Tech gaint Accenture on Blockchain!


#1

Our survey found that blockchain use is, indeed, top of mind among banking executives who lead payments businesses. Perhaps most critically, the survey revealed what executives believe must happen for blockchain to gain prominence globally.

Blockchain and distributed ledgers have a bright future. As real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.

The biggest key to turning blockchain’s potential into reality is a collaborative effort among banks to create the network necessary to support global payments. Banks need to look at the bigger picture and work together—and with non-banks—to help define the backbone that can underpin a universally accepted, ubiquitous global payment system that can transform how banks execute transactions.

In the words of one executive we interviewed: “The technology will only work if everyone adopts it. It has to be all or nothing.”


#2

Banks will play the crucial role in spreading the exposure of blockchain throughout the world. its true that of banks implements blockchain in their system then cost of everything will be reduced and system will be more reliable and safer than before but at the same time, banks will lose money too which they were getting earlier for remittances and local transfers.


#3

if this news is real, this will be new milestone for bitcoin, i think bitcoin is mature enough for entering banking world nowaday


#4

Yeah, excactly. Currently, there are several networks for which banks are connected such as bancnet some have their own network. However, I think it will be better if they collaborate and try the distributed network concept, try blockchain tech. It will not only help in the efficientcy of the transactions over and between banks. It will increase security as well.


#5

Their servers can be hacked, Blockchain public ledger can’t be hacked or meddled with. This reason is big enough for them to switch from their network to blockchain but its a big step, so it’ll take time as ‘Good things take time’.


#6

Yeah they have been around, collaborating with some start up projects and getting involved with the blockchain technology. They see something in this tech too otherwise, they just have walked away. It is true that it will only work if everyone adopts it else, it is still nothing. Maybe these banks are just waiting for the major players of key nations/countries to try it out and apply it onto their operations. And this will have a domino effect if successfully done. Just like how a major company adopt a system then others follow. We just need the proper timing to have get the green lights. But the good thing is, they are seeing something and know if can make a difference.


#7

its in our nature that whenever we have to take any big step which might be risky also, we try to look for others who tried it and see their results. Same is happening here with the exception that no bank has tried it earlier on full scale. So first some big fish will try it and others will just follow suit. We just have to wait for that big fish to implement it.