The future of banking industry in blockchain

[Mahanton]

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.

It wont really be that easy to have such integration or implementation of blockchain tech to be used mainly in banks.It might be considered but it would takes time to have that
switch up knowing that these institutions do know the beneficial of this tech and in exchange the tendency on having that public ledger which can be seen by the public.
I dont believe that they would really like such thing but it depends if such bank do have those corresponding hidden tx most of the time.

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[bitbunnny]

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.

Efficiency and costs, that is what matters in.business the most. So if blockchain could contribute to more efficient business with low cost then industry will embrace it, including banks. I'm sure that banks are testing blockchain on a large scale already and they are aware sooner or later they will need to adjust to the clients needs and desires.

[diazepam666]

We have noticed someone's mind from big giant banks in the world stating like they were integrating there payment firewall with blockchain technology.
So security on making payment will be more reliable and transparent to the people if they do it in a such way.
But one thing I don't know how the centralised banks can work with the decentralized cryptocurrencies it is a biggest question!!!

[BobBct]

I really would love to see how our banking system be able to incorporate blockchain in there current system as the platform is sort of decentralized. But anyway, the purpose of this is to make life easier for the user and customer. So cheers on it.

[TastyChillySauce00]

I really would love to see how our banking system be able to incorporate blockchain in there current system as the platform is sort of decentralized. But anyway, the purpose of this is to make life easier for the user and customer. So cheers on it.

They could modify it to become centralized anyway. It's not like the code of blockchain system can't be changed or modified. it's human creation and open source which mean people can do whatever they can to the code.

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.

If the nodes are controlled by the bank themselves isn't that basically the same thing as them having the current banking system which is truly centralized? how can that possibly become a huge threat to the privacy if they basically do the same thing to their system?
They use blockchain simply because it's transparent and efficient and there's nothing more. They could modify it into a system that befitting their purpose.

[Twinkledoe]

I really would love to see how our banking system be able to incorporate blockchain in there current system as the platform is sort of decentralized. But anyway, the purpose of this is to make life easier for the user and customer. So cheers on it.

They could modify it to become centralized anyway. It's not like the code of blockchain system can't be changed or modified. it's human creation and open source which mean people can do whatever they can to the code.

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.

If the nodes are controlled by the bank themselves isn't that basically the same thing as them having the current banking system which is truly centralized? how can that possibly become a huge threat to the privacy if they basically do the same thing to their system?
They use blockchain simply because it's transparent and efficient and there's nothing more. They could modify it into a system that befitting their purpose.

Yes, there's nothing more to be afraid of because you have been submitting important documents to the banks already. What more can they get from you?

But I really do believe, that banks worldwide are already seriously looking into blockchain technology. They are silently doing some developments without disclosing it to the public. Blockchain technology is a game changer even in the banking system. They have to admit it.

[cotton ball]

My bank country have start to use and adoption blockchain as their partner, I think give most profitable with bitcoin and altcoin price at the future with partner blockchain and bank. Will possible for government want to adopt bitcoin as legal currency digital payment at the future after bank have get many benefit adopted blockchain as their partner.

[makolz26]

My bank country have start to use and adoption blockchain as their partner, I think give most profitable with bitcoin and altcoin price at the future with partner blockchain and bank. Will possible for government want to adopt bitcoin as legal currency digital payment at the future after bank have get many benefit adopted blockchain as their partner.

It's not only about the profit that they are checking, but also the technology behind it, for sure all of us wanted to evolve in technology too, we wanted to have banks that will have faster transaction, a lot of options, easy to withdraw and to deposit, easy to transfer funds and many more. Since people are becoming more busy, so having a blockchain with banking will for sure resolve more issues.

[DevilSlayer]

My bank country have start to use and adoption blockchain as their partner, I think give most profitable with bitcoin and altcoin price at the future with partner blockchain and bank. Will possible for government want to adopt bitcoin as legal currency digital payment at the future after bank have get many benefit adopted blockchain as their partner.

