The future of banking industry in blockchain

[Cynthia Adoma]

The banking industry can inculcate the use of blockchain into it's operations. Be it a deposit money bank, merchant banks, or even the Apex bank( Central bank) in a country. But I think if the Central Bank can start it, then it's possible. For instance people buy Government bonds through the banks or even shares of some cooperation, using currency. Imagine people doing the same but using Bitcoin at their disposal to buy bonds or shares. That would be awesome.

[desticy]

This is a very interesting question.
The current financial banking system itself is rather poor. So in the future it will be reformatted, that is, it will either be completely destroyed or reconstructed into something new. Now you can observe the attempts of the cryptocurrency world to find new ways of creating financial systems, however, it is obvious that banks just will not give up their piece of the pie, which means they will try in every way to build their future activities in such a way as to remain in the system at the highest levels.

[cotton ball]

This is a very interesting question.
The current financial banking system itself is rather poor. So in the future it will be reformatted, that is, it will either be completely destroyed or reconstructed into something new. Now you can observe the attempts of the cryptocurrency world to find new ways of creating financial systems, however, it is obvious that banks just will not give up their piece of the pie, which means they will try in every way to build their future activities in such a way as to remain in the system at the highest levels.

I really don't think that it is possible to have a world where no banks will exists. Banking system is destined to be with us forever. But with the changing currencies, this system will also undergo improvements. The time has come to revolutionize traditional method of money. I am more than hundred percent sure about this, banks will be introducing their own crypto coins in a centralized manner.

Not possible blockchain and bank become good partner at the future because bitcoin not allowing in many country as legal currency payment, bitcoin have giving good ideas if bitcoin adopt as legal currency payment with transparent transaction detail and give faster for each payment sending but government still not allowed for bitcoin become legal transaction.

[X-ray]

This is a very interesting question.
The current financial banking system itself is rather poor. So in the future it will be reformatted, that is, it will either be completely destroyed or reconstructed into something new. Now you can observe the attempts of the cryptocurrency world to find new ways of creating financial systems, however, it is obvious that banks just will not give up their piece of the pie, which means they will try in every way to build their future activities in such a way as to remain in the system at the highest levels.

I really don't think that it is possible to have a world where no banks will exists. Banking system is destined to be with us forever. But with the changing currencies, this system will also undergo improvements. The time has come to revolutionize traditional method of money. I am more than hundred percent sure about this, banks will be introducing their own crypto coins in a centralized manner.

Not possible blockchain and bank become good partner at the future because bitcoin not allowing in many country as legal currency payment, bitcoin have giving good ideas if bitcoin adopt as legal currency payment with transparent transaction detail and give faster for each payment sending but government still not allowed for bitcoin become legal transaction.

Bank using blockchain? Definitely possible on top of that if they plan to create their own crypto that's a lot more centralized than the ordinary ones for the purpose of governance then that'd be more possible.
There are plenty of company that have started their research into the implementation of blockchain for their system and what's prohibited in most of country is the crypto not the blockchain. I'm sure that when the adoption of blockchain into the banking system announced the government will immediately release some regulation regarding this matter.

[oktana]

Bank successfully adopted the blockchain system and eventually became a facilitator between crypto and fiat, I see the direction will come here after they successfully synchronize banking data.

But there is something confusing when customers finally start using the blockchain personally with more funds. Does the bank also consider this effect?

[Aying]

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.

Yes not that easy to adopt it and to those not technology base country. a lot will change and everyone will sacrifice time to know more about crypto and blockchain especially to those who really on to technology. but this changes will help us a lot in near days to come. everyone is improving so they should improve too, too difficult to do but for sure there are users will help them to adjust if that time comes. it will be good and everyone will going to benefit it all.

[KrisAlex18]

Bank successfully adopted the blockchain system and eventually became a facilitator between crypto and fiat, I see the direction will come here after they successfully synchronize banking data.

You mean there are some banks that successfully (or maybe testing out) the use of blockchain and seeing a positive gain and results from it, isn't? Well talking about blockchain for banking system, frankly it could help a lot specially on their clients creating an efficiency of work through banking trying to ease the hassle it could possibly cause. I see a bright future if banks would totally adopt this kind of system with efficiency and conservation in combine.

But there is something confusing when customers finally start using the blockchain personally with more funds. Does the bank also consider this effect?

Of course they should. When it comes with their clients they should put a thousand percent of their effort to provide safety and comfort to their client's money cause that's their job. Banks must be aware that there are few people know about cryptocurrency, they should spread awareness first.

[bitbunnny]

As far as I know banks are testing blockchain technology for a while. If they decide to implement it that will be a big progress and benefit for clients and it contribute to better transparency and more confidence into banking system. But that still doesn't mean that banks will embrace cryptocurrencies too.

[SirLancelot]

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.

At the early stage, it may be very difficult, but overtime, those countries that may have become adamant about the project will eventually loosen up because when it comes to transaction, there will always be the need to actually partner with other countries in this, and if one of the country to partner with has adopted bitcoin, they might tend to ignore, but once they start seeing 2 or 3 countries with the same, they will surely want to join the train also so that they can continue their relationship with the country, but unfortunately, the country that would have set sample for this is not helping as they are all about themselves alone which even after they have accepted cryptocurrency, what they are thinking of is how they can create their which I am talking of china.

