Can blockchain replace the traditional banking system?

[Abiky]

The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
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?

https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844

Banks previously said they don't need a "blockchain" to launch CBDCs of their own. Everything would be stored on a centralized database accessed by these same financial institutions. It makes sense since Blockchain is all about decentralization. If there's a central party in the system, then it wouldn't be a Blockchain anymore. Instead of replacing the traditional banking system, public blockchain networks will become an alternative for those who need them the most. It was never about taking down banks anyway. As long as crypto remains decentralized, nothing else matters. Financial freedom is what crypto/Blockchain tech is all about. Take that away from it, and you'll get nothing more than another banking system subject to manipulation, fraud, and corruption. Just my opinion

[Kasabus]

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.

I don't see any possibilities that blockchain will totally replace the traditional banking system as the government will definitely be opposing it. But i do believe that this blockchain and cryptocurrency has higher chances that they can be well integrated into the old banking system.

We are now in the digital age but seems the government is not ready yet to adopt the new innovation of blockchain but still give high consideration to the traditional one. Hopefully things will change in the future not for the benefit of the officials in the government but rather for the whole governance.

[stomachgrowls]

The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
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?

https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844

Banks previously said they don't need a "blockchain" to launch CBDCs of their own. Everything would be stored on a centralized database accessed by these same financial institutions. It makes sense since Blockchain is all about decentralization. If there's a central party in the system, then it wouldn't be a Blockchain anymore. Instead of replacing the traditional banking system, public blockchain networks will become an alternative for those who need them the most. It was never about taking down banks anyway. As long as crypto remains decentralized, nothing else matters. Financial freedom is what crypto/Blockchain tech is all about. Take that away from it, and you'll get nothing more than another banking system subject to manipulation, fraud, and corruption. Just my opinion

Dont know on why they do really have that kind of mindset or believing that crypto/blockchain tech did exist to replace off the traditional banking system? If we do really tend to see the picture as a whole and the probabilities of things to happen then it is almost close to impossible or wouldnt really happen at all.

For sure they would create something which can be handled out or simply not a decentralized one.Its always out of their interest on dealing with stuff which cant really be controlled and its not actually surprising at all.

They could adapt but it is less likely to happen.They are really fan on creating on their own and wont be tending to use something which do totally oppose their interest or motive in the first place.

[Argoo]

The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
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?

https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844

Banks previously said they don't need a "blockchain" to launch CBDCs of their own. Everything would be stored on a centralized database accessed by these same financial institutions. It makes sense since Blockchain is all about decentralization. If there's a central party in the system, then it wouldn't be a Blockchain anymore. Instead of replacing the traditional banking system, public blockchain networks will become an alternative for those who need them the most. It was never about taking down banks anyway. As long as crypto remains decentralized, nothing else matters. Financial freedom is what crypto/Blockchain tech is all about. Take that away from it, and you'll get nothing more than another banking system subject to manipulation, fraud, and corruption. Just my opinion

Dont know on why they do really have that kind of mindset or believing that crypto/blockchain tech did exist to replace off the traditional banking system? If we do really tend to see the picture as a whole and the probabilities of things to happen then it is almost close to impossible or wouldnt really happen at all.

For sure they would create something which can be handled out or simply not a decentralized one.Its always out of their interest on dealing with stuff which cant really be controlled and its not actually surprising at all.

They could adapt but it is less likely to happen.They are really fan on creating on their own and wont be tending to use something which do totally oppose their interest or motive in the first place.

States will definitely apply blockchain technology in various sectors of the economy and management, since this technology, when using the Internet, makes it possible to securely store any databases in constant access mode. However, when creating their own digitalized central bank currencies, this will not always be the case. Some states claim to be developing their stablecoins on the ethereum platform and will therefore use the blockchain. At the same time, the Chinese government does not use blockchain technology to create its digitized yuan. Let's see how it will work after its official launch.
The banking system will exist as long as the states themselves exist, since they are part of each state. They will apply something new to the extent that it is economically beneficial for them.

[swiftbits]

I think bitcoin definitely changed the way people think about money. Its such a radical departure from conventional finance and banking norms. I'm surprised conspiracy theorists haven't put forward a theory of Satoshi Nakamoto being an alien from another planet. Cryptocurrencies have succeeded in ways, in building a better mousetrap. One observation that can be made about blockchain is, Satoshi Nakamoto was only a single person with limited resources and time. A team of talented individuals with funding, should in theory, be able to expand and improve on Satoshi's original venture. It is possible that had Satoshi continued to develop cryptocurrencies, he would have further expanded and improved upon its list of features and design principles.

Would prefer to focus on some attempt at future progress in finance/remittances, rather than focus on blockchain vs banks. There is still a lot of room for improvement to be made. Even banks are benefiting from and using blockchain based technology. Rather than blockchain replacing banks, they can simply adopt the technology and use it.

