The future of banking industry in blockchain

[tbterryboy]

Clicked on the link and it was not working so I decided to search it up on Google and got what I was looking seems, It seems like they changed the link or something because the error I got was that the link could not be found.

Seems like blockchain is more recognized than I thought. So, I checked the chart provided on Changelly and about 30% of industries that makes use of blockchain we're a government-industry. There are also other industries that were listed.

It's great to know about that, but my main area of interest has always been on Bitcoin and not Blockchain, though I know it's not going to be possible for them to accept bitcoin, they will only be able to work with blockchain.

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[CarnagexD]

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

Small banks will find it difficult to keep up with the big ones, but I'm sure they will follow the wave and also make way for them to progress. Because if they do not keep up with the wave the big banks may now be able to cover them and this may even cause small banks to collapse and close.

It is not because small banks find it too difficult for them to keep up with the highly named banks, they are just being careful with the emerging capabilities of cryptocurrency. Just take a look at Silvergate Bank and Metropolitan bank, they could have taken the use of cryptocurrency first or even did what the JP morgan does to its system, but what they did is wait the bigger one to have a less effect on them whenever it stumbles. You're right, small banks are easy to collapse with careless move knowing they have huge walls on their environment.

[Barbut]

Discussion about Blockchain and Banks last for years. In my opinion, Banks will adopt Blockchain, in one way or another it's inevitable. Blockchain as a technology is the revolution, it's faster and more secure than anything else. 
The future is being shaped today! Big ones are making their own chains, others will try to make their own, or they will join someone bigger. Like in many other examples trough the history, some will adopt, some will not be able to adopt.

[meliodas]

Discussion about Blockchain and Banks last for years. In my opinion, Banks will adopt Blockchain, in one way or another it's inevitable. Blockchain as a technology is the revolution, it's faster and more secure than anything else. 
The future is being shaped today! Big ones are making their own chains, others will try to make their own, or they will join someone bigger. Like in many other examples trough the history, some will adopt, some will not be able to adopt.

It is indeed inevitable. Blockchain technology is slowly showing its worth in the world of technologies. Some of the big companies are now starting to learn how to implement blockchain technology into their system for some improvements. Soon, the banks will do the same because it will help them to make their system more secure and much better than before.

[uneng]

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

It's not cheap and easy to operate a small bank in a country due to regulations and taxes. It's tiring enough to make it work in a traditional way that I believe they don't think about complicating it even more by adopting a new system, as the current traditional one fulfills their demand for now.
I mean on the practice there won't be extra gains for these banks to adopt blockchain, so why to spend money and effort on it?

[suvo05]

Bank may implement the blockchain technology for their own use they are already researching about it, but I don't think that they are going to provide public services via the blockchain any time soon.

[Kersh768]

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

We cannot expect the smaller banks to implement a system consisting the transaction and investment of blockchain in it. It would require lot of expenses and time before that happens and considering that a bank is just a small one, we cannot expect it to be suffecient enough to provide the money need to collaborate with blockchain. I think we should first look forward on having cryptocurrency and fiat in harmony under those banks and then hope for more if it works well. We should not be in a hurry or else things won't work properly.

[Quidat]

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

We cannot expect the smaller banks to implement a system consisting the transaction and investment of blockchain in it. It would require lot of expenses and time before that happens and considering that a bank is just a small one, we cannot expect it to be suffecient enough to provide the money need to collaborate with blockchain. I think we should first look forward on having cryptocurrency and fiat in harmony under those banks and then hope for more if it works well. We should not be in a hurry or else things won't work properly.

No i guess where it isnt really that expensive enough to switch fully or integrate blockchain tech into their operations no matter how
small the bank is.The thing here is that, they would consider on using it up?

Banking sector would surely have second doubts on integrating this new system yet they know that everything would be transparent or
can be seen on a public ledger.For sure they would always have that second thoughts.

[marcous]

Hey.
Yesterday I read an article about banks that began to use blockchain and there was pretty impressive list.
They're also described successful cases of using blockchain in banks (if you're interested - here's the article), so I may assume that using blockchain in bank's system is only a matter of time (and money, of course).

Now, the question: why it takes THAT long the smaller banks to go the same way and start using the blockchain?

yes, some banks in my country have seen a lot of positive effects of blockchain technology because blockchain is a solution to the banking problem. The point is, this blockchain technology is still relatively new in the banking world. so it takes time besides applying it also introduces to the wider community about the security of blockchain for the transaction and also customer data.

[Yatsan]

I don't think it's gonna happen, because the purpose of the bank is security if someone accesses your account it can be detected quickly, and the transaction is reversible so that if someone scam you, you can get your money back. Those main features of a bank are not available on the blockchain, so for me, it's not gonna happen.

For blockchain, the primary purpose of it is decentralization! If the bank implements it in their system, then the "decentralization" will not gonna happen, because the bank will be the middle man again. Blockchain is just fine with the peer to peer transaction, and I think it's all good

[AjithBtc]

I don't think it's gonna happen, because the purpose of the bank is security if someone accesses your account it can be detected quickly, and the transaction is reversible so that if someone scam you, you can get your money back. Those main features of a bank are not available on the blockchain, so for me, it's not gonna happen.

For blockchain, the primary purpose of it is decentralization! If the bank implements it in their system, then the "decentralization" will not gonna happen, because the bank will be the middle man again. Blockchain is just fine with the peer to peer transaction, and I think it's all good

Yes, the key role of banking is to secure users fund and providing with some interest for the amount that's been kept hold on the banks. There are flaws in this reversible function, I once encountered the same. My friend bought some amount for emergency need. Later on need I requested him to send it back. He asked one of his friend to send it to my account. I received the amount, confirmed with my friend. By the time I wasn't able to withdraw it. It showed withheld, later on enquiring the bank authority came to knew that the person who transferred the fund requested for a reversal as it was send mistakenly. Further bank manager suggested me to give a written statement regarding the incident, but the amount was reversed to that persons account.

This way in some form irreversible features were used to cheat the authorities and benefited by people. Good is to have decentralization in this regard.

[riso2015]

I don't think it's gonna happen, because the purpose of the bank is security if someone accesses your account it can be detected quickly, and the transaction is reversible so that if someone scam you, you can get your money back. Those main features of a bank are not available on the blockchain, so for me, it's not gonna happen.

For blockchain, the primary purpose of it is decentralization! If the bank implements it in their system, then the "decentralization" will not gonna happen, because the bank will be the middle man again. Blockchain is just fine with the peer to peer transaction, and I think it's all good

Combining the banking system with the Blockchain system I think will be one of the advances of a secure and decentralized state financial system. I am very optimistic that Blockchain technology can be a suitable system in state government, including banking.

[abhiseshakana]

Yes, the key role of banking is to secure users fund and providing with some interest for the amount that's been kept hold on the banks. There are flaws in this reversible function, I once encountered the same. My friend bought some amount for emergency need. Later on need I requested him to send it back. He asked one of his friend to send it to my account. I received the amount, confirmed with my friend. By the time I wasn't able to withdraw it. It showed withheld, later on enquiring the bank authority came to knew that the person who transferred the fund requested for a reversal as it was send mistakenly. Further bank manager suggested me to give a written statement regarding the incident, but the amount was reversed to that persons account.

This way in some form irreversible features were used to cheat the authorities and benefited by people. Good is to have decentralization in this regard.

Money owners do expect to benefit by using bank services but the main concern is the security of their assets. Security guarantees and refunds if a human error (private key is forgotten or lost) cannot be provided by the blockchain.

The adoption of the blockchain will provide many benefits to me, as an exporter with limited capital, with the blockchain technology I can receive payments from buyers faster. So far, both payments via T / T and L / C take a long time. T / T between countries takes 2-3 business days since the buyer sends the money.

But as a business actor between countries, I think buyers still need the role of banks, as a party that can validate the export documents required by the buyer when conducting the import process.

[plast555]

I find it quite meaningless for banks to use blockchain technology.

First, the blockchain is inherently decentralized. Such tokens like RIPPLE are against the blockchain philosophy.

Banks can use blockchain technology, but that doesn't mean anything unless they stop exploiting people. If high commissions, centrality persists, and users' privacy is not ensured, none of it makes sense.

[TinaK]

Future of bankers already started their digital revolution and they have implemented all possible way of internet marketing and internet mode of payment to improve their banking business.
I am not sure how the people will accept cryptocurrency when the time Bank does all the possible ways but no one can give the features what we have in cryptocurrency.

[TheGreatPython]

Uuhm, I don't know if you have read about this JPM coin by JP Morgan Chase, I guess that's how things will turn out to be, maybe they will all start creating their own cryptocurrencies. The JPM coin is still a prototype and is being tested by institutional clients. The coin runs on a blockchain that is similar to Ethereum blockchain and is called Quorum.

If banks wants to start adopting blockchain they won't adopt Bitcoin, neither altcoins, rather they will create their own crypto coin that will be backed by the country's fiat asset. This way they will be able to make transactions faster, but I don't really see any need for all that since the method that's being used now is still fast when it comes making transactions within the country, except for international transactions. Unless they will adopt blockchain for just that – international transactions.

[South Park]

Uuhm, I don't know if you have read about this JPM coin by JP Morgan Chase, I guess that's how things will turn out to be, maybe they will all start creating their own cryptocurrencies. The JPM coin is still a prototype and is being tested by institutional clients. The coin runs on a blockchain that is similar to Ethereum blockchain and is called Quorum.

If banks wants to start adopting blockchain they won't adopt Bitcoin, neither altcoins, rather they will create their own crypto coin that will be backed by the country's fiat asset. This way they will be able to make transactions faster, but I don't really see any need for all that since the method that's being used now is still fast when it comes making transactions within the country, except for international transactions. Unless they will adopt blockchain for just that – international transactions.

Banks can do whatever they want and create their own blockchain if that is what they desire but they are never going to make me care about a private ledger of which they have absolute control, I only care about public ledgers like bitcoin, however I really think that they will deceive many people with their coins because they will immediately assume that since a bank is printing them then they must be as good as money not realizing that they are getting another form of fiat.

[clickerz]

Uuhm, I don't know if you have read about this JPM coin by JP Morgan Chase, I guess that's how things will turn out to be, maybe they will all start creating their own cryptocurrencies. The JPM coin is still a prototype and is being tested by institutional clients. The coin runs on a blockchain that is similar to Ethereum blockchain and is called Quorum.

If banks wants to start adopting blockchain they won't adopt Bitcoin, neither altcoins, rather they will create their own crypto coin that will be backed by the country's fiat asset. This way they will be able to make transactions faster, but I don't really see any need for all that since the method that's being used now is still fast when it comes to making transactions within the country, except for international transactions. Unless they will adopt blockchain for just that – international transactions.

Or aside from developing their own blockchain, they can utilize a project like XRP.

Banks can do whatever they want and create their own blockchain if that is what they desire but they are never going to make me care about a private ledger of which they have absolute control, I only care about public ledgers like bitcoin, however I really think that they will deceive many people with their coins because they will immediately assume that since a bank is printing them then they must be as good as money not realizing that they are getting another form of fiat.

If banks adopt a decentralized blockchain, that would be good since we can verify the transaction on the blockchain. This way we can say that the transaction is immutable and cannot be reversed. But we don't know about the fees they charged since they are sanctioned and paid taxes to by the government.

[Murat]

It's just a matter of making understand about this system, day by day people are getting accepted this system and blockchain system recently declared by the Chinese president as one of the finest inventions for the further invention, so it's getting bigger day by day. That's why banks and other institutions are trying to adopt this system for their own purpose. Coca Cola has taken this blockchain system recently their own bottle purpose, so the popularity if getting high in these days, not only that but also many researchers are doing work regarding this issue so everything will get clear and Blockchain system will be the most efficient platform in the future for the all aspect of our life.

[naikturun]

It would not be easy to realise in all countries I mean it would be difficult for a country that even still prohibits the circulation of bitcoins in its territory, of course it would be difficult because changing the habit of using digital money Alan is difficult, I mean they are right Should properly adjust it, it will be very troublesome to pay your daily needs repeatedly.