It's not only about the profit that they are checking, but also the technology behind it, for sure all of us wanted to evolve in technology too, we wanted to have banks that will have faster transaction, a lot of options, easy to withdraw and to deposit, easy to transfer funds and many more. Since people are becoming more busy, so having a blockchain with banking will for sure resolve more issues.

There are now banks that interested to use blockchain technology. They noticed that the public are now want blockchain technology because of its functions and importance in the industry. As a citizen of a country that have poor banking system, I know that blockchain technology can imrpove the payment system as well as the whole banking industry.

[Gyfts]

The article is dead by the way but nonetheless it's an interesting hypothetical question to pose. In my opinion cyrpto is absolutely worthless to the banking industry and I don't think blockchain will ever find itself embedded in the banking industry in a meaningful way. Banks and financial corporations reluctantly entered the crypto currency business after the giant boom in crypto's a couple years ago and that was it. They're not looking into the technology of blockchain because it's not something that the mainstream consumer will ever need to utilize or interact. Banks follow the money and it's with fiat. Goldman Sachs last year were open to involving Bitcoin within their operations as well as other financial companies but they never took off with Blockchain technology. That's not to say they aren't putting resources into R&D towards blockchain at all but it's clear that they aren't taking the company and heading in that direction.

[tonyvo2017]

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?

Actually, applying blockchain technology is quite easy but it needs more process. such as getting acquainted with the system and teaching employees how to use blockchain technology and how to transfer money well. This adoption has taken place in quite a few different businesses in different fields but blockchain technology is really hard to control. so it takes time to test and communicate more.

[NeironixNV]

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?

I think this is due to the fears and indecision of many banks, because blockchain is a new technology, it needs to be implemented in an already functioning system, and these are new costs and risks for the bank. Therefore, many banks do not want to expose themselves to unnecessary costs while everything is working fine for them, so when innovators in the banking system fully implement blockchain and cryptocurrencies in their own structures and begin to move away from old banks, then they will start to move.

[jostorres]

I have read a lot of articles about banks and countries that are planning to create their own cryptocurrencies. The People's Bank Of China announced that they will soon be releasing their own cryptocurrency anytime soon, and I have also read about a bank in the US that has created their own cryptocurrency that is yet to be released.

One thing I have noticed is that these cryptocurrencies are not being created as a replacement to the fiat system, rather they are going to be another version that will serve as cryptocurrency and to make transactions faster. So, if you have these cryptocurrencies it's just like buying and holding a stable coin. It is still a good plan, as it will replace the boring system they are using now.

[South Park]

I have read a lot of articles about banks and countries that are planning to create their own cryptocurrencies. The People's Bank Of China announced that they will soon be releasing their own cryptocurrency anytime soon, and I have also read about a bank in the US that has created their own cryptocurrency that is yet to be released.

One thing I have noticed is that these cryptocurrencies are not being created as a replacement to the fiat system, rather they are going to be another version that will serve as cryptocurrency and to make transactions faster. So, if you have these cryptocurrencies it's just like buying and holding a stable coin. It is still a good plan, as it will replace the boring system they are using now.

Those cryptocurrencies are not going to be the same as a stable coins that we have in the market at the moment, one of the main advantages of the current stable coins is that you can hold them and you don't have to go through know your customer policies, but it is likely that if you want to hold those kind of stable coins that banks and countries are going to create you will need to identify yourself, but those coins will have an advantage over the current stable coins and that is you will only need to trust the government for the stable coin to keep existing, instead of having to trust the exchange that created the coin and the government that prints the fiat that it represents.

[Faxmate]

My bank country have start to use and adoption blockchain as their partner, I think give most profitable with bitcoin and altcoin price at the future with partner blockchain and bank. Will possible for government want to adopt bitcoin as legal currency digital payment at the future after bank have get many benefit adopted blockchain as their partner.

It's not only about the profit that they are checking, but also the technology behind it, for sure all of us wanted to evolve in technology too, we wanted to have banks that will have faster transaction, a lot of options, easy to withdraw and to deposit, easy to transfer funds and many more. Since people are becoming more busy, so having a blockchain with banking will for sure resolve more issues.

