Can blockchain technology change the banking system?

[Ehtisham memon]

In coming years it's possible blockchain Take place a banking system currency exchange change every one dealing in online system blockchain is one site to sell and puschase the money it's possible I think blockchain get a banking system

 

[Ralphjoe]

Blockchain technology is capable of revolutionizing the banking system if it is deployed to there as it will make banking transactions more secured than it has ever been before and it makes their system to be free from any form of manipulation as everything will be decentralized. Any sector of the economy that wants those features should switch to blockchain technology.

 

[Lyrrex]

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.

I know that is really the truth but there is a possibility that block chain technology in the future will affect the economy of the whole world negatively, if everything in the whole world is now digitalize the economy of the world will be affected and alsy the rate of unemployment will increase automatically.

 

[giddy]

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

 

[Tiwa]

There will be both a positive and adverse effect of block chain is to be completely incorporated into the banking system .Fast transaction speed is guaranteed yes but it's irreversible unlike making some errors in the traditional banking system where you can make a recall through central clearing system.And remember we are talking about involving both the learned and unlearn.Its a great deal and I think a lot need to be instituted before such could happen .

 

[Richard92]

I am not really sure of banks adopting block chain method or even changing the banking system anytime. The normal bank transactions is okay, because they do proper verification before money is been sent or received. It is very important you do those verification before you send money so you can be sure of the costomers safety.

 

[Nurudeen]

The block chain technology can really go ahead of the banking industry because more people are now putting their money into crypto currency exchange Business and they are now seeing the benefits of it through the profit that comes with it whenever one buys a coin or two. For banking industry all what they do is to deduct charges.

 

[LaylaG]

Blockchain technology has the possibility of changing the banking system of this world because there will be a Time in the world when everyone will switch to crypto form of transaction and during this time the banking system of this world will not be active as it should be,the only thing that is preventing that from happening now is that the transaction fee in the crypto system is so high but I think in the future there is a possibility that it will go down.

Post automatically merged: Jan 20, 2021

Blockchain technology has the possibility of changing the banking system of this world because there will be a Time in the world when everyone will switch to crypto form of transaction and during this time the banking system of this world will not be active as it should be,the only thing that is preventing that from happening now is that the transaction fee in the crypto system is so high but I think in the future there is a possibility that it will go down.

 

[tyrim88]

The blockchain technology will actually bring a great change into the fincial sector,as the rate of transaction delayed will be reduced,and fees for transfer are less compared to those charged by the financial institution,but i think the process will be a gradual thing to impliment,because of its decentralise nature.

 

[Eodine]

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.

I think my country even needs the block chain technology to clear the useless backlogs users experience on top of our money. Imagine transferring money during the weekend and doesn't get delivers till weekday because of poor Network.

 

[joy101]

I think it can change because the way am seeing blockchain can change banking one day someday. Because is very fast in transaction and it help one to reduce time.

 

[Sincerem]

The blockchain technology will actually bring a great change into the fincial sector,as the rate of transaction delayed will be reduced,and fees for transfer are less compared to those charged by the financial institution,but i think the process will be a gradual thing to impliment,because of its decentralise nature.

Yes, the process will be a gradual one indeed. Only time will tell, if blockchain processing if transactions around BTC and ETH will improve and like other small coins type, and become super fast too. That will enable crypto transactions to be faster and preferable to our local bank type.

 

[Niftyyem]

I think my country even needs the block chain technology to clear the useless backlogs users experience on top of our money. Imagine transferring money during the weekend and doesn't get delivers till weekday because of poor Network.

I could imagine such scenarios with some banks here. They are always having network issues be it at the ATM machines or even using the apps and ussd codes. It can be quite frustrating.

 

[Eodine]

I could imagine such scenarios with some banks here. They are always having network issues be it at the ATM machines or even using the apps and ussd codes. It can be quite frustrating.

It can be very frustrating especially if you're on a deadline, I remember when the company had to use my account to send some money because of this same network, the money could not be withdrawn for days!

 

[Sincerem]

I could imagine such scenarios with some banks here. They are always having network issues be it at the ATM machines or even using the apps and ussd codes. It can be quite frustrating.

Very frustrating indeed, especially here in my locality. Everyday i get charged and at times my withdrawal hang in the air, and i have to wait for weeks before seeing my funds returned when i file legal proceedings. That's pathetic enough, but in crypto I've not heard that, one sent funds to another wallet address correctly and the money didn't go through.

 

[Nomad]

I am not an expert on blockchain but I believe blockchain can transfer the entire banking system by completely digitizing the banking system. This can be done by use of stable coins.

 

[Good-Person]

I do not think so because there are many countries that have not yet adopted Bitcoin and crypto coins as a normal thing or a way of transactions. Things would be much different if they adopt bitcoin into their economic system.

 

[Sincerem]

Already that is happening cos many people have reverted into owning Cryptocurrency wallet which is serving as an alternative option to bank account.

 

[Alexandoy]

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.

What banks are sharing their database with cryptographic systems? This is the first time that I have heard of that. Banks have their database that are secured with the backups and the passwords of several levels although it is not hack-proof, so to speak.

 

[Senator]

The blockchain technology was meant to override the banking system of operations. The banking operational system will soon be aligning themselves with that of the blockchain style with time