I agree, while bitcoin blockchain architecture can't be changed easily, the blockchain technology itself can be built to help organizations provide service the best way possible. There is more to it than just replacing everything. It innovates what is working.

[perfect999]

States will definitely apply blockchain technology in various sectors of the economy and management, since this technology, when using the Internet, makes it possible to securely store any databases in constant access mode. However, when creating their own digitalized central bank currencies, this will not always be the case. Some states claim to be developing their stablecoins on the ethereum platform and will therefore use the blockchain. At the same time, the Chinese government does not use blockchain technology to create its digitized yuan. Let's see how it will work after its official launch.
The banking system will exist as long as the states themselves exist, since they are part of each state. They will apply something new to the extent that it is economically beneficial for them.

Realize that when you are using blockchain the default is p2p, which means that it is a public ledger and nations, specially governments, do not want to make everything a public ledger. There are so many things that they are keeping it a secret, hell in my nation there is even a huge 100+ million dollar "secret fund" that politicians voted for, and interestingly those politicians normally say exact opposite of what each other say and they hate each other and even sometimes even fight each other, they hate each other that much yet when it was about 100 million secret fund they all accepted it.

This is why I honestly believe that they will not use a public ledger like blockchain bitcoin has. Maybe they can find a secret way to do it, I do not know how they can do it, but eventually they may do it and this could profit them a bit, I do not know how much but there is a chance they could develop something like that.

[perryxi2]

In my opinion BTC cannot completely replace fiat banking. Why should we ask the question whether everyone in the world is exposed to electronic technology? , whether their elders are knowledgeable enough and use technology money or do they still choose fiat money. or a poor country without a computer or a smartphone how do they use cryptocurrencies and fiat is still their only option. BTC may not replace but will be a kind of currency that promotes the development of humanity and will go hand in hand with fiat to support development together.

[Wong Gendheng]

In my opinion BTC cannot completely replace fiat banking. Why should we ask the question whether everyone in the world is exposed to electronic technology? , whether their elders are knowledgeable enough and use technology money or do they still choose fiat money. or a poor country without a computer or a smartphone how do they use cryptocurrencies and fiat is still their only option. BTC may not replace but will be a kind of currency that promotes the development of humanity and will go hand in hand with fiat to support development together.

It is difficult to say that cryptocurrencies can replace fiat currencies, if you look at the user data of cryptocurrencies, which is around 200 million, it is still very small compared to the world population which reaches more than 7 billion, moreover there are still many countries that do not have good internet access so it is difficult to use cryptocurrencies.

[ajochems]

In my opinion BTC cannot completely replace fiat banking. Why should we ask the question whether everyone in the world is exposed to electronic technology? , whether their elders are knowledgeable enough and use technology money or do they still choose fiat money. or a poor country without a computer or a smartphone how do they use cryptocurrencies and fiat is still their only option. BTC may not replace but will be a kind of currency that promotes the development of humanity and will go hand in hand with fiat to support development together.

It is difficult to say that cryptocurrencies can replace fiat currencies, if you look at the user data of cryptocurrencies, which is around 200 million, it is still very small compared to the world population which reaches more than 7 billion, moreover there are still many countries that do not have good internet access so it is difficult to use cryptocurrencies.

It's influence market now. Many people get into the trading from 2017, but it achieved it maximum at every current year.In 2021, their are huge suppors and the price had reached 50k dollars. It was a good move from many country and make this happened in this year.

[Abiky]

States will definitely apply blockchain technology in various sectors of the economy and management, since this technology, when using the Internet, makes it possible to securely store any databases in constant access mode. However, when creating their own digitalized central bank currencies, this will not always be the case. Some states claim to be developing their stablecoins on the ethereum platform and will therefore use the blockchain. At the same time, the Chinese government does not use blockchain technology to create its digitized yuan. Let's see how it will work after its official launch.
The banking system will exist as long as the states themselves exist, since they are part of each state. They will apply something new to the extent that it is economically beneficial for them.

Governments and central banks want something they can control, so it's very unlikely they'll build CBDCs within existing public blockchain networks. They might not even need to use a Blockchain at all, since everything will be centralized. A traditional database would be more than enough for banks to manage digital fiat currencies of their own.

Ultimately, we'll live in a world where both decentralized cryptocurrencies and the traditional banking system will power the mainstream economy. People will get to decide which type of currency to use from the other for day-to-day payments. While governments will not be able to take down crypto/Blockchain tech in its entirety, they'll be able to enforce strict rules in order to prevent as much people from using it. With how banks have gone so far, it's very unlikely they'll disappear anytime soon. Just my opinion