The earlier investors of bitcoin and other crypto currencies are technology lovers and they like to enjoy its creations to their full extent. They invested in bitcoin when no one even knew about it. With the advancing technology, our lives are becoming easier. Money is also a big factor and mostly investor buy crypto currencies with the sole purpose of making profits, which is right. Blockchain is the solution to many problems of banks and they should implement it too.

[Brunus]

As I said in other posts, bitcoin was born to make banks obsolete. Feeling that banks are trying to enter this market worries me and makes me suspicious.
That banks try to adapt by offering new services (crypto or not, there will always be a need for loans ...) makes sense.
But that they offer to guard your crypto is clearly a joke.

[JeffBrad12]

As I said in other posts, bitcoin was born to make banks obsolete. Feeling that banks are trying to enter this market worries me and makes me suspicious.
That banks try to adapt by offering new services (crypto or not, there will always be a need for loans ...) makes sense.
But that they offer to guard your crypto is clearly a joke.

I dont think bitcoin was born to make bank obsolete anyway. bitcoin exist to provide people another financial option other than bank and is decentralized so that people didnt only trapped in using bank but seeing that bank are now trying to adopt blockchain quite funny indeed.
However, it's undeniable to say that blockchain has so much benefit even bank adopt it for example it can be used for fruther advance democracy and many more. it just happen that bank sees this beneficial.

[barabarian1]

yes at this time the number of banks that want to use the blockchain is increasing. some banks adopt blockchain because with blockchain technology customer data will be stored securely, operational costs will also be lower and security systems will also be stronger not easily broken into. I think for big banks to use blockchain is quite easy because they have big capital. but for small banks it is quite difficult because they do not have large capital to be able to adopt the blockchain.

[milewilda]

I have read a lot of articles about banks and countries that are planning to create their own cryptocurrencies. The People's Bank Of China announced that they will soon be releasing their own cryptocurrency anytime soon, and I have also read about a bank in the US that has created their own cryptocurrency that is yet to be released.

One thing I have noticed is that these cryptocurrencies are not being created as a replacement to the fiat system, rather they are going to be another version that will serve as cryptocurrency and to make transactions faster. So, if you have these cryptocurrencies it's just like buying and holding a stable coin. It is still a good plan, as it will replace the boring system they are using now.

Crypto currencies cannot be ignored anymore. With every passing day, they are becoming more and more famous, specially bitcoin. It has become the hottest topic of this century. Governments and banks cannot ignore it anymore as they used to in the past. Not only banks, but all existing systems should use blockchain technology to bring improvements in them. Fiat will be wiped out automatically with time.

Applying blockchain tech doesnt mean on wiping out fiat in the system.This would have a reconstruction on the entire phase but doesnt mean that fiat will be out on the list.
This will only fasten up transaction at the same time we can see it publicly which means hiding transactions wont be possible. Banking system might consider this one but they
know on what are the things would greatly changed if they imply but i doubt this would still be too long.

[X-ray]

I have read a lot of articles about banks and countries that are planning to create their own cryptocurrencies. The People's Bank Of China announced that they will soon be releasing their own cryptocurrency anytime soon, and I have also read about a bank in the US that has created their own cryptocurrency that is yet to be released.

One thing I have noticed is that these cryptocurrencies are not being created as a replacement to the fiat system, rather they are going to be another version that will serve as cryptocurrency and to make transactions faster. So, if you have these cryptocurrencies it's just like buying and holding a stable coin. It is still a good plan, as it will replace the boring system they are using now.

Crypto currencies cannot be ignored anymore. With every passing day, they are becoming more and more famous, specially bitcoin. It has become the hottest topic of this century. Governments and banks cannot ignore it anymore as they used to in the past. Not only banks, but all existing systems should use blockchain technology to bring improvements in them. Fiat will be wiped out automatically with time.

The implementation of blockchain technology into their system seem will not do anything to the already existing fiat quite the opposite they will benefit from the use of blockchain and the fiat will get benefit aswell. the bank are not trying to replace fiat with anything crypto related they just want to make their company runs efficiently so hoping fiat to dissapear is just a wishful thinking.