The future of banking industry in blockchain

[Kambal2000]

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.

Fiat will be part of our life as of the moment, I can't even imagine yet having a life with cash less society as we all know that cryptos has been there as an alternative way to make payments and as a form of investments. Future means, few decades and not years, as what we need for now is fully masses adoption as there's still very few percentage of people who's into crypto.

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[South Park]

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 understand that you do not like banks, after all who likes them? But while the idea of a bank that stores your cryptocurrencies is completely ridiculous for people like us believe me people are going to use it, people like us that are here not only for the money but also because we believe in the technology will do everything that we can to avoid banks but your regular person is never going to do that, he's going to take the path of least resistance and if that means putting his coins in a bank then he will do it.

[TitanGEL]

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.

Fiat will be part of our life as of the moment, I can't even imagine yet having a life with cash less society as we all know that cryptos has been there as an alternative way to make payments and as a form of investments. Future means, few decades and not years, as what we need for now is fully masses adoption as there's still very few percentage of people who's into crypto.

There will be huge effect in our economy if the fiat will be remove. The mass adoption will occur but people will still use fiat money as a mode of payment. Many more industries and institutions are keep adapting blockchain technology because of its important function. It will have a great role in our economy and society in the near future.

[Arkann]

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 understand that you do not like banks, after all who likes them? But while the idea of a bank that stores your cryptocurrencies is completely ridiculous for people like us believe me people are going to use it, people like us that are here not only for the money but also because we believe in the technology will do everything that we can to avoid banks but your regular person is never going to do that, he's going to take the path of least resistance and if that means putting his coins in a bank then he will do it.

In any case, each person depends on the laws of his country and on certain rules that are established by his government.  The existence of a banking system is beneficial for the government, so a person wants to use the bank or not, but he will have to do it at all costs in order to use different services in his country.  But since today many banks have already successfully used blockchain in their systems, there should be no questions about the existence of banks in my opinion.

[Blue_oxen]

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?

Blockchain is a new technology and it is really causing difficulties for new developers and adoption. Besides many businesses successfully applying this type of technology, many businesses that apply it fail. We need to find more talented people to be able to develop and find something easier, less complicated for businesses to use it best. Hopefully in the future there will be a team of good engineers on Blockchain to help the world economy be more perfect than ever.

[sukmo]

Some banks will have to leave fiat and deal with cryptocurrency, this will be a very difficult step because most banks are centralized.

Yes I agree with you the best solution of my opinion that the bank enforces for both of these currencies.
Because between fiat currency and cryptocurrencies in the future will definitely be used by the community every day.
Blockchain technology is increasingly sophisticated and increasingly received by the community

[alrose]

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.

Whether the Bank will use blockchain or not, but it will not affect the security system in any way.It is already at a very high level without blockchain.If desired, customer data can also be sold bypassing the blockchain.For me, blockchain in the banking sector in my opinion will help automate many processes that are now performed by a person.

[TimeTeller]

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.

Whether the Bank will use blockchain or not, but it will not affect the security system in any way.It is already at a very high level without blockchain.If desired, customer data can also be sold bypassing the blockchain.For me, blockchain in the banking sector in my opinion will help automate many processes that are now performed by a person.

Making a lot of personnel unnecessary in the system. That is very true.
If banks will integrate blockchain technology in their operations, they will save a lot of money just by reduction of the personnel involved.
Since a lot in the systems will be automated, there will be redundancies in the current organizational arrangement.
Though not good to hear in terms of employee retention but would be a great benefit in the whole banking system.
Less human error and faster transaction are expected once they integrate blockchain tech.

[ntsdm1]

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?

Because no one will share their innovations for free.Now huge banks are investing in the development of new technologies.Invite people to work and also free training.Small banks just can't afford it.

[Oneandpure]

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?

Because no one will share their innovations for free.Now huge banks are investing in the development of new technologies.Invite people to work and also free training.Small banks just can't afford it.

Need waiting implementation banking industry in blockchain at the future, will not available using bitcoin as legal currency payment right now maybe give chance for bitcoin and altcoin become legal at the future and adopted in banking system. Many people will be easy when receiving and sending their money assets to their family around the world if using blockchain.

[Thule]

Banks won't be needed anymore in 5 years.
Open your eyes big banks are already splitting into customer banks and investment banks.
Customer banks are going to die and they are already preparing for it.What stays are investment banks.
EU,China,Japan etc all declared to bring their own digital currency out.
Once the transition has been finished the customer banks will be history.

[Karmakid]

Banks won't be needed anymore in 5 years.
Open your eyes big banks are already splitting into customer banks and investment banks.
Customer banks are going to die and they are already preparing for it.What stays are investment banks.
EU,China,Japan etc all declared to bring their own digital currency out.
Once the transition has been finished the customer banks will be history.

I don't think so. Banks will be still here after 5 years, the banks are now improving their system and trying to make digital currency. Most of the digital currencies in the future will be tied up with the banks and that is how the future looks like for the banking industry. Banks existed a lot of decades ago and it is too big to just vanish in 5 years.

[oktana]

Banks won't be needed anymore in 5 years.
Open your eyes big banks are already splitting into customer banks and investment banks.
Customer banks are going to die and they are already preparing for it.What stays are investment banks.
EU,China,Japan etc all declared to bring their own digital currency out.
Once the transition has been finished the customer banks will be history.

For some reason, I doubt the transition process from their traditional customers will succeed.

5 years is a very fast time to adopt digital money. Banks also need time to put together a different system without errors, or they will blunder and go bankrupt, the process of merging with blockchain is also not that easy. Your assumptions will only be suitable for millennials, but not for others.

