Can blockchain replace the traditional banking system?

[Johnyz]

Blockchain can replace traditional banking system surely and it must replace the old system also. Because Blockchain technology is a much better system than the one that we have been using for many years. It is much safer. It is harder to hack. And I believe that this will really happen also and Blockchain will start being used like this.

Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them.

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[CaVO32]

Blockchain can replace traditional banking system surely and it must replace the old system also. Because Blockchain technology is a much better system than the one that we have been using for many years. It is much safer. It is harder to hack. And I believe that this will really happen also and Blockchain will start being used like this.

Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them.

I don't think we will see blockchain tech replacing the traditional banking system in our lifetime. Maybe, we will see it co-exist but not totally replacing the traditional system. Though blockchain tech will offer so much efficiency in their financial system, but it will take time for them to fully understand what it can do to their old system. Just be grateful that more and more companies are recognizing the benefits derived from utilizing blockchain tech, but it is too early to speculate that this tech will replace the traditional banking system.

[Shasha80]

Blockchain can replace traditional banking system surely and it must replace the old system also. Because Blockchain technology is a much better system than the one that we have been using for many years. It is much safer. It is harder to hack. And I believe that this will really happen also and Blockchain will start being used like this.

Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them.

I don't think we will see blockchain tech replacing the traditional banking system in our lifetime. Maybe, we will see it co-exist but not totally replacing the traditional system. Though blockchain tech will offer so much efficiency in their financial system, but it will take time for them to fully understand what it can do to their old system. Just be grateful that more and more companies are recognizing the benefits derived from utilizing blockchain tech, but it is too early to speculate that this tech will replace the traditional banking system.

We have been using the traditional banking system for a long time, it will not be easily replaced. So I agree that blockchain will not replace
the traditional banking system, at least in the near future it is very unlikely that this will happen. Although some banks are starting to learn
blockchain technology, but that does not mean the traditional banking system will be replaced. In my opinion, the most ideal is that both traditional
banking systems and blockchain can co-exist, that's the best for now. Moreover, it seems that the government is still comfortable with
the traditional banking system, so there is no urgent need that requires replacing it with blockchain.

[Duzter]

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

[cabron]

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Blockchain will not just change the blockchain system almost everything including as long as it needs recording or databases. NFTs are just one of the purposes of it and we wouldn't even count what it could do to piracy.

The banking system will however have to adopt the technology for its relevance. If you look at what paypal and Visa did for cryptocurrency, they will also do it.

[awik p]

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Blockchain will not just change the blockchain system almost everything including as long as it needs recording or databases. NFTs are just one of the purposes of it and we wouldn't even count what it could do to piracy.

The banking system will however have to adopt the technology for its relevance. If you look at what paypal and Visa did for cryptocurrency, they will also do it.

every development that provides effectiveness and efficiency in a job will replace the old system, to make the work easier. we can see the relevance of blockchain, and actually can represent the banking system for now. whereas in a country of course there is a bureaucracy that must be obeyed, so it cannot be easily replaced, of course there must be several relevant agencies that approve it

[Semar Mesem]

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

[imstillthebest]

not blockchain but cryptos maybe because it was the cryptos where you put your money and not the blockchain although  blockchain is like a home of cryptos .
. bfor now there are no signs that banks got weaker because of cryptos of blockchain but who knows maybe in the future there will be a transition that will happen .  lots of people are going to love it for sure because finaly after a long years ,
 there a big change that happen in the financial industry

[Sayeds56]

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

Absolutely right, The Blockchain Technology has capabilities to replace not only current  Banking system but also other areas of ecocmy including, Travel, health care sports and many many others. It has capacity to make systems efficient more transparent , decentrlized and easy traceabilitity of transactions as well as minimizes possiblities of corruption in economy which is good for everybody.

[conected]

BlockChain is an innovative development that has high potential to give effective output than the traditional system. Banking system is a proven process and it is universal. The blockchain usage into the banking system will happen, and the same isn't a solution or replacement. Already more banks have developed their banking system on blockchain and few were under testnet.

Yes it is true, to change from a traditional system of course it will take a long time, I'm sure if anyone dares to take steps to replace it with blockchain and succeed, others will follow, we hope the market will continue to skyrocket so that blockchain will continue to grow and replace banking system.

Absolutely right, The Blockchain Technology has capabilities to replace not only current  Banking system but also other areas of ecocmy including, Travel, health care sports and many many others. It has capacity to make systems efficient more transparent , decentrlized and easy traceabilitity of transactions as well as minimizes possiblities of corruption in economy which is good for everybody.

- Technologies like Blockchain were not created to start a struggle with old technologies, they are just a refinement of the better over time to complement an old version, the core thing remains the same, it means that Blockchain has no substitute for traditional banking decisions, it's just a recruitment and then traditional banks will convince some of its applications to their field. Blockchain only inserts on the back part of the bank to make the interface and handling of the old system better, no ability to rewrite old parts, it's too long and hard to replace

[Baihaki Khaizan]

 In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system. 

 We see over the last decade, the payment system has transformed so rapidly.  From real-time cross-border payments, to using blockchain and cryptocurrencies.

 Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

[Baihaki Khaizan]

Blockchain can replace traditional banking system surely and it must replace the old system also. Because Blockchain technology is a much better system than the one that we have been using for many years. It is much safer. It is harder to hack. And I believe that this will really happen also and Blockchain will start being used like this.

Banks are already working with some blockchain technology, XRP already partnered with the banks and I don’t think it can totally replace the banking system because its purpose is really different on how the banks works. Blockchain is good, but traditional banking system will stay because we still need them.

I don't think we will see blockchain tech replacing the traditional banking system in our lifetime. Maybe, we will see it co-exist but not totally replacing the traditional system. Though blockchain tech will offer so much efficiency in their financial system, but it will take time for them to fully understand what it can do to their old system. Just be grateful that more and more companies are recognizing the benefits derived from utilizing blockchain tech, but it is too early to speculate that this tech will replace the traditional banking system.

blockchain attempts to fill certain roles that traditional multi-layered payment systems cannot and lead to high costs incurred by the payment system itself. 

Blockchain seeks to bring people who are unbanked for various reasons into the financial ecosystem, using a hybrid approach. 

So along with the development of technology, traditional banking will also implement blockchain into its work system, because this will become a demand and a necessity.

[Distinctin]

In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system. 

 We see over the last decade, the payment system has transformed so rapidly.  From real-time cross-border payments, to using blockchain and cryptocurrencies.

 Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.

Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.

[Mahanton]

In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.  

 We see over the last decade, the payment system has transformed so rapidly.  From real-time cross-border payments, to using blockchain and cryptocurrencies.

 Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.

Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.

You are right, it might be useful but doesnt mean that it would be enough or capable enough on taking off out the chart the banking system that we've been using through ages.
Government wouldnt just let that thing to happen because even how great decentralization is, there would be always that centralized stuff that would be always holding into the top.
They cant really just easily switch up on things since they do know that there would really be con's on doing that and also this industry doesnt only need decentralization
but also it would  be needing some governing body on handling everything.

[Kusman]

It is a good question that you ask. And my answer is yes, Blockchain technology can really replace the traditional banking system. And the reason is quite obvious in fact. Blockchain technology is stronger and safer compared to the traditional one. Hacking the system is much more difficult when it comes to Blockchain. I don't say it as "impossible" because every kind of technology can be hacked.

[Samandra]

Banks may study and add blockchain technology. If they can better use blockchain technology, they will greatly reduce their own operating costs and enable the bank to develop better.
The decentralization of the blockchain will also make the entire deposit and loan process more convenient. Users who need to deposit money can receive the deposit yield by transferring the money to the wallet on the chain. Improve the security and traceability of bank fund operations, make fund supervision more convenient, and reduce the efficiency of bank clearing, making banks more transparent, fair, and business innovation and change.

[KevinRosa]

In the traditional payment model, the transfer of funds is done through bank clearing. The payment workflow takes several minutes to several hours, and intermediaries also charge certain fees. For cross-border payment business, the process is more complicated.

Compared with traditional payment, blockchain payment makes full use of the technical advantages of blockchain. Payments are made directly between the two parties, without intermediary agencies, even if part of the network is paralyzed, it will not affect the operation of the entire system, with higher efficiency and low cost. . Blockchain payments are significantly different from traditional payments in terms of payment structure and reserve accounts.

I think blockchain payment can completely replace the current payment system in the near future. What is missing is consensus.

[indrakusumaindra]

Blockchain technology adoption is still yet taking place, right now i believe blockchain about to be adopted in sector supply chain and many other sector that helping businesses more efficient and less cost. I do think soon blockchain could replace the traditional banking system such as DEFI that could works to replace the traditional banking system. We also see many crypto project that working on sector lending which is similar to banking product.

[BuNga_cute]

In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system. 

 We see over the last decade, the payment system has transformed so rapidly.  From real-time cross-border payments, to using blockchain and cryptocurrencies.

 Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.

Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.

when one day blockchain has matured in its development, and if the government views the old banking system as no longer relevant, it is very likely that blockchain will replace it. but for now it may not be possible, because to replace it directly I think it's difficult where banking must always run every day

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.

[fulcare]

In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system. 

 We see over the last decade, the payment system has transformed so rapidly.  From real-time cross-border payments, to using blockchain and cryptocurrencies.

 Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.

Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.

when one day blockchain has matured in its development, and if the government views the old banking system as no longer relevant, it is very likely that blockchain will replace it. but for now it may not be possible, because to replace it directly I think it's difficult where banking must always run every day

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.

If we try to extrapolate a little bit what we have seen so far that blockchain is able to do and what it is not able to do, I think we can get at least an idea where we might be heading. Blockchain can sure solve certain problems or deliver services that banks are used for these days. Algorithmic loan provision based on reputation systems and so on, but those need time and data to develop. There will be a lot of prototyping to make sure the credit default rate is in range with what can be accepted compared to the banking system and their rigorous screening procedures, but still I do believe we will see certain banking functions be replaced blockchains or let's say protocols and algorithms.