The future of banking industry in blockchain

[AjithBtc]

In our forum itself have come across different news stating more countries legalizing the usage of cryptocurrency as well as countries that are against cryptocurrency now taking away the bans. Banking being a major financial infrastructure that plays a major role in the economy of a country getting integrated with blockchain is increasing. This is all because of the efficiency reached through blockchain than the traditional system followed now.

[Negotiation]

I think blockchain is needed for the banking industry. But the banking industry's blockchain cannot rise too quickly. It is not known what the future holds, but blockchain will not be able to rise too quickly for the banking system. It will take a long time. Blockchain is needed to manage and control the banks of banks. But it can go in the direction of the government.

[South Park]

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.

You are only thinking in the way things are now but not about how things could be in the future if cryptocurrencies become the massive success that we expect then people are going to stop converting their cryptocurrencies to fiat to make transactions, they are going to deal with cryptocurrencies directly and when that happens neither banks or governments are going to get any revenue from those transactions, even if a low percentage of the transactions of the world begin to go through cryptocurrencies this will create a lot of problems for the governments.

[purifymec]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

Small banks have a smaller resource, but I think, given what blockchain technologies can give them advantages, the average business will also be aimed at adaptation. But the biggest problem so far is the unpreparedness of people, including bank personnel. About 30 percent of bank employees somehow understand and understand the blockchain and crypto

I do not know where the information on statistics comes from, it seems to me everything here is much simpler and more prosaic. Why should banks accept cryptocurrencies, even if the government indicates a huge problem - this is what people do not pay taxes. They don’t want to give a resource to people to earn money and not to share with the state. But I do not think that is right. The taklimakan allows everyone to learn crypto investing and other types of earnings using digital assets. Including blockchain, which for many can become a technology that gives new work. You can’t deprive people of the opportunity to improve their lives

[South Park]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

This is not about the laws this is about their inability to compete with cryptocurrencies, even if banks decide to create their own coin it will have all the very same weaknesses that fiat currencies already have because it is on their best interests that their coins have such weaknesses, so they cannot really create something better than bitcoin and if they did then they will only be helping their own demise, they are trapped and they know it, there is no way out of this situation in which things remains as they are, they will have to adapt and they do not like that one bit.

[Webetcoins]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

This is not about the laws this is about their inability to compete with cryptocurrencies, even if banks decide to create their own coin it will have all the very same weaknesses that fiat currencies already have because it is on their best interests that their coins have such weaknesses, so they cannot really create something better than bitcoin and if they did then they will only be helping their own demise, they are trapped and they know it, there is no way out of this situation in which things remains as they are, they will have to adapt and they do not like that one bit.

All people with brains are aware of the interests of banks. They never do anything or make any policy for the welfare of common people. They do simply to make their own money whereas cryptos are the ones which are really helping poor people and letting them make money without fulfilling the accounts of rich and greedy people. I am pretty sure that even if banks launch currencies, no one will adopt them.    

[crisanto01]

Even the World Bank and famous agencies that apparently work for the welfare of people are not always and totally involved in the charity cause. They have their own political and economical causes and concerns. Same is the case with banks. Banks are there to in some cases help out poor instead they still look for their benefits in such activities. This is the reason why they fear cryptos because crypto will not let them control money.

Well they should be fear at all, banks are the most greedy company we really have in our life, they are just after what they can have for you, they are not really helping the commmunity, everything about them is all about the money and for their own interest and just giving a very low interest rate for entrusting your money to them.

[supercanada1]

Even the World Bank and famous agencies that apparently work for the welfare of people are not always and totally involved in the charity cause. They have their own political and economical causes and concerns. Same is the case with banks. Banks are there to in some cases help out poor instead they still look for their benefits in such activities. This is the reason why they fear cryptos because crypto will not let them control money.

Well they should be fear at all, banks are the most greedy company we really have in our life, they are just after what they can have for you, they are not really helping the commmunity, everything about them is all about the money and for their own interest and just giving a very low interest rate for entrusting your money to them.

I really feel amazed when hear people saying that this bank has nice policies and they are offering high interest rate. This all is bullshit. There is no bank in the world which is working for the welfare of community even the World Bank which gives loans to different countries is sitting there to hold economy of poor countries and they always put high interest rates on them. Banks are awful.

[South Park]

This is not about the laws this is about their inability to compete with cryptocurrencies, even if banks decide to create their own coin it will have all the very same weaknesses that fiat currencies already have because it is on their best interests that their coins have such weaknesses, so they cannot really create something better than bitcoin and if they did then they will only be helping their own demise, they are trapped and they know it, there is no way out of this situation in which things remains as they are, they will have to adapt and they do not like that one bit.

I am pretty sure that even if banks launch currencies, no one will adopt them.    

I am not so sure about this, if the collective financial education of most people were high then we will not have fiat currencies in the first place since they would have realized by now how damaging this has been for the middle class and how the only ones that benefited out of this were the banks and the governments, if a centralized currency is created by a bank or a government I think it will be adopted by many people but since it will have the same flaws as their fiat currencies if you give it enough time then those cryptocurrencies will fail.

[HarmonyA]

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 want to bring to your notice that  Banks kicking against Cryptocurrency doesn't mean that they don't want to employ other blockchain Technologies.  There is a lot of benefits from Blockchain which will help banks become more efficient in meeting the needs of their customers.

