Can Blockchain Replace Banks?

[conected]

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

This will likely happen in the future if the governments will not try to stop the Blockchain virus but as what I see if the adoption will continue to spread. Most of the governments will find a way on how they can turn the table by adapting the future of Blockchain while taking a control of it.

If banks will disappear someday, then there is a big possibility that the bank owners will move to Blockchain industry and continue their operation.

- Considering the development of blockchain is staggering when it is only in a few years, its reputation has risen very high, it forced the government and industries to have more research on it but after a while learning about it, perhaps the application will reach a certain limit and not be as widespread as we expect. Because the blockchain has irreparable disadvantages as we cannot fix it when the contract is confirmed while transactions in the bank often occur mistakes, forcing banks to repair transactions, that makes blockchain in the banking industry not particularly interested

[tvplus006]

I will not say replacement, but a way to improve their technologies yes. Moreover, this is why different banks are already working on the subject and that some have already been talked about on the proposal of the blockchain solution with banks

Banks have been working for a long time to use blockchain in their work. But not all banks are working on creating their own product. It's easier to use a ready-made solution by working with Ripple. Therefore, we see that banks respond to changes by adapting to new realities.

[Sanugarid]

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

Well, banks are the traditional way of investment. We can never expect that everyone would adjust easily to blockchain. Considering the fact that blockchain is not yet well known by everyone, we cannot expect everyone to agree that blockchain would replace banks. Although blockchain is way more better than banks, its legalization is still a huge problem for its acceptance by the public. Blockchain is still innovating and it still needs time before it can have its perfection to be accepted by the world government so let us stay patient about it.

[ScamViruS]

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.The bank will never want people to transact in a decentralised manner. Blockchain cannot be replace bank. The government of a country does not want its people to use decentralized currency. And the government controls the bank. Banks can add blockchain to their business, so blockchain cannot be replace bank

[imjeybi1208]

This starting point is fundamental to understanding how Blockchain can disrupt certain major activities of current financial institutions:

1 - Credit, the primary function of banks and financial institutions,

2 - Currency management - paper and scriptural, sovereign function,

3 - Money transfers, a function on which the banks have positioned themselves opportunistically - it should be noted here that these are services which are already largely treated outside the banks in other countries such as States United.

[bitbunnny]

I think we have misunderstanding here. Blockchain is technology and banks are financial institutions, that is not the same.
Blockchain can be implemented in almost any industry and business so the banks can also implement blockchain in their field and as far as I know some of them are exploring the opportunities that gives blockchain for their business. With time I'm sure that many banks will use blockchain and that will definetely contribute to transparency of their business but blockchain will not replace banks, that is different category.

[Spaffin]

I think we have misunderstanding here. Blockchain is technology and banks are financial institutions, that is not the same.
Blockchain can be implemented in almost any industry and business so the banks can also implement blockchain in their field and as far as I know some of them are exploring the opportunities that gives blockchain for their business. With time I'm sure that many banks will use blockchain and that will definetely contribute to transparency of their business but blockchain will not replace banks, that is different category.

You are absolutely right.  It seems to me that certain people express their opinion, in reality, without raising what they are talking about.  I believe that the banking system can be much more productive if it uses blockchain technology, as well as provide cryptocurrencies to users using Bitcoin and other cryptocurrencies for storage or exchange.  And as you said, Bitcoin and Bank are completely different things, concepts and differences in functions.

[hahay]

We can't equate the two to be the same thing, because it's even very clear when you can keep money in a bank safely, but can you save bitcoin or other cryptos on the blockchain? So is it the same thing? I don't see any similarities there and with no similarities, then the question for blockchain can replace the bank obviously can't, because even the two are different.

[Jateng]

Blockchain can't replace banks but I think some function of it can. Fast transaction and more secure banking system making our money more secure and faster than ever before. Some banks are already making there move and begun to warm up to blockchain technology. They begun exploring and learning how they will adopt in their current system maybe it's small or big banks.
In the other hand, banks and other financial institution are connected to the economy of the country and government will do something and do their job to regulate it.

