Bridge between banks and public blockchain key to mass adoption?

[cryptomarcianos]

t's no surprising news that Blockchain holds potential implications for global commerce. It could make trade more efficient by removing the manual and paper-based processes and introducing streamlined and automated ones. A public blockchain can be a great collaborative tool because it’s decentralized, and no single entity can own it.

That’s why blockchain is more than just the underlying technology for cryptocurrencies like Bitcoin or Ethereum.

We also have been seeing over the past few years that Banks are heavily investing in Blockchain and exploring the distributed ledger technology.

What seemed like a thing of scifi-movies is now turning out to be a reality. We are not far off from seeing Banks fully evolve so that they catch up with technologies such as Bitcoin and others. Just like there is no escaping the system, there is no escaping the new reality of digital money. If banks don't play catch up they need to perish and Banks have realized them quite early ( I still think banks have some time left to survive).

Some popular Banks exploring blockchain :

1. Industrial and Commercial Bank of China (ICBC)

2. Agricultural Bank of China Limited

3. ALFA Bank from Russia

4. Yes Bank from India

5. UOB (United Overseas Bank) from Singapore

6. CommonWealth Bank from Australia

7. LatiPay from New Zealand

8. Kotak Bank

9. RAK Bank

10. The Federal Bank from India

It is indeed interesting that so many banks have been exploring blockchain or distributed ledger technology. In the process of exploring this revolutionary technology banks have realized that there is no use in re inventing the wheel. Many have realized that there is no point in closed permissioned blockchains. To harness the true power of Blockchain they need public blockchain. But, as we all know Banks deal with financial details and instruments that may require privacy and everything cannot be public.

Another problem with public ledgers is the factor of accountability and anonymity, because Banks need to follow certain,strict guidelines.

I think by providing onchain-ID verification and regulatory compliance provided by Blockchain protocols such as Concordium at a base protocol layer, it would become easier for blockchain enterprise adoption and help Banks make the shift to Public blockchains. Concordium claims to the worlds first public blockchain to have regulatory compliance and on-chain ID verification.

They are designing a 2-Layer Consensus Mechanism that combines a Nakamoto-style Blockchain with an innovative finalization for fast transactions and secure finality under adverse conditions. Concordium includes an identity layer at the protocol level and a ZK Proof Based mechanism to ensure a high level of privacy ( Banks would love privacy since it is very essential for them to operate )  and regulatory compliance at the same time.

Banks want privacy not anonymity. I wont be too surprised if many Banks switch over to Concordium as a choice of their Public Blockchain to leverage public blockchain but also uphold privacy and their standard business practices.

The world is changing so should the banks.

[TomPluz]

There is no denying that fact that banks are having a big influence in any country's economy, and they are holding the economic power because they have the money. So instead of fighting each other, maybe it is time that banks and cryptocurrency can be working together, never mind that maybe the main motivation can be for profit (which is the reality in the world of business, anyway). Yes, banks can be of big help towards massive use of cryptocurrency by the people because whether we like it or not more people are still trusting banks over something that they can't see (just existing digitally).

[Noverteno]

There is nothing to worry about introducing blockchain technology into the banking payment system. So far I do not see a single state that would deny the revolutionary and promising nature of blockchain technology in all spheres of human life. Therefore, banks will definitely use this technology. Moreover, banks themselves see its advantages over the current SWIFT method they use.

[hair]

Therefore, banks will definitely use this technology. Moreover, banks themselves see its advantages over the current SWIFT method they use.

Is there any possibility that the bank will use blockchain technology to transact in the future? I think that this revolution can be a solution for transactions that are fast, secure and efficient

[bubbalex]

Yes, it is. More and more projects are launching their own cards and more and more payment systems and banks are supporting crypto now. Adoption not happening as we thought, some people believed that crypto will destroy fiat and replace it, but it seems like it's going to be mutual benefit symbioses.

[bigcash2011]

I am in for traditional banks fully equipped and allowed to do crypto business as well, that is each bank account comes with built in crypto wallet and buying, selling or exchanging through that should be considered legit. It will also make everything proper, compliant, verified and regulated. This will surely bring instant mass adoption to crypto and both will grow together.

[LogiC]

Therefore, banks will definitely use this technology. Moreover, banks themselves see its advantages over the current SWIFT method they use.

Is there any possibility that the bank will use blockchain technology to transact in the future? I think that this revolution can be a solution for transactions that are fast, secure and efficient

In my country there is a blockchain supportive whose gonna try out using stable coin as bank credits. Yes they can used blockchain as if its work like traditional money. Actually many among the world already adopted banking with help of crypto. More banks will probably get to it as blockchain continue to develop.

[Paglamon]

Many projects are using the money for transactions. Some projects are using their own cards. Using their own cards and using their project money in transactions is going a long way. This is a new discovery in the cryptocurrency market. These transactions have been accepted by the banks. These transactions have been active and everyone is benefiting. If such a process continues, the future will benefit each other. I think this trend will