Can a Bank Run Financial Activies on Blockchain Without Crypto Currency ?

[richardstephens]

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[cipherhut]

Blockchain is a technology which can be adopted without cryptocurrency, as an individual, it can be used a security firewall for any industry and in the banking sector, it can turn as a savior.

[Kakmakr]

The Blockchain is just a decentralized ledger that can be used by anyone, so you do not have to have your own Blockchain to run your business. Banks might prefer to develop their own Blockchain based technology, because it gives them more control over the future developments and changes to the protocol.

A lot of these companies see potential in already developed Blockchain technologies and they do not see the need to develop their own Blockchain technologies, so they just partner with the developers of these Alt coins to use their token. 

[NeuroticFish]

A blockchain is just a special type of database.
In the case of Bitcoin, a currency is necessary to (also) keep the miners interested.
Various businesses can keep their blockchain safe without the need to pay 3rd party miners, or they can pay them directly in fiat. And this means that the blockchain can contain their useful data and no coins.

[kryptqnick]

The question is vague. You're asking whether a bank can make transactions on Blockchain without creating their own crypto. First of all, they can totally avoid making another token nobody cares about and use a well-known crypto instead. Ripple, for instance, is all about being a crypto for banks. If the question if whether there can be Blockchain without crypto, then the answer is also yes. After all, there are many use cases for this database, it doesn't necessarily have to be money. If we are talking about financial transactions, though, it seems to me that a coin is needed, but I am not sure.

[SirLancelot]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Of course they can, blockchain technology is a package on its own, and it’s much more than just cryptocurrency, cryptocurrency is a product of blockchain, and we have many products that can come out of blockchain technology.

One thing that blockchain can do is to bring about full decentralization of a system, it creates transparency and even our government can use it during electoral processes if they really want to have a transparent election, then it can be used for data security an many more things that blockchain covers which is even beyond my own knowledge, so cryptocurrency is just the currency part of it that Satoshi Nakamoto decided to develop on, so we have much more than that and when you ask blockchain developers, they will really explain it better to you.

[figmentofmyass]

they can use bitcoin. i expect that retail banks will be rolling out bitcoin/cryptocurrency deposit accounts (and lending services) within the next 10-20 years, if not sooner.

they might create their own stablecoin-like "cryptocurrencies" for interbank settlement and investment platforms (JP morgan is working on one right now) but these have limited application.

[audaciousbeing]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Of course I have read about its implementation and not only in banking but also in shipping too, the same thing goes with database. Although, I don't understand the practicability because I am not a techie but its something that have been tested. Blockchain is a technology in my lay term to be regarded as a form of upgrade in other to make processes and systems operate in a more efficient and effective manner.

[dothebeats]

Yes, and some of them are planning to do it although I don't really see how much would be changing knowing full well that their services can work great even without the blockchain. It's just a decentralized private ledger after all and I don't even see how things would stack up from there. Perhaps some of their services would be faster and more users/customers would be taken care of but generally, services would still remain the same.

[drumamat]

Blockchain is a technology which can be adopted without cryptocurrency, as an individual, it can be used a security firewall for any industry and in the banking sector, it can turn as a savior.

Yeah a banking system can support financial support without bitcoin because bitcoin Is a virtual cryptocurrency and blockchain is  technical platform....

That's why very often you can hear about the advantages of blockchain technology and not cryptocurrency.Although personally, my opinion is that the blockchain without cryptocurrency is meaningless.

[LTU_btc]

They not only can, but they are already starting to do that. Lot of banks around the world starting to adopt blockchain technology already. People need to learn one thing - cryptocurrencies and blockchain is two separate things. In simple words blockchain is technology and cryptocurrencies are "using" it. So, for example, all these news about banks or other companies adopting blockchain technology doesn't have any positive influence for cryptocurrencies.