[South Park]

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.

But they will never create a decentralized blockchain that is the issue, whatever blockchain that they create will be under their complete control and they will know exactly what you're doing with your money and they will have complete control of the monetary system in this way, satoshi created bitcoin and the blockchain to help us to get free from governments and banks but if used maliciously the blockchain can be used to achieve exactly the opposite and we cannot allow that.

[BobBct]

I'm not really sure how the marriage of banking industry will work because this two system is totally against its other. Bank is centralized and controlled while blockain is decentralized. If they could someway meet in between to have a much better result I think it would work. Let us see in the future how this thing will progress.

[crossabdd]

this is a new technology, which transfers data from the old system to the new system also takes time. the main side is the bank must test all systems that use the blockchain, so there is no error in the system. so when it starts it doesn't crash. Blockchain technology is having complex security, so banks must really make the right security, so it is not easily hacked

[S4VV4S]

this is a new technology, which transfers data from the old system to the new system also takes time. the main side is the bank must test all systems that use the blockchain, so there is no error in the system. so when it starts it doesn't crash. Blockchain technology is having complex security, so banks must really make the right security, so it is not easily hacked

Of course Blockchain technology is very suitable to be applied in the banking system that aims to maintain the security of important data customers. I am very optimistic that Blockchain technology will be the right choice for the global banking industry, and I am sure in the future many banks will use Blockchain technology.

[KrisAlex18]

I'm not really sure how the marriage of banking industry will work because this two system is totally against its other. Bank is centralized and controlled while blockain is decentralized. If they could someway meet in between to have a much better result I think it would work. Let us see in the future how this thing will progress.

Although they are contrary in each other, blockchain could transform these financial institution to a well reinstate one. Banks can use the idea of decentralized distribution to run after more secured and preserved data or information. But if I would choose between blockchain and banking, I would still pick the bank because cryptocurrency are still on development. Aside from that, Google could easily get this one out as quantum computer has become more possible with the technology right now.

[panganib999]

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?

Well.itvmught be because smaller ones thinks that they can't still afford what is. due with cryptocurrency especially with blickchain. Also, the government will interefere if blockchain would be in in terms of banking. There's nothing sure but what's guaranteed is that the givernment might use blockchain, its not for banking since they will lose some authority over it and thats far from what they wanted they might use its technique while banking, tho.

[ampu]

Blockchain technology will make banks control their money and customers thoroughly, helping avoid losses.  The application of blockchain to banking services also increases the speed of money transfer, reduces costs and helps ensure customers' money is safe.

[xen1oph]

I think that this is all due to a lack of confidence in technology and ideas based on completely different principles than the banking industry. It seems to me that this distrust of blockchain still exists. Over time, this old one should stay in the past, progress will come anyway, so the banking industry has no chance.

[South Park]

I'm not really sure how the marriage of banking industry will work because this two system is totally against its other. Bank is centralized and controlled while blockain is decentralized. If they could someway meet in between to have a much better result I think it would work. Let us see in the future how this thing will progress.

Not really, some may think that it is difficult to combine the banking system with the blockchain but in fact it is very easy, what banks are going to do is that they will control every single node in their blockchains, and I really think that this is going to be a huge threat to the privacy of individuals all around the world, the blockchain is a powerful invention and like any powerful invention it can be used for good or for evil and while a decentralized blockchain will help us to achieve more freedom a centralized blockchain will hinder it.

[Edraket31]

I'm not really sure how the marriage of banking industry will work because this two system is totally against its other. Bank is centralized and controlled while blockain is decentralized. If they could someway meet in between to have a much better result I think it would work. Let us see in the future how this thing will progress.

Not really, some may think that it is difficult to combine the banking system with the blockchain but in fact it is very easy, what banks are going to do is that they will control every single node in their blockchains, and I really think that this is going to be a huge threat to the privacy of individuals all around the world, the blockchain is a powerful invention and like any powerful invention it can be used for good or for evil and while a decentralized blockchain will help us to achieve more freedom a centralized blockchain will hinder it.

Not really, I don't think it is impossible, in fact here in our country, we do have a bank that is eyeing and checking how they can implement and use blockchain here in our country, we are just hoping that there will be an update for this soon and hope that it will become positive for all of us, so that other banks will also have the chance to implement this.

[JeffBrad12]

Blockchain technology will make banks control their money and customers thoroughly, helping avoid losses.  The application of blockchain to banking services also increases the speed of money transfer, reduces costs and helps ensure customers' money is safe.

It's always the efficiency that matters most when it comes to business and there is also the transparency to help review the overall transaction because of the fact that blockchain always write down all the transaction since it was created until the latest block. I could definitely understand that for Bank instead of waging a war against it they adopt it. Although all these thing are still experimental in my eyes and doesn't guarantee that it will bring that real value to the Bank but we will definitely see in the future.