Can blockchain replace the traditional banking system?

[Tahsin Kabir Kollol]

I don't think that blockchain technology will completely replace the traditional banking system. In the event of the abolition of the conventional monetary system, the government will create a specific cryptocurrency for its country and the government must seek the help of the central bank to use and control it. Moreover, the system is an important factor in managing the overall economy of a country and through it the monetary system of the country is balanced. So it can be said that the banking system can change based on the medium of transaction but it does not seem to be completely extinct.

[dezoel]

Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development, we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.

I think we can "sort of" guess what can happen in the future. Blockchain is not the way to go, it is so easily traceable and the fact that politicians basically just do illegal stuff in the world and get away with it, being in blockchain world will not help them at all. Let's be honest being a decent good human being who wants to better every human in the world is not a way to become a politician, unfortunately anyone who is like that usually ends up not winning everything, people literally run against that feeling and get elected, saying "I will help everyone" is a bad thing, seen as a bad thing and others who say "I will help certain people only" gets elected.

This is why blockchain would make all those crimes politicians who are bad and do bad things come out into public and people who are in power who have the only right to make that switch will not allow that to happen.

[Irenerty]

The huge potential of cryptocurrency and blockchain has been released, bringing many innovations to the traditional financial industry. Blockchain system technology can effectively solve traditional solutions by using payment infrastructure with higher security and efficiency.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.

[BuNga_cute]

Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development, we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.

I think we can "sort of" guess what can happen in the future. Blockchain is not the way to go, it is so easily traceable and the fact that politicians basically just do illegal stuff in the world and get away with it, being in blockchain world will not help them at all. Let's be honest being a decent good human being who wants to better every human in the world is not a way to become a politician, unfortunately anyone who is like that usually ends up not winning everything, people literally run against that feeling and get elected, saying "I will help everyone" is a bad thing, seen as a bad thing and others who say "I will help certain people only" gets elected.

This is why blockchain would make all those crimes politicians who are bad and do bad things come out into public and people who are in power who have the only right to make that switch will not allow that to happen.

Your opinion regarding the current political situation where there is a lot of corruption is indeed reasonable. Dirty politicians who are elected really
want illegal activities to be untraceable, therefore they still need a banking system. Because the banking system is much easier to manipulate
by dirty politicians nowadays. While blockchain technology, which makes it easy to track financial transactions, makes some politicians
uncomfortable with it. In the end, it is impossible for blockchain technology to replace the banking system, especially in countries with
high levels of corruption.

[BrianH]

Yes. Where is the poll?

[Cindella]

Most areas of blockchain technology have gradually become known and used, but it will not completely replace the traditional banking system. As long as the government exists, the bank will not disappear.

Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.

[Wakate]

Banks already partially use the blockchain and, in particular, the ripple network. However, their use of the blockchain does not mean that something will change significantly in this system, including towards its decentralization. Only the efficiency of banks' work on the old traditional principles will increase. So nothing significant in the banking system will change.

Well the Banking system can not be dumped which is the foundation of financial institutions of several countries. This guarantee the economy of a country which the government uses to back laws and policies and I don't think blockchain will entirely dominate the banking system but can be adopted to enforce laws and control financial activities of her citizens.

People are gradually embracing Blockchain which I believe  would be the next generation currency where there would be no need to trade will Fiat or whatsoever. There is need to for proper regulation of the blockchain interface to reduce the number of scam projects so that there will not be much victims of fake coins affecting the blockchain market.

[Hippocrypto]

Most areas of blockchain technology have gradually become known and used, but it will not completely replace the traditional banking system. As long as the government exists, the bank will not disappear.

Decentralized blockchain technology has higher security and more and more application scenarios. Blockchain technology can be integrated and applied in the banking system to make the bank safer and fairer.

After many companies are actively developing blockchain, it will soon be applied in various fields, especially blockchain technology is proven to be faster and cheaper than bank systems that require many servers and large maintenance costs.

It has been proven for several years since the beginning of Blockchain, only that Government system still too hesitant for this particular ideas. Hopefully this will continue to influence other bigger companies so it would be applied successfully without any conflicts of interest. Educating different sectors will be a good start for them in order to prove them the good and bad sides of cryptocurrency.

[inoes]

The huge potential of cryptocurrency and blockchain has been released, bringing many innovations to the traditional financial industry. Blockchain system technology can effectively solve traditional solutions by using payment infrastructure with higher security and efficiency.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.

system, performance and benefits I admit that cryptocurrency can be relied on.  but some aspects that must be improved is the issue of the value of the currency itself.  which is highly volatile and difficult to control.  This is also actually a hassle because if it is implemented by a country, the country must at all times take steps to stabilize prices

[nelliella]

This is the most important thing for me since first i met blockchain at 2017 , when i understand the technology my brain exploded and I got goosebumps. But now i see i was so naive .
First of all it is very difficult to change people and their habits , How can i convince my father when i can't even convince my friends ?
and there is at least 999999 other problems we have but after all i still believe one day people gonna accept this technology , hope we can see it.
 