[mazdafunsun]

Yes they can, the best example is Ripple , the have product for banking sector where banks use blockchain without using public cryto currencies - Ripple.
Not only banks are working on those kind of solutions , visa and master-card is doing the same. They recognize the potential an sooner or later will use block chain.

[Chaki #diarize]

There's a yes and there's a no.

Most merchant or bank need a basis for everything like a barter exchange, its like if you exchange a sack of rice with a wagon of vegetable how sure are you that you get the right  value of that rice equally for that vegetable.

For us or for some altcoin founder they base their altcoin by the value Bitcoin or ETH, so if a  group of business man would put up a bank that will work with block chain, they have the right to make their own alt coin as a basis if they don't want to use Bitcoin directly.

This is for the answer on the question.


As for the title------ crypto runs though block chain and by the way do you note that Blockchain was invented because of Satoshi?

Here you can read this link to understand more: https://en.wikipedia.org/wiki/Blockchain

[setialovers]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Blockchain is a technology separate from cryptocurrency so that the Bank or Government can use blockchain technology without having to make its own cryptocurrency. With blockchain technology, Bank or Government transaction data is safer and can be displayed transparently

[bitbunnny]

Of course they can. Blockchain is type of technology, kind of traceable data base that could be used in any industry, so financial too. And it's not necessary to use cryptocurrency.
As far as I know some banks are already testing blockchain as well as some governmental institutions. In the future blockchain will be widely spread when all businesses and institutions realise its advantage.

[Darker45]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

I believe there are certain use-cases of blockchain that do not necessarily need a corresponding cryptocurrency. And banks are already involved in it. Actually, there are already a good number of banks all over the world that is currently using the blockchain technology in one way or another. Running financial activities could be one of them.

This article might be of help to you: https://medium.com/predict/comprehensive-list-of-banks-using-blockchain-technology-dc39ce5b6573.

And then we have what is called private and public blockchain to elucidate more on the idea of using blockchain without a cryptocurrency. Basically, if a bank is using a private blockchain, it does not have to be using a cryptocurrency.

More here: https://www.quora.com/Why-does-the-Blockchain-technology-need-a-coin-to-work#targetText=Not%20always%20need%20a%20coin,for%20paying%20smart%20contracts%20running.

[Herbert2020]

you are too caught up in the hype that the ICO scammers spread over the past 2 years with a lot of lies. blockchain isn't being used or adopted by countries, its only major usage still is remaining as what bitcoin is uses it like (for cryptocurrencies).

as for whether they can, the answer is yes but a better question would be if they should!
blockchain is just a chain of "historical transfers" that were put inside a database using cryptography. so the question is, when the banking system is centralized and their books aren't public why would they want to use a blockchain?

[bitart]

...
as for whether they can, the answer is yes but a better question would be if they should!
blockchain is just a chain of "historical transfers" that were put inside a database using cryptography. so the question is, when the banking system is centralized and their books aren't public why would they want to use a blockchain?

Because blockchain technology helps the banks to employ less people, because blockchain is a kind of technology that needs fewer manual intervention in case of problem with a transaction or network or anything... So less employees means cost effectiveness and banks can really win with this on the market, because all the banks can give you nearly the same service, the price of the service is the key when most of the people choose a bank.
So blockchain is not just a chain of historical transfers but a decentralized database that can correct itself is something goes wrong with one of the nodes in the network so it's less vulnerable for attacks and so on... So it's more secure for less cost, this is ideal for the banks...

[Herbert2020]

...
as for whether they can, the answer is yes but a better question would be if they should!
blockchain is just a chain of "historical transfers" that were put inside a database using cryptography. so the question is, when the banking system is centralized and their books aren't public why would they want to use a blockchain?