[jhonjhon]

Blockchain is a ver good system but it is not decentralized thus, it will not replace banks. Most people in the institution wants control over something and blockchain being different would only mean that blockhain will remain what it is now.

[Magkirap]

Blockchain is a ver good system but it is not decentralized thus, it will not replace banks. Most people in the institution wants control over something and blockchain being different would only mean that blockhain will remain what it is now.

Yeah that is possible and it is a little bit sad becaise we might not see the capabilities of blockchain in different fields such as banks because of the people who wants to control everything they can but that doesn't mean that people will do as the higher people wants of course they want to innovate and having blockchain is such great idea for it is faster than our regular system now and much safer.

[13matador]

I think banks are controlled by Goverments, and Blockchain won't. If Goverments issued own cryptocurrency based on Blockchain, it would replace some bank functions but not all of them.

[Money_Wizard]

I don't think that bitcoin has a chance to replace banks in the near future. This is simply not possible because it is very difficult to do. You need to do a lot of preparatory steps to go to the blockchain. In addition, the most important stopping factor is that people themselves are not ready for such changes. Although many people talk about bitcoin, but not many are ready for real changes in their lives.

[ADLANE33]

Imagine everything in world who can't get a bank account, can create a new wallet easily
also privacy matters
That's why the old system should disappear or change!

Banks do things in order to get profit.
Everyone in community should be interested in keeping own data in privacy and own profits in safety so blockchain should be a great solve

[Shasha80]

Blockchain is a technology and will not replace banks. Because blockchain can be adopted by banks as well. This should be the question
can cryptocurrency replace banks? if like that the answer can occur but it is not possible in the near future. Because the banks already
used in thousands of years of human life, so it's impossible to be replaced instantly by cryptocurrency. It takes a very long process for
cryptocurrency to replace banks.

[travwill]

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)

I agree with you. Rather, banks will try to adapt certain areas of their activities to the blockchain in order to satisfy the needs of customers who somehow want to invest in cryptocurrency.
The rest of the banks surpass the blockchain in many respects related specifically to financial transactions, I do not take into account the level of freedom and transparency of these operations.
Speaking about the latter, not every bank needs such a level of transparency as the blockchain provides.

[travwill]

It could be possible with the advent of technology in the society wherein day by day its is slowly transforming the traditional transactions such as in financial in automation and cashless environment. But, taking into consideration the complexity of crypto currency, it would be hard and would take time for it to be implemented in our society.

It would be possible if all people began to use primarily stable coins instead of the usual fiat money.
Thus, people would be protected from market volatility and at the same time would have free easy and safe access to interact with cryptocurrencies.

[whyrqa]

Why do cryptocurrency users very often ask such a question that sounds so that blockchain or Bitcoin can replace banks and the entire banking system?  It seems to me that today many commercial structures use the blockchain, and also banks are introducing this modern technology into their system, and this does not mean that blockchain is replacing the bank.  Blockchain makes it possible to save information, personal data and receive better services.

[FlightyPouch]

I think banks are controlled by Goverments, and Blockchain won't. If Goverments issued own cryptocurrency based on Blockchain, it would replace some bank functions but not all of them.

It is the opposite actually, Banks control the government. This differs in every country but mostly, it is the scenario. Some banks are semi independent but government wants to control it too. If they issued their own crypto currency, it will never replace any bank functions since the approval of it will also roll through the banks like what happened in India in the past about banning crypto currency. Blockchain will be centralized, public records can be available online which governments can review and assess and they can create laws, new rate of taxes and I can see some security flaws so this will never happen for now, that's for sure.

[shushu9977]

It is possible that Blockchain can replace Banks, because at present, it is very ricky to bear hand cash( for robbery or corona virus)  and in future, we can save our money in our mind or mobile phone or computer to use it easily(by blockchain).