Can blockchain technology change the banking system?

[Lyrrex]

Since the inception of Bitcoin few years ago, the blockchain technology has taken a major part of daily financial lives ranging from anonymous, transparent and seamless transactions across the globe.
As we all know that transactions on the BlockChain is irreversible and also visible for everyone to see.

What positive change can the blockchain technology effect in the banking industry?

 

[giddy]

Seriously the way this block chain technologies are moving I would not be surprise if that happens in the future Blockchain technology, which serves as a decentralized “ledger” of transactions, could disrupt this state of play. ... This stands in contrast to current banking systems, which clear and settle a transaction days after a payment.

 

[Niftyyem]

The banking system needs to incorporate the block chain technology into their way of doing things to promote transparency and efficient delivery of services. This should be done by all sectors and not just banking sector.

 

[zagzagi]

Banking and finance will be among the major industries affected by Blockchain. The potential uses are vast, from real-time transactions to asset tokenization, lending, international trade facilitation, more robust digital deals, and many other things.

It is only a matter of time before all the technological and legal challenges required to unlock the full potential of this new financial infrastructure are resolved.

The banking and financial system, based on a foundation layer that is not based on trust, transparent and knows no borders, has the potential to enable a more open and interconnected economy.

 

[Seun4luv]

The blockchain technology has transformed the banking sector by combining shared database with cryptography, smart contracts, and digital payments. This also allows multiple parties to secure transactions.

 

[Lagazine]

The banking system needs to incorporate the block chain technology into their way of doing things to promote transparency and efficient delivery of services. This should be done by all sectors and not just banking sector.

You are right, incorporating of Blockchain into banking system will help the banking business to go a long way. Although it will be very dangerous as a lots of information like the login details will be released to a lots of bank managers and can really cart away with the coin any time.

 

[mahdi304]

Maybe it can help it as in increasing their security in a way, I'm not really sure myself but just maybe it could somehow help them to develop their systems and make them even more secure.

 

[GIFTMICHAEL]

Block chain as it were when Incorporated fully in to the banking system it will help to strengthen banking institution and further more transparency in the sector. Banking sector need more security block chain technology will help banking industry to go a long way.
They have taken major part in financial live very soon block chain will take over the financial industry with the way they moving

 

[Niftyyem]

You are right, incorporating of Blockchain into banking system will help the banking business to go a long way. Although it will be very dangerous as a lots of information like the login details will be released to a lots of bank managers and can really cart away with the coin any time.

There wouldn't be any issues concerning login details or any correlation with the cryptos. It is the technology that is needed, the same technology behind cryptocurrencies will be useful to banking sector, so it will have nothing to do with leaking personal details on either fields.

 

[Tanny]

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Post automatically merged: Jan 7, 2021

The block chain technology will help digitalize and may revolutionalize the banking industry if allowed by the ability to transfer and receive money anywhere in the world

 

[Fabby]

Definitely!! Authentication, identification clearing, settling and record keeping have until now been the functions performed by financial services companies. And they’ve been handsomely rewarded for providing that service. However, now Blockchain’s digital ledger system has the potential to reduce or negate the need for financial services companies from banks to payment processing systems

 

[Sincerem]

Irreversible have always defined Cryptocurrency motto, with such kind of rules still found around Cryptocurrency in general. I don't think it will renowned as bank for all to transact with, let's just wait and see what the future will bring.

 

[BrolySSJ]

Since the inception of Bitcoin few years ago, the blockchain technology has taken a major part of daily financial lives ranging from anonymous, transparent and seamless transactions across the globe.
As we all know that transactions on the BlockChain is irreversible and also visible for everyone to see.

What positive change can the blockchain technology effect in the banking industry?

Blockchain technology as a whole is deemed to be a very safe form of storing information where information can be stored for long periods of time with this information even having no expiration date. I think that if this is in the banking industry, not in the form of crypto but just as the technology, it will help in security of your funds in the bank and also it will be good for tracking funds as well as a digital footprint will always be evident.

 

[Sotherefore]

There is a possibility that's such thing to happen it may not happen now but in the nearest future because at times goes on the world is becoming digitalize I always think that there will be a time when naira and dollar will no more be used as the world will switch into digital currency and transaction, there is a possibility that cryptocurrencies will change the banking system of this world.

 

[Klashlly]

blockchain technology change the banking system​

The use of blockchain has changed banking in many different ways. It has affected things such as payments, settlement systems, fundraising, securities management, loans, credit, and trade finance. With the decentralization ledger for payments, blockchain can provide faster payments and lower fees than banks.
https://bizdustry.com/forum/crypto-currencies.162/post-thread

 

[singlej007]

It us already changing the banking system because a lot big shot has move there fund from the bank to the crypto world..

Cryptocurrency offer more benefits in terms of investment and offer low charges in terms of transfer charges. Some bankers has left their job to concentrate and trade cryptocurrency...

 

[Highflyer]

Reduced costs – the blockchain will provide banks with more than survival as it will pave the way for greater security, efficiency and improved customer satisfaction. The tech is projected to save these institutions around $15-20 billion in infrastructure cost alone by 2022.Blockchain may eliminate some roles in financial services in the short term. Although the financial industry is thrilled about blockchain, the technology will take a few years to become a mainstream financial model. That means that disruption will happen gradually – but surely.

 

[Rimsha kanwal]

Since the inception of Bitcoin few years ago, the blockchain technology has taken a major part of daily financial lives ranging from anonymous, transparent and seamless transactions across the globe.
As we all know that transactions on the BlockChain is irreversible and also visible for everyone to see.

What positive change can the blockchain technology effect in the banking industry?

Blockchain technology has transformed the banking sector by combining shared database with cryptography, smart contracts, and digital payments. Learn use cases of blockchain technology in the banking system that allows multiple parties to secure transactions.

 

[ahmedo24]

It will change their system of operations by making it more efficient, a bank in my country wanted to apply blockchain as a test run for their services but I don't know the outcome. It will also makes banking activities more secure

 

[Kamon c4]

Blockchain technology in the banking system will have both positive and negative impacts. Blockchain technology have made for easier and faster transaction. This will help reduce the time taken to complete business dealings. However the blockchain technology isn’t yet modified in cases of mistakes and errors and this wouldn’t be recommended for banks