Because blockchain technology helps the banks to employ less people, because blockchain is a kind of technology that needs fewer manual intervention in case of problem with a transaction or network or anything... So less employees means cost effectiveness and banks can really win with this on the market, because all the banks can give you nearly the same service, the price of the service is the key when most of the people choose a bank.
So blockchain is not just a chain of historical transfers but a decentralized database that can correct itself is something goes wrong with one of the nodes in the network so it's less vulnerable for attacks and so on... So it's more secure for less cost, this is ideal for the banks...

blockchain and decentralization are two completely different subjects that are not at all related.
blockchain as i said is just the chain of blocks. decentralization comes from when this chain is held and monitored by independent peers.
in a bank, there is no independence, there is a central authority that decides the fate of the chain. so why call it "blockchain" in first place? all a bank needs is a database and automation of that database is much easier than using a blockchain.

[ayoubouni95]

I'm not for anyone coming from the banking/traditional financial industry. But I think they can be given a chance if they come in peace with an 'empty cup'. The cups they carry with them have been filled with all these contamination all throughout the ages!

[leea-1334]

They not only can, but they are already starting to do that. Lot of banks around the world starting to adopt blockchain technology already. People need to learn one thing - cryptocurrencies and blockchain is two separate things. In simple words blockchain is technology and cryptocurrencies are "using" it. So, for example, all these news about banks or other companies adopting blockchain technology doesn't have any positive influence for cryptocurrencies.

People still fail to understand that while crypto is generally blockchain,,, although nowadays some are not even blockchain,,, blockchain is not necessarily crypto.

Everyone can use blockchain even in the home to do stuff. Store records especially. You do NOT need to issue tokens or currency to utilize the technology.

The best example is Ripple. Banks using the tech but XRP still low in price;)

[bitart]

blockchain and decentralization are two completely different subjects that are not at all related.
blockchain as i said is just the chain of blocks. decentralization comes from when this chain is held and monitored by independent peers.
in a bank, there is no independence, there is a central authority that decides the fate of the chain. so why call it "blockchain" in first place? all a bank needs is a database and automation of that database is much easier than using a blockchain.

That makes sense.
In this case banks are just using the blockchain technology for marketing purposes (to show that they are also interested in the new trends and they upgrade their system with the help of the technical development) but behind the scenes they just won't create any new system based on blockchain technology, but who cares, because people won't be able to determine if their system is based on blockchain technology or not.
Maybe stock exchanges would be interested in tokenization and blockchain technology to speed up the clearing of the transactions and to make their system more cost effective. But, if they have a good working database, this development could be unnecessary, just like at the banks above....

[Cityhunter123]

Banks use blockchain for their own purposes, but they hate crypto. Duplicity.

[BITDV]

Sure, why not. Bank can use their own blockchain for their own purpose, but sure it will use custom blockchain to fulfill their complex systems. Is this need cryptocurrency, or let say they create their own crypto? Not exactly, they can use cryptocurrency or not using cryptocurrency depend on their need, but i guest they wont use cryptocurrency.

Banks use blockchain for their own purposes, but they hate crypto. Duplicity.

When we talk about blockchain technology, it's not always talk about cryptocurrency. IMO, cryptocurrency is only part of blockchain not main part.

[jostorres]

blockchain and decentralization are two completely different subjects that are not at all related.
blockchain as i said is just the chain of blocks. decentralization comes from when this chain is held and monitored by independent peers.
in a bank, there is no independence, there is a central authority that decides the fate of the chain. so why call it "blockchain" in first place? all a bank needs is a database and automation of that database is much easier than using a blockchain.

First, how can you say that there is no relationship that there is no relationship between blockchain and decentralization, do not forget that the whole cryptocurrency started from blockchain, and bitcoin was its first cryptocurrency which one developed in a decentralized way through blockchain, so I would not completely agree that there is no relationship between the two.

When we talk of blockchain, both of them are meant to work hand in hand, but because people are free to alter the code and build it to suit their own purpose, that is why you see a lot of blockchain projects running their project in a centralized way and if bank is to adopt blockchain technology which will ultimately help their banking system, they will still adopt the centralized system of it.