[TastyChillySauce00]

For some reason, I doubt the transition process from their traditional customers will succeed.

5 years is a very fast time to adopt digital money. Banks also need time to put together a different system without errors, or they will blunder and go bankrupt, the process of merging with blockchain is also not that easy. Your assumptions will only be suitable for millennials, but not for others.

True that the transition could take a long time considering that not all people are really into technologies and the majority of people in this world don't even have an idea about blockchain and cryptocurrencies. People's mindset nowadays is that they believe the bank is the safest way to store their money and stock investment will always give return which is not true but to transition people like that to some kind of blockchain technology or its product which is crypto is kinda hard except if the government enforce it through law and punishment.

[judaspriest]

For some reason, I doubt the transition process from their traditional customers will succeed.

5 years is a very fast time to adopt digital money. Banks also need time to put together a different system without errors, or they will blunder and go bankrupt, the process of merging with blockchain is also not that easy. Your assumptions will only be suitable for millennials, but not for others.

True that the transition could take a long time considering that not all people are really into technologies and the majority of people in this world don't even have an idea about blockchain and cryptocurrencies. People's mindset nowadays is that they believe the bank is the safest way to store their money and stock investment will always give return which is not true but to transition people like that to some kind of blockchain technology or its product which is crypto is kinda hard except if the government enforce it through law and punishment.

for people aged 30-50 years maybe not all of them are currently familiar with Bitcoin and Blockchain technology,
but young people today are familiar with bitcoin, the banking industry in the crypto project has also emerged.

[CarnagexD]

Banks won't be needed anymore in 5 years.
Open your eyes big banks are already splitting into customer banks and investment banks.
Customer banks are going to die and they are already preparing for it.What stays are investment banks.
Once the transition has been finished the customer banks will be history.

I respect your opinion tho, but I think this isn't just right to think towards the bank by having the cryptocurrencies now. Crypto indeed showed its capability to adapt and resolve problems, but that isn't enough to replace the banks cause it plays a great role in businesses and people, bank loans and businesses is vital in economic growth and that won't be replaced by a decentralized network.

EU,China,Japan etc all declared to bring their own digital currency out.

But this does not mean any with the banks, these countries are pretty positive with blockchain, in fact they are trying to integrate it with banks so there will be additional investment options.

[South Park]

For some reason, I doubt the transition process from their traditional customers will succeed.

5 years is a very fast time to adopt digital money. Banks also need time to put together a different system without errors, or they will blunder and go bankrupt, the process of merging with blockchain is also not that easy. Your assumptions will only be suitable for millennials, but not for others.

True that the transition could take a long time considering that not all people are really into technologies and the majority of people in this world don't even have an idea about blockchain and cryptocurrencies. People's mindset nowadays is that they believe the bank is the safest way to store their money and stock investment will always give return which is not true but to transition people like that to some kind of blockchain technology or its product which is crypto is kinda hard except if the government enforce it through law and punishment.

You are making a point that I have always thought that is going to be critical for the adoption of bitcoin, the adoption of bitcoin is going to take a lot of time because we need a new generation to begin to take over, people that are older do not really understand the concept of cryptocurrencies even if we try to explain it to them, many of them trust banks and they do not understand why they need to take the responsibilities of being their own bank, and for that we need a change in the way people think, but most people are not ready for it so we will need a generational change.

[TheGreatPython]

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 should be talking about the bigger banks first and not smaller banks that can hardly make any impact. When the bigger banks starts to go into cryptocurrency there is no doubt that smaller banks are going to follow and so the same, but if you're expecting the smaller ones to do that first, then it's not going to work out.

And any bank that is creating cryptocurrency wouldn't go for the volatile option, they will prefer to create a cryptocurrency that is backed by assets, these are going to be stable coins. And you also have to know that these coins are not going to be a replacement, they are going to work together with fiat and be a faster means of transactions.

[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?

We should be talking about the bigger banks first and not smaller banks that can hardly make any impact. When the bigger banks starts to go into cryptocurrency there is no doubt that smaller banks are going to follow and so the same, but if you're expecting the smaller ones to do that first, then it's not going to work out.

Bigger banks afford to lose a bit of money and can still be normally operating while smaller banks can also do but it will affect their operations. That is why smaller banks are taking awhile to get along with these cryptocurrencies because bigger banks are still on testing. It also depends on the bank if their approach is correct then it might click.

And any bank that is creating cryptocurrency wouldn't go for the volatile option, they will prefer to create a cryptocurrency that is backed by assets, these are going to be stable coins. And you also have to know that these coins are not going to be a replacement, they are going to work together with fiat and be a faster means of transactions.

Banks are not into existing cryptocurrencies that is for sure. Banks are the number one enemy of decentralized currency why would they adopt it? and talking the volatility of cryptocurrencies, banks having an uncertain edge will never be in place. New stable coins will be created for them, a well regulated and backed coins.

[Clement Kaliyar]

Banks are not into existing cryptocurrencies that is for sure. Banks are the number one enemy of decentralized currency why would they adopt it? and talking the volatility of cryptocurrencies, banks having an uncertain edge will never be in place. New stable coins will be created for them, a well regulated and backed coins.

Why would the banking system consider the decentralized currency an enemy,they will be getting business from exchanges because if you want to purchase these currency you need the help of the banking system to send money and that means the banking system will get business and all they will be looking forward is business and if there is a clear regulation by a government then i bet the banking sector will not have any issue dealing with the crypto exchange.