When this gonna change. What's happening with advancement?

[AjithBtc]

This is a government bank in my country. Things have been taking place by means of digital transactions. Even after that I find the infrastructure still in the classic manner. Another thing, there is lot of paper work and documents kept on each officers table. What is the way to overcome this, blockchain could eliminate the usage of documentation through paper works. How effective will be this, and is there a country that has adopted to it.

[pooya87]

"blockchain" is just another database, it won't change the way the banks work namely the required paperwork. right now they are using another form of database and things are digital, as you already know. but they still need the paperwork.

the entire system has to be replaced, meaning there shouldn't be a (centralized) bank in first place and the payment system has to be replaced with a decentralized one. that is where bitcoin comes in, an entirely different payment system based on blockchain. now here blockchain is not the solution, the decentralized nature of bitcoin is what eliminates the paper work (among other things). it just happens to be designed to work with this kind of database called blockchain.

[so98nn]

"blockchain" is just another database, it won't change the way the banks work namely the required paperwork.

Exactly. After reading the OP this is the thought struck on my mind as well. Government banks anywhere in the world will always have blend of traditional work along with the digitalisation.

Of course my statement is exception in case of developed countries. However when considering under developed and developing countries (let's say India), their government banks still relying on the paper based documentation.

In my country it's unimaginable. Most of the part works with registers, book keeping records etc.

Now it's not like India doesn't have digital infrastructure or advancements, in fact India is emerging IT Hub in the current era. But still paper system is must. It could be cost effectiveness or people working in banking sectors are more comfortable with traditional ways (in government sector NOT private banking).

Now, blockchain on the other side would be last thing that any government would want in place considering its public domain. It's but obvious it's not useful unless it's structured logically. Moreover, acceptance by government themselves needs to be priority.

[btc_angela]

It's really up to the banks on how they are going to take advantage of blockchain to at least make the transaction faster and eliminate paper works. So the question is, are banks willing to be transformed by this latest technology? streamline their businesses? from traditional system allowing blockchain drive their business model?

If banks are not going to allow this, then we may not see any changes nor any disruption to the system. But for those who are willing to embrace, this kind of disruption might not be easy and will take years.

[bL4nkcode]

Requirements of paper works and documents will not be eradicated with the use of blockchain on banks or on any government offices. Paper documents together with digital copy will always be safe than only paper docs or only digital copy.

Blockchain with banks will only be good for transparency, fast transfers, and security nothing else (imo).

[YOSHIE]

This is a government bank in my country. Things have been taking place by means of digital transactions.

There are two methods of storing customer data currently practiced by the Bank.
1. Manual / classic KYC process.
2. And the online storage process that is currently being carried out is through the Blockchain channel.

These two methods the Bank must apply carefully to identify the documents of each customer, this does not only apply in your country, perhaps, all countries apply manual rules and the Blockchain system.

What a bank does in your country is also done in other countries, the main objectives of the bank company are:
1. Their manual / classic documents will find out the level of risk of acts of terrorism or legal violations committed by customers.
2. Digital documents through blockchain or digital channels, which are carried out by the bank only to track the value of transactions between each customer's accounts in the property.

Conclusion: In this case, manual and digital document archiving or Blockchain channels are prioritized in the banking system, to prevent, Negative things about identity, security, risk, for customers in the future when making transactions.
The Blockchain system was implemented in 2008 and while manual document storage has been done for decades since the Bank was formed, If the internet has a problem or something happens to the Blockchain system, you still have manual documents at the bank company .

[traderethereum]

I think that is adopted in many developing countries and that still be used in the banks.
Maybe that will still be effective to them while they don't adopt blockchain technology inside their system.
That system will be there for some time until the government decides to change the bank system.
The bank itself already use their own digital system, which we don't know what it's named.
But we see if a person wants to open an account in the banks, they must fill KYC and write everything about their personal, and then the officers write it in their computer and it will be added to their database. So far, that is what happens to many banks.
If there are no new regulations from the government that needs the banks to change their system, that will be like that, which we don't know until how long it will be.

[Sterbens]

In my opinion, the process of sending money with the current bank system requires a fairly long process, besides that there are additional fees charged to customers, and requires manual KYC and additional administration. In the modern era, this traditional banking system cannot compete with the development of blockchain technology where blockchain provides a variety of easy and fast payment methods with lower costs, without restrictions, and guarantees the same security as the system offered by banks. .

[sheenshane]

IMO, it should not be replaced instead it should only adapt to the environment.  I don't see any bad thing having a lot of paper works in any bank since it's a hard copy of identity and transactions that were held in each day and having blockchain technology is another form of advancement in a bank which made it easier and can smoothen every transaction of customers to the services being offered by the banks.

In fact, those paper works can also be used as a backup file and a reference if in case the blockchain technology fails in a certain period, that made all these transactions more secure unless a culprit will intentionally break the law.

[Walterhank]

yeah, blockchain could help you overcome these problems. Utilizing smart contracts is a smarter solution. The problem with blockchain, in this case, is immutability so smart contacts can somehow minimize those issues.

[irixo10]

Yes the world is going digital and hence every organisation or cooperation which aims to be part of this digital world will take steps to be part of it, and I believe that one of such organisations which will surly be part of this is the banks, because they will try everything possible to make work easy for them and their customers. Thus for the banks to still paper works even till now means they have found out that, they can't do without it, no matter whatever upgrade they do, there will still be little need for paper works. Also, actually blockchain can still work so far there are developers with that idea and skills, therefore if the bank finds it convenient enough I believe they will go for it because at this era, blockchain has grown more than many can imagine and ensures a lot of transparency and reliability.