denomination fiat notes were announced not valid overnight and the entire country stranded

[vintages]

Blockchain is already replacing banks in many countries. Transactions from one country to another is easier with blockchain and crypto. Many banks have understood this and already using it. They just dont want to market this idea as people may opt in to crypto on their own if they get to know about this.

Which countries?
Can you name them please? Cause I do love to know them. Bitcoin was not built nor established to replace the bank on anyway. It was solely founded to make transactions secured and anonymous. Mainly to take over the online payment system. Its just people that kept pushing this idea of Bitcoin taking over the bank.

We need a system whereby the bank and digital currency come together to function properly. Not one withholding the another. A country needs it bank. Have that in mind.