What Will Blockchain Mean for Banks?


#1

Blockchain presents a double-edge sword for banks. On the one hand, it could potentially save banks billions in cash by dramatically reducing processing costs. Banks are salivating at the opportunity to reduce transaction costs and the amount of paper that they process. Implementing blockchain would make banks increasingly profitable and valuable. Santander, a bank based in Spain, put the potential savings of blockchain at $20 billion a year. Alternatively, the opportunity to start a bank with lower costs has attracted many new fintech startups to the market. Banks are also hedging their bets by directly investing in fintech startups. According to KPMG , in 2016, venture capital funding to global fintech companies reached a record $13.6 billion while overall investment in fintech companies totaled $24.7 billion.

Banking costs for consumers will decrease and there will be reduction in fraud.


#2

Blockchain technology has the ability to track the entire chain of a particular transaction and helps to control fraud and black money. These advantages have huge potential for adopting technology in the banking and other industries.


#3

I hear you!! It’s the future.


#4

the change of time is very significant and we hope that with the progress and security of assets in every field can change the status of cryptocurency even better …


#5

besides, this technology will increase banking service transactions. just waiting for time, one day banking will use the technology.


#6

Correct. That’s why I’m still confused why there are so many institutions which very against this technology. They should review its pros and cons before resisting so much. We all know, banking institutions have a lot of business processes inside it which are much regulated and shall be reported to the central bank and AMLC. These processes however, can be improved by blockchain technology. Also, there have been issues of fraudalent activities before which involve banks. Up until now, there are still a lot of this kind of event which remains uncovered.


#7

Most simple and most amazing benefit or say application of blockchain is that you can track anything anywhere. Any transaction, happened anywhere in the world can be seen and tracked from anywhere. No more hidden transactions. Most safe and secure transactions and banks and eventually public will save a lot of money.


#8

Yes, of course, the ability to make transactions from anywhere in the world and complete their transparency is what we all need.


#9

Yeah, all we need now is for someone to convince the banks worldwide to stop thinking for their own gain and implement blockchain technology in their working for the betterment of all.


#10

We can not know how the technology of blockchain will develop, but maybe in the future banks will not be needed at all.


#11

If we are thinking that crypto will replace the fiat money, then its never going to happen. Fiat will always exist. Crypto distribution will never be as easy as fiat. You can’t give some cryptocurrency to street vendor from which you bought something. Or if you’re going some place and want to buy a bottle of water, you aren’t going to ask the person for his wallet public address so that you’ll transfer some bitcoin to him because it isn’t convenient, it isn’t cheap and process takes time but what is fast is that you put your hand in your pocket, take out some fiat and give it to the vendor. These are just small examples of why fiat will be there and banks will always be there to take care of our fiat money.


#12

Fait will survive, you dont need the wallet address to transact the crypto. There few projects like NPXS who is coming up with thier own swip cards and POS devices which can achieve faster transaction. Blockchain is still at it’s early stage, too early to speak it’s potential.


#13

There are many projects which are claiming to provide their own cards and POS devices but at this moment, these are just promises. Until something like that happens, we can’t say for sure that those promises will be definitely fulfilled.

Blockchain will have unlimited applications in future but we can’t say for sure for anything unless that happens.


#14

the cryptocurrency is also promising, i always believe in the crypto.


#15

Crypto currency is promising because it is built on blockchain technology. Its one of the unlimited application of Blockchain, we’ll see more in future.


#16

Crypto conditions are getting better, :heart_eyes::heart_eyes: but there is information on the stock exchange in Japan back in the crack :face_with_head_bandage::face_with_head_bandage:. Is this the beginning of crypto maturation? close the hole, repair and can run properly. for various crypto components.


#17

A blockchain in the current monetary system is just an IT upgrade and has no significant advantage over databases. Instead of managing their IUOs in a database, they would do it on a blockchain, but they still have to trust each other, which they do very poorly. Banks mainly rely on the central bank system for exchanging collateral (cash and reserves) in order to back or clear their IOUs, which is either slow (net clearing once a day M-F) or expensive (RTGS). To really improve things, central banks had to issue cryptocurrencies, so banks could transmit them p2p as collateral in real time. But then also privates and businesses could interact p2p with contracts and money (smart contracts) and cut out the banks. You see that blockchain is a catch-22 situation for banks


#18

The crypto industry is developing, but we do not know how long it will take to have good results.


#19

Nah, I don’t think so. Market is still very new or you can say that actual market was born in after Sept-Oct 2017. These things will keep on happening and also the improvements too.

Situation will get better with time as new rules and regulations will be implemented slowly.