[FlightyPouch]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

Well, they can still use the blockchain technology without favoring it. It is a technology that I don't think everyone will just let it pass. This will develop the banking system and some say other crypto currencies might not stay the same as its technology. I don't know what might happen but all I can see is that blockchain being used not only in crypto currencies but also in other things.

[Trela]

The blockchain is more a buzzword that companies use to attract capital than it is something that enjoys much real world use.

Haha, it's true. Use the "Blockchain" word that will help any project create an attraction for the investor - one of the best ways for start-up today. 

Even the World Bank and famous agencies that apparently work for the welfare of people are not always and totally involved in the charity cause. They have their own political and economical causes and concerns. Same is the case with banks. Banks are there to in some cases help out poor instead they still look for their benefits in such activities. This is the reason why they fear cryptos because crypto will not let them control money.

Well they should be fear at all, banks are the most greedy company we really have in our life, they are just after what they can have for you, they are not really helping the commmunity, everything about them is all about the money and for their own interest and just giving a very low interest rate for entrusting your money to them.

From the outset, the bank was a tool to make a profit from lending. Lending is not bad if it helps both parties. But today, when the concept of banking has changed, it's used as a place to control people's money, to control the economy in a country, that's what makes many people feel uncomfortable. Developing or poor countries so hard to be rich, but the rich countries will always rich!

[awik p]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

Well, they can still use the blockchain technology without favoring it. It is a technology that I don't think everyone will just let it pass. This will develop the banking system and some say other crypto currencies might not stay the same as its technology. I don't know what might happen but all I can see is that blockchain being used not only in crypto currencies but also in other things.

right, banks can adopt blockchain without having to cryptocurrency. with the benefits of the blockchain system they can send data faster. and I have heard before that banks began to use this system to support their needs. banks certainly do not want to miss this technology, as long as it can be used effectively and efficiently

[karanggatak]

yes banks in my country have also started to be interested in using blockchain technology in their banking systems. by using blockchain technology, operational costs will be cheaper and currently most bank customers are already using digital services in conducting transactions they don't need to come to the bank using only their mobile phones to be able to do transactions. so with the adoption of the blockchain this digital service will get better. and it may take a long time for small banks to adopt blockchain because they do not have enough capital to install blockchain technology.

[killerfrost]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

Well, they can still use the blockchain technology without favoring it. It is a technology that I don't think everyone will just let it pass. This will develop the banking system and some say other crypto currencies might not stay the same as its technology. I don't know what might happen but all I can see is that blockchain being used not only in crypto currencies but also in other things.

right, banks can adopt blockchain without having to cryptocurrency. with the benefits of the blockchain system they can send data faster. and I have heard before that banks began to use this system to support their needs. banks certainly do not want to miss this technology, as long as it can be used effectively and efficiently

Of course they will not miss this wonderful opportunity. Blockchain is really useful in our lives, and it would be great if banks apply blockchain to their systems. Everything will be faster and safer, we don't need to wait too long to work with bank like before. Currently many banks in the world are experimenting with blockchain and when it is stable I believe it will be widely applied around the world.

[sovie]

Banks are doing pretty good with there current infrastructure. They may opt for private blockchain in future if they think that's a good replacement. But we cant say that blockchain is future for banking industry.

[aamirsuh]

What does Bitcoin mean for the banking system? Now let's examine the situation. Will banks be the means to buy bitcoins? Will banks create a new transfer system integrated with blockchain? That's the whole problem. The change of the current approval system is difficult in the near future.

[FanEagle]

Banks are already working in hand with crypto companies as we speak right now.
For example, in my country ripple is working with two banks to help them get their transactions faster and cheaper.

Yes, I don't like ripple but that means banks that are working with ripple are looking into crypto and if they succeed and get better deals thanks to ripple they may also start to hire more blockchain developers themselves and move into in-house system which would be awesome.

Banks will not become blockchain based over night, that could never happen, these are trillion dollar goliaths that are super high end, it will take years before they could even slightly alter anything, even digital banking took over 10 years to reach where it is right now and we still have a long way to go, but as long as it is in the path right now that means we will get there eventually.

[doomloop]

The banking sector does not want to play those games where they do not know the rules. And blockchain with cryptocurrencies is such a field of the game. If the government makes laws in favor of digital assets, then both business and banks will be able to more boldly introduce new technologies

Well, they can still use the blockchain technology without favoring it. It is a technology that I don't think everyone will just let it pass. This will develop the banking system and some say other crypto currencies might not stay the same as its technology. I don't know what might happen but all I can see is that blockchain being used not only in crypto currencies but also in other things.

right, banks can adopt blockchain without having to cryptocurrency. with the benefits of the blockchain system they can send data faster. and I have heard before that banks began to use this system to support their needs. banks certainly do not want to miss this technology, as long as it can be used effectively and efficiently

Banks know that if they want to exist in the financial system and don’t want to lose their customers, they have no other choice then adopting this technology. Blockchain could be used for the betterment of banks as well. This system will let them make big transactions in short times saving them heavy dues and time. Many people hope that banks will come up with their own decentralized currency as well.

[btcmurat]

Banks can invest in blockchain. But they need more time. The current order was established in almost 150 years. I don't think they will be very enthusiastic about a new economic model or a transfer model. Maybe they'il have to change.