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