[Turbolinea]

I think that Blockchain can replace the current system. It is newer, stronger, not easily hackable and safer compared to the traditional banking system. Is Blockchain invincible? No, of course. But why wouldn't we use a stronger system in the end? We can make our transactions safer as it is really hard for the hackers to interrupt in some way. Because the system is much more complicated for them.

[ultrloa]

The huge potential of cryptocurrency and blockchain has been released, bringing many innovations to the traditional financial industry. Blockchain system technology can effectively solve traditional solutions by using payment infrastructure with higher security and efficiency.
Although blockchain technology is gradually being widely adopted in many other fields in the world, centralized organizations such as banks have existed for a long time. It will not disappear because of the emergence of new technologies. Banks may add blockchain technology to future improvements. Blockchain can truly support global financial transactions, including the future Internet infrastructure, which is difficult to achieve in a short period of time. Therefore, in a short time, the blockchain cannot replace the banking system, and the traditional banking system will coexist on the blockchain.

system, performance and benefits I admit that cryptocurrency can be relied on.  but some aspects that must be improved is the issue of the value of the currency itself.  which is highly volatile and difficult to control.  This is also actually a hassle because if it is implemented by a country, the country must at all times take steps to stabilize prices

Its hard to make it stabilize while many person around the globe trade's it on open market so maybe the one a country can do regarding unto this is to always start the hype about their adoption so that the trust level of people will still go high from that we can possibly make the price of bitcoin so volatile at the moment. But since we talk about blockchain well maybe there's a potential that it can be but we need to consider many things and also we need government support before this thoughts will happen.

[Sanugarid]

I think it can, it's like a public ledger for all the banks and we can see the people there in forms of blockchain addresses and it's easier to check for irregularities if it's public or the transactions are permanently recorded in the blockchain.

[zanezane]

I think it can, it's like a public ledger for all the banks and we can see the people there in forms of blockchain addresses and it's easier to check for irregularities if it's public or the transactions are permanently recorded in the blockchain.

Didn't think about it that way but the blockchain system could be a deterrent for fraud and other shady stuff being dealt in banks since it can be seen by anyone. At first I didn't agree with the thread of the possibility that it can replace blockchain but it seems that your point does make sense.

[Rruchi man]

Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?

Blockchain is not going to replace traditional banking rather they’ll coexist in the future. In theory is makes sense but it is not pragmatic. Think about it for a second. If blockchain supposedly replaces traditional banking, it means that all cash would “disappear” and world would use crypto all of the time for everything which as not possible.

[anggoro manise]

Blockchain is not going to replace traditional banking rather they’ll coexist in the future. In theory is makes sense but it is not pragmatic. Think about it for a second. If blockchain supposedly replaces traditional banking, it means that all cash would “disappear” and world would use crypto all of the time for everything which as not possible.

yep, totally agree with you. such as bicycles, even though there are motorized vehicles, bicycles are still used. as long as they can coexist then blockchain and traditional payments will also be able to be used together and are interconnected and need each other.

[Myleschetty]

I think it can, it's like a public ledger for all the banks and we can see the people there in forms of blockchain addresses and it's easier to check for irregularities if it's public or the transactions are permanently recorded in the blockchain.

Didn't think about it that way but the blockchain system could be a deterrent for fraud and other shady stuff being dealt in banks since it can be seen by anyone. At first I didn't agree with the thread of the possibility that it can replace blockchain but it seems that your point does make sense.

Blockchain has the potentials to complement the traditional banking system, but its been replacement is what I don't see happening due to the centralization of the government and blockchain will also hinder them from making an illicit transaction of moving of funds just like they do with fiat currency.
It is too early to say what will happen within the traditional banking system but I am sure they will have their important document/file saved on the blockchain.

More glorious days are ahead of crypto currency!

[verita1]

My answer is yes. Blockchain technology can replace the traditional banking system and governments that dare are looking to improve the current system that has its problems, they also seek innovation. Because by refusing to do so, the banking system will have to work hard to make savers keep their money in the banks.
The reason you just have to take a look at all the institutions that have invested in bitcoin and cryptocurrencies showing the initiative by seeing the great potential that blockchain technology offers in addition to security and transparency.

[Tumanggor]

cryptocurrency and blockchain technology I believe will not replace the traditional banking system
the government is already under the control of the bank and it's not an secret anymore

Traditional banking systems have controlled the way humans transact for hundreds of years
I just believe that in the future, blockchain technology and traditional banking systems will coexist and maybe complement each other

[jaberwock]

Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?

I don’t know if there is going to be any replacement at all. The way I am seeing things, the banks we are seeing now seem unlikely to be replaced by decentralized blockchain and cryptocurrency in future, except that they are both going to keep coexist, which to me seems good. Banks are already planning to create their own cryptocurrencies (CBDC), and the government is not going to let cryptocurrency take over, because that means they are losing. Banks are the like their control over finance, so they will fight to keep that.