From doubting blockchain to building their own?

[RGBTC]

Yes, they used to hate blockchain before realizing it could be made semi-centralized. Those banks certainly won't sacrifice their interest in controlling people's money, even as they undergo a massive technological transition. However, it is hard to call it "blockchain" when the network is maintained by only a handful of entities (and I hope that alliance remains intact); at some point, it will likely have security vulnerabilities.

[Natalim]

If adapting blockchain and create bankchain alliance will make the banks transactions more efficient and create effective services, then they are actually seeing the real essence of having a blockchain now. Its normal for them to doubt it at first because its new to them, but there's always room for learning, and right now they have clearly understood why having a blockchain plays a very vital role.

They hate the idea of blockchain technology at first, maybe because its a key type of a decentralized system. But now they're actually moving into it and applying it into their own centralized system.

[macson]

Why be surprised? Just remember that there are institutions that were once so skeptical of Bitcoin and claimed it was nothing more than a global money-laundering scheme, yet today they have become one of the largest providers of Bitcoin ETFs.

So it's not really surprising that this banking alliance is beginning to adopt blockchain as its network, since they've seen such rapid growth in stablecoins and don't want to lose their competitive edge in the market. It's all just a matter of their business interests, because if they can't adapt quickly to new developments, they'll simply fall behind.

[lionheart78]

Maybe they didn’t really hate the technology after all, they just wanted their own version of it. 

These institutions see the trend.  They see how popular blockchain or let us say Distributed Ledger Technology is, and they wanted to have this technology integrated on their system to cater client that are inclined to use blockchain technology.

The banking institution sees that they cannot beat blockchain tech with their traditional system, so although they are initially hostile to the blockchain implementation being decentralized, they understand that implementing a centralized blockchain can be in par with decentralized blockchain technology, with them having more control.

I think for the bank this move is a step forward and there is no harm in implementing a kind of blockchain technology that they have control.

[Dave1]

Funny how things change because years ago, many people from traditional finance were dismissing crypto and blockchain, but now 39 U.S. state banking associations are planning their own nationwide blockchain network called BankChain Alliance. 

Based on the news, it will be used for payments, stablecoins and tokenized deposits, and of course it will still be controlled by banks, so this is still centralized, opposite to what Bitcoin represents.

Still, it says something when the same industry that was skeptical of blockchain is now building around it.

I'm not surprised though, I mean if you look throughout the history of man, there are a lot of technologies that are being frown upon but later accepted it, like what we all have bee using, the Internet. And with the old banking system, they might have seen that in order to maintain it, they will have to cope with the latest technology and that is blockchain. So that they can picture themselves as somewhat open minded to this technology, but at the end of the day, it's all about profits.

And so with this, they might get a lot of new customers because they have embrace blockchain. And then can provide services much faster as before and everything is written, can't be tampered. So still the same principle, but just different face value to their customers.