The future of banking industry in blockchain

[jake zyrus]

I think one of the reason why smaller banks, or banks in general takes longer time in adopting blockchain technology is that, the lack of knowledge about blockchain itself. I believe it would be nicer to educate people about blockchain to achieve adoption. Since they lack knowledge about it, they're becoming reluctant to use it, knowing that they're working fine even without blockchain. Education about blockchain is a must for them to understand what it can bring to us.

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[Tylev]

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?

Firstly, banks have long been using blockchain and an example of this is the use of the ripple banking system instead of their outdated SWIFT. Secondly, for a very conservative banking system, these few years, when cryptocurrency and blockchain began to spread around the world, in fact, not so long. Banks do not like to experiment. They begin to apply the innovation if they are fully convinced of the absence of negative consequences. Therefore, while everything goes on as usual. Gradually, banks will also switch to providing various services in cryptocurrency, as far as it will be beneficial to the banks themselves. Therefore, there is no need to rush things.

[Findingnemo]

Banks can use blockchain technology but it is never going to be in decentralized manner so it cannot be compared with the crypto adoption if banks starts doing transactions with blockchain.Either bank employees may not let it happen sice if the blockchain was introduced then most of the employment in banks will get vanished.

[sirminesalot]

Banks can use blockchain technology but it is never going to be in decentralized manner so it cannot be compared with the crypto adoption if banks starts doing transactions with blockchain.Either bank employees may not let it happen sice if the blockchain was introduced then most of the employment in banks will get vanished.

The development era is more advanced and developing and technology will develop, so will the economic development will also follow it and one of them with crypto currency is an economic system that uses technological developments and banks will also experience system development as well.

[darewaller]

Banks can use blockchain technology but it is never going to be in decentralized manner so it cannot be compared with the crypto adoption if banks starts doing transactions with blockchain.Either bank employees may not let it happen sice if the blockchain was introduced then most of the employment in banks will get vanished.

The development era is more advanced and developing and technology will develop, so will the economic development will also follow it and one of them with crypto currency is an economic system that uses technological developments and banks will also experience system development as well.

Except banks create their own cryptocurrency before they can agree to follow the technology of Blockchain, because naturally, the reason why banks are now thinking of Blockchain is because they have realized that they don’t have to engage in cryptocurrency before they can also get the benefit of Blockchain, but as bitcoin is already existing as a product of Blockchain, they are being forced to actually go for it too since they know that they cannot even do much again bitcoin.

I believe that in future, as banks actually develops their own Blockchain, we may be seeing some of the cryptocurrency being created by them which I think would not be very much okay as this will create unwarranted saturation for the cryptocurrency market.

[toast]

Banks can use blockchain technology but it is never going to be in decentralized manner so it cannot be compared with the crypto adoption if banks starts doing transactions with blockchain.Either bank employees may not let it happen sice if the blockchain was introduced then most of the employment in banks will get vanished.

banks are government tools in the economy, especially those related to the use of fiat currencies and all systems are regulated as well as possible but as the times change and technology of course banks will also use a developing system as well and crypto currencies with blockchain systems that use advances in technology can will also be adopted by the government for the bank system

[NathanJB]

Banks can use blockchain technology but it is never going to be in decentralized manner so it cannot be compared with the crypto adoption if banks starts doing transactions with blockchain.Either bank employees may not let it happen sice if the blockchain was introduced then most of the employment in banks will get vanished.

banks are government tools in the economy, especially those related to the use of fiat currencies and all systems are regulated as well as possible but as the times change and technology of course banks will also use a developing system as well and crypto currencies with blockchain systems that use advances in technology can will also be adopted by the government for the bank system

A lot of banks and even governments are already experimenting the integration of the blockchain technology into their existing system. The blockchain technology offers them transparency as well as convenience in monitoring and supervising. Aside from that, the blockchain technology is impossible to tamper. These are just some of the reasons why the banking industry will most likely implement blockchain-based additions to their operation. 

[Google+]

I think indeed more banks are starting to look at blockchain technology because maybe banks also realize that blockchain has the technology that banks need because it involves the big data owned by the blockchain that is able to record all transactions safely and create very safe transactions.

[SvonioneFromMangoCoinz]

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?

when you hear the theory of blockchain, everything seems so cool and easy. but you never understand its difficulties about the situation of the market and how things are organized.
For new technologies, it takes a long time to perfect and adapt customers according to new policies.
Besides, the smaller fee collection is not what the bank wants. That is why banks have not implemented the blockchain model yet.

[romero121]

Banks are making themselves advanced with the adoption of blockchain technology. Already more banking service renders have begun to implement the banking process through the big data network. Few banks have started to get investment in terms of bitcoin. Based on some regulations more people stay away from bitcoin usage. This will surely be a big game changer.

[Edraket31]

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?

Without legal using bitcoin as currency maybe we can't see banking industry in blockchain, many scammer cases using bitcoin and altcoin as investing make government very careful to adopt bitcoin and impossible without legalization bank industry with blockchain in some country, I hope next year have innovation with bank to adopt blockchain and member can saving bitcoin in the bank.