[manok jepang]

Of course, because Blockchain has the potential to substantially change the way various financial services are run. Banks can take advantage of significant developments and implement blockchain technology in terms of improving efficiency, cost savings, Blockchain can also be another valuable transaction tool, such as: investment in property, jewelery, goods and other services, even the election vote calculation.

[virendarnagpal]

Blockchain is chain of blocks which store pieces of information it them.  so a chain of different blocks of pieces of financial economic monetary information is called blockchain.  In simple words it is record keeping technology for cryptocurrency.  Blockchain may be so much important for financial transactions and may prove to be booster as the internet became a booster to the media.  Banks need not issue their own crypto currency for the purpose.

[trickyriky]

We  all on blockchain is the future and  every all institutions  and every country  is adopting Blockchain ! Today  i wan to  ask if Can a Banking Sector  can run transactions on blockchain without creating their own Crypto Currency? ..

Yes, it is just a technology that is found much more effective than the traditional system. This way without any complications and without having a cryptocurrency blockchain technology can be used into the banking sector. There is misunderstanding among common people that bitcoin and blockchain to be the same. Blockchain gained more popularity through the usage on bitcoin, this is what described in different ways causing confusion.

Theoretically, in the blockchain, they can do without cryptocurrencies. If a closed blockchain is being implemented for the needs of the enterprise/bank, they can simply make employees confirm the blocks, making it their responsibility. In an open (public) system, no one will just do the job, spending their own energy and computing resources. A public system will not work without cryptocurrency.

[Lalafell]

According Adam Ludwin, the co-founder and CEO of Chain, a blockchain without cryptocurrency is just a database innovation. Cryptocurrency - or cryptoasset - its purpose is to provide an economic incentive to a decentralized operating group. Technical reality, blockchain is just a data model. It's a database innovation. And that innovation is applying cryptography to every transaction update in that database, so that anyone can independently verify whether there's been a change to the database and can independently verify therefore, sort of, the state of say a balance in a checking account, or the current custodian of a security, or the current owner of a cryptocurrency.

[edutBTC]

Blockchain is not just crypto currency. You can think of Blockchain as a ledger. And everyone can see this ledger. Bank transactions are confidential transactions. Blockchain makes all transactions transparent. So you fucked up

[joelsamuya]

Cryptocurrency is a distinct and separate thing from the blockchain technology. One can be able to use the blockchain for different uses and industries and not to worry about cryptocurrency. Though Bitcoin and the blockchain technology came to be known as intertwined maybe can be compared to a twins though they are functioning differently. This is the reason why there are countries which do not like Bitcoin, but they are taking advantage of the blockchain and use it with different applications.

[bounceback]

I think if a bank runs finance with a blockchain without digital currency why not because we know that the blockchain is not one of bitcoin, but bitcoin is standing on the blockchain so if the bank works with the blockchain, it certainly makes it very easy for bank members to run their finances and also makes it easier for people who want to transact with banks.

[romero121]

There is lot of misunderstanding about the technology as well as with the term bitcoin. The technology gave way to the existence of bitcoin and the same can serve independently with the banking firms without cryptocurrency. The technology gets integrated with the banking services. Through this effectiveness and the efficiency of the system can be increased with reduction of flaws.

Blockchain technology gives the transparency, which increases the trust. When the same is used on banking services automatically people will trust banks more than the present, because these days there is no transparency with banking services and customers were kept within control as the funds of them were in the hands of banks.

[hermawan9416]

It is quite possible, than most likely banks and will be engaged

[Eugenar]

I'm not for anyone coming from the banking/traditional financial industry. But I think they can be given a chance if they come in peace with an 'empty cup'. The cups they carry with them have been filled with all these contamination all throughout the ages!

I am having a confusion about this, if banks can run financial activities on blockchain without crypto, then that is crypto at all, because they will going to utilize digital currency, there's no escape that we can call it as a kind of cryptocurrency, In the future, whether they call it as crypto or not, it will have its own label as a monetary/digital asset run by banks and financial institution that is not decentralized.