Do you think opening a real bank account could be much easier using blockchain?

[creativeleading]

As far as am concerned, blockchain technology is here to make things easier and more efficient. With blockchain technology, the kyc needed by the banks could be carried out much faster and individuals could complete their kyc from the comfort of their homes.

True. But I don't think blockchain alone is the answer. What Selfkey claims is that they let you take control of your KYC information (they store it locally on your device) since massive data breaches are prevalent these days

[p2pclub]

So, it makes some strange things.

You may deposit usdt from your bank account or something. Your information will be confirmed by the banks too

But, where's my anonymous thing? i mean, we always feel worried about personal life, blockchain can helps us. Not the bank where your account will be checked many times by govement.

[Red-Apple]

it is not about being easy. it is about what you get in return.

otherwise using bitcoin is so much easier than going through the agony of using a bank. it is so much safer and cheaper in comparison too. but it is an unfair comparison because the two are serving two different purposes.
bitcoin is created to give people the financial freedom since it is the only decentralized currency while banks exist to offer people a lot of different centralized fiat related services.

[shiming]

Blockchain technology does have tremendous advantages. In terms of information preservation and data recording, at the same time, the blockchain needs 5G technology and artificial intelligence to work together, I think it will be better.

[syed1213]

i think , opening a real bank account could not be much easier using blockchain, because Blockchain technology does have tremendous advantages. In terms of information preservation and data recording, at the same time, the blockchain needs 5G technology and artificial intelligence to work together, I think it will be better.

[jazmuzika217]

To be honest, opening a real bank account is very hassle. Bank always ask for so many requirements to have your bank account aside from valid id you need to provide your proof of billing and proof of income. Aside from blockchain that you only have to fill out some personal information or KYC to use blockchain.

[Oyarebu]

Am not seeing this coming to real life because, banks will not adopt Blockchain totally as they will.still stick to their know your customers. Blockchain will solve many issues affecting the financial world but humans will not allow, especially the government who have constantly enslave us. I hope they realizes the power of the Blockchain and its transparency.

[thiscomm]

yes I will open and create an account with him. and I think that's good news for us as users of the crypto world. because the development of the wallet is very supportive for the development of crypto as well. the improved wallet and services can certainly make us be calm in saving our digital money. but I hope that if possible KYC will not be held again so that we do not have the bad thought that our data is being sold by them for the development of their popularity.

[upyem2k]

This seems so sometimes most especially when some exchanges or project with the requirements of Know Your Customers, there will still be multiple participation which kill the project I. The the end.

[Chuky92]

There are factors to consider like the required KYC documentation for the chosen bank account and AML stuff. Selfkey would be releasing their bank accounts marketplace though. It seems like it will make the application process more efficient and easy that it can be completed in a matter of minutes. What are your thoughts on this?

There have been many possibilities in the blockchain space already, all that is needed is for the team to have the right knowledge and experience to develop their idea.
This is my first time of hearing about Selfkey though and i will take time to study all about them, however am happy a project is taking this step because opening a bank account via blockchain will lead to a more better world one which will remove third-parties, unnecessary charges etc. Although there will be KYC so as to obey regulations but privacy and security of users data will still be assured, all thanks to blockchain.

[JeffBrad12]

This is my first time to hear that and just curious about how that bank account marketplace works? selfkey is not even cooperating with an institution of bank and how it can call to build the bank account marketplace?
I thought that if that can be an illegal marketplace. Basically, you just need a few minutes to open a new bank account and that doesn't need a lot of time but the mechanism that has been introced by selfkey looks very complicated for me.
I just wanna know how about the legal view for that bank account marketplace that will be made by selfkey.

[creativeleading]

This is my first time to hear that and just curious about how that bank account marketplace works? selfkey is not even cooperating with an institution of bank and how it can call to build the bank account marketplace?
I thought that if that can be an illegal marketplace. Basically, you just need a few minutes to open a new bank account and that doesn't need a lot of time but the mechanism that has been introced by selfkey looks very complicated for me.
I just wanna know how about the legal view for that bank account marketplace that will be made by selfkey.

Yes, it's probably the first time that you can actually open a real bank account from a cryptocurrency wallet. They have actually added banks from Singapore and Hongkong already but all of these still require personal visits but pretty soon, they said they'll be adding more banks that won't be needing personal visits though. And everything would be legal as they are still in compliance with KYC.

[creativeleading]

So, it makes some strange things.

You may deposit usdt from your bank account or something. Your information will be confirmed by the banks too

But, where's my anonymous thing? i mean, we always feel worried about personal life, blockchain can helps us. Not the bank where your account will be checked many times by govement.

Basically, instead of relying on systems with centralized databases, SelfKey enforces that we individual have sole control for our data since it's just locally stored on your local storage. That would mean your data would be safe incase those 3rd party's servers are hacked. Problem is you'd need to be knowledgeable as well on how to safeguard your own data.

[tycsols]

I think eventually banks will themselves be using blockchain in all their services and use cases from account opening to payment transfers to global remittances all these can be made efficient, transparent and cheap using blockchain technology so banks no matter how much they are trying to avoid it will still implement blockchain soon amd we will see.

[creativeleading]

I think eventually banks will themselves be using blockchain in all their services and use cases from account opening to payment transfers to global remittances all these can be made efficient, transparent and cheap using blockchain technology so banks no matter how much they are trying to avoid it will still implement blockchain soon amd we will see.

Yeah, eventually everything would be seamless. I'm glad that SelfKey tries to tackle these kind of issues though, one step at a time.

[charlop24]

In my opinion, blockchain technology would be making a tremendous improvement on our financial system and practices. The issue of confirmation of funds received Could be easier and more genuine. Transfer of funds could be done with the speed of light. In summary, blockchain technology would bring greater efficiency to the banking sector.

[MikeyVeez]

It is annoying you spend around 2-3 hours to open a bank account in my country, you need to verify your identity, proof of address, proof of income, TAX reports. While creating a Bitcoin wallet takes only few seconds.

[creativeleading]

In my opinion, blockchain technology would be making a tremendous improvement on our financial system and practices. The issue of confirmation of funds received Could be easier and more genuine. Transfer of funds could be done with the speed of light. In summary, blockchain technology would bring greater efficiency to the banking sector.

But we can't deny that there's still no clear path when it comes to blockchain and banking fully merging. There are many factors to consider and any startup who tries to solve this won't get it the easy way. Still hoping that eventually, they'd be more open to the possibilities of what blockchain could offer.

[Aldrinx00]

I think there's much research to do on this and how they will implement it in a secured way because it's a very complicated process for people who doesn't have any idea on how the block chain works. However if a successful implementation can be done then opening a bank account using block chain can be much easier and faster.

[forexandcryptoauditor]

This will really make the complete process of opening back account faster and easier.
Though, we have to see how the banks will use it. At the moment most kyc records are in centralized manner, introduction with blockchchain technology will definitely change it.