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leea-1334
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August 28, 2019, 10:57:52 AM |
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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;) |
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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bitart
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August 28, 2019, 09:56:21 PM |
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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.... |
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Cityhunter123
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August 29, 2019, 08:05:49 AM |
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Banks use blockchain for their own purposes, but they hate crypto. Duplicity.
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BITDV
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Undeads.com - P2E Runner Game
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August 29, 2019, 10:30:57 AM |
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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. |
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jostorres
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August 29, 2019, 01:11:15 PM |
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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. |
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manok jepang
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August 29, 2019, 02:51:26 PM |
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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.
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virendarnagpal
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August 29, 2019, 03:54:27 PM |
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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.
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trickyriky
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August 30, 2019, 07:30:22 PM |
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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. |
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Lalafell
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October 02, 2019, 01:39:42 PM |
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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.
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edutBTC
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October 02, 2019, 02:26:25 PM |
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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  |
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joelsamuya
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October 02, 2019, 02:31:54 PM |
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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.
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bounceback
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Vave.com - Crypto Casino
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October 14, 2019, 06:58:19 AM |
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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.
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romero121
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October 14, 2019, 07:31:07 AM |
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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.
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hermawan9416
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October 14, 2019, 08:42:33 AM |
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It is quite possible, than most likely banks and will be engaged
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Eugenar
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October 14, 2019, 06:34:38 PM |
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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. |
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