Without the approval of each government we cannot really have this future banking industry, and as of the moment, we cannot control what's on the mind of our government officials, but we can do our part to unite and to let them know its advantage and how blockchain could change the life of the currency system in the future.
We will still have many years to come to develop and for the adoption period, we just need to be patient as everything will be at its place soon.

[yoseph]

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?

Without legal using bitcoin as currency maybe we can't see banking industry in blockchain, many scammer cases using bitcoin and altcoin as investing make government very careful to adopt bitcoin and impossible without legalization bank industry with blockchain in some country, I hope next year have innovation with bank to adopt blockchain and member can saving bitcoin in the bank.

Blockchain is the technology from which bitcoin spawned from, Banks can decide to adopt the blockchain technology and choose to forgo forming any cryptocurrency from it. With blockchain the banks data is transparent and there will be no way that anyone can manipulate figures in case they want to steal from the bank. The banking system would be secure to prevent fraudulent activities.

[fiulpro]

I don't think that it would actually work banking things in Bitcoins.

According to Google " The Basics of Banking will introduce participants to basic banking concepts, such as types of financial institutions— banks, credit unions, and savings institutions, the different accounts they can open to help save money, use money to pay for day-to-day expenses, or even save for long-term goals"

But honestly how could we use Bitcoins .. with non governmental institutions ? Government have to interfere one way or the other and that would actually make Bitcoins centralized.
Would that even work ?

[Pearls Before Swine]

Banks may well adopt blockchain tech for their own purposes, but they aren't going to create anything like bitcoin.  Anything they use a blockchain for will be completely centralized and against the spirit of other cryptocurrencies like bitcoin.  They probably won't even create any coin at all but simply use the distributed ledger aspect for bookkeeping purposes and they might employ smart contracts too.

And let them do it.  I'm all for it, but nobody ought to think that anything the banks do will be in competition with bitcoin, because it won't.  Blockchain tech and bitcoin are related but separate things when it comes to the banking system.

[Epochjump]

Ripple Blockchain is providing all the necessary tools for banking industry and  more future we will see more blockchain platforms will ease banking operations to blockchain based applications

And the question is: why is XRP losing so much value? Is the banking uninterested?

Blockchain is overrated. It's great to hold information but not so great for banking.

It's because XRP will NOT be adopted by any banks. They are using it to model their own protocol. Banks are heavily regulated and they will not entrust their security measures to a "third party" operative such as XRP. Most people know this. That's why no "real money" is directed to XRP. It's a dead issue. Banks can use Ripple and design their own means of transfer that they control entirely. This is the value of Ripple. XRP has no value besides hype and fanboy excitement.

[target]

We have been seeing banks announcing they are going to use blockchain but I think its not up to them to decide whether they can use blockchain as its all up to the central bank. Non of them right now are using blockchain even when they claim they are using XRP. What they could do though is just like what JP morgan did, release their own stablecoin.

[huu78]

May not be a matter of time they use the blockchain because there will be an impact on the finances of their country from using this blockchain technology as people will use this system.
Whereas if we know the blockchain makes transactions safe, transparent and fast. So it's not a matter of time they use it but his government alone is not going to use it and it is better for using a bank system in general.
China just adopted the blockchain on its government and made a currency named DECP and it was not in the decentralization of their banks and only a digital currency of their national.

[poldanmig]

I think indeed more banks are starting to look at blockchain technology because maybe banks also realize that blockchain has the technology that banks need because it involves the big data owned by the blockchain that is able to record all transactions safely and create very safe transactions.

Although actually banks can be helped by the existence of blockchain technology. I am not sure that the Bank will fully support. we just see that now the bank's negative view of crypto has not disappeared. they think that cryptocurrency has many problems and also large crimes that they often associate with terrorism

[TimeTeller]

Banks may well adopt blockchain tech for their own purposes, but they aren't going to create anything like bitcoin.  Anything they use a blockchain for will be completely centralized and against the spirit of other cryptocurrencies like bitcoin.  They probably won't even create any coin at all but simply use the distributed ledger aspect for bookkeeping purposes and they might employ smart contracts too.

And let them do it.  I'm all for it, but nobody ought to think that anything the banks do will be in competition with bitcoin, because it won't.  Blockchain tech and bitcoin are related but separate things when it comes to the banking system.

Of course, when a particular bank is creating their own coin, it is completely centralized.
That's how they can fully control its distribution.
But the thought that banks are creating their own crypto coin, means a lot already.
It translates to the fact that they do believe the advantages of blockchain technology to improve their system.

[Eugenar]

If this was the case, banks would be already actively working on it, they would show some prototypes, make network tests, create joint groups and so on - but there's nothing like that now. All we had in these years is just a few banks saying that they are interested in blockchain and nothing more. Maybe it all was just a stunt to boost their image, as blockchain was very hyped in 2017. Anyway, blockchain has to prove itself on a smaller scale first, but it failed to do so for many years already.

There might be possibility that they are already working on it but not explicitly showing the whole world about their progress. We don't even know that in our everyday lives we use banks that are already utilizing blockchain technology like what we have in our country. We are backed by the government, not much topics concerning blockchain and crypto but there are apps that allows us to transfer money from banks to crypto wallets. Even our fiats utilizes the blockchain technology already.