Can blockchain technology change the banking system?

[Josemendez]

I believe it can change a lot of things in the banking system especially when it comes to security , transparency and scalability of transaction. This is some of the advantage of the blockchain technology

 

[Nomad]

Blockchain can offer a lot of financial services including banking. The banks can digitize their system using the blockchain, they can also make their transaction transparent and salable by using blockchain. The most obvious use of blockchain for the banking system is the smart contracts.

 

[Josemendez]

Blockchain can offer a lot of financial services including banking. The banks can digitize their system using the blockchain, they can also make their transaction transparent and salable by using blockchain. The most obvious use of blockchain for the banking system is the smart contracts.

These are enticing features of blockchain but the fact is that in a corrupt system , they won't want to accept anything that will make their dealings transparent to people.

 

[Good-Person]

I believe that the blockchain cannot really have an impact on a country's banking system until or unless the country adopts the cryptocurrencies as a part of their banking system. I live in a developing country and they have yet to introduce crypto as a payment system.

 

[Grandeur]

The block chain technology is already changing a lot of things on the internet, blockchain can be used to record an kind of information which I am sure the Banks would want to learn from.

 

[Mika]

Blockchain technology has already changed the banking system. A lot of central banks around the world are trying to launch their own central bank digital currency by using blockchain.

 

[Bousine123]

Sure it can, but it will take a couple of years before it can be actualized. You should also know that banks are taking these trends too.

 

[eLdavis]

Yes I believe it would change the banking system completely, that's if the banks want to introduce Blockchain as their method of transaction.

 

[kayode10]

It can be very hard for cryptocurrency to change the traditional banking system. Those who are the managerial position in various banks are making most of the money easily from every transactions. All these things are going to be prevented with the uses of cryptocurrency.

 

[Justin]

I think the blockchain has already changed the banking system or any other financial systems. Since blockchain stores the transaction in a public ledger, transactions are transparent.

 

[mcjerry]

Blockchain technology will bring positive changes and improvment with security to the banking sector. Because Blockchain technology it self is secure and not easy to hack unlike our bank account that are easily hacked by hackers.

 

[Yusuf]

Definitely blockchain system can actually change the banking system. For now I think people are now tropping into crypto currency exchange Business and really not keeping money in the bank in order to escape inflation.

 

[Dowenship]

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?

As we can see, that the banking system is going into extinction gradually, although it might not be visible for now but blockchain is taking over banking system in a snail method...

 

[Josemendez]

As we can see, that the banking system is going into extinction gradually, although it might not be visible for now but blockchain is taking over banking system in a snail method...

I doubt if blockchain will be adopted easily because most corrupt government will not want it due to it's transparent nature. They no that it will reveal their illegal dealings

 

[Dowenship]

I doubt if blockchain will be adopted easily because most corrupt government will not want it due to it's transparent nature. They no that it will reveal their illegal dealings

Yeah, my initiall thought until i came across a news about governmental bodies making some research on creating their own coins by CB.

 

[Josemendez]

Yeah, my initiall thought until i came across a news about governmental bodies making some research on creating their own coins by CB.

The problem is not just creating their own digital currency from the Fiat currency but the security of the system and the ability of not being able to misused which may lead to inflation.

 

[Dowenship]

The problem is not just creating their own digital currency from the Fiat currency but the security of the system and the ability of not being able to misused which may lead to inflation.

I know the security of the system will be tight but for that of inflation.... That's where the problem lies. Because the government are not trust worthy in this term...

Post automatically merged: Sep 1, 2021

For now the security system of crypto currency wallet and exchange are been compromised but its what I believe that soon blockchain will replace banking sector...

 

[greenie]

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.

 

[HayKay]

The positive change would only be for the users and not for the bankers that's why they keep fighting against it. Remember in blockchain transactions, there's no middleman; just you and the other party.
It'll make users own the system.

 

[Ononivami]

If is in the best interest If the banks adopt the blockchain technology early. The blockchain technology have been used in all areas to improve upon the existed protocols. It is perhaps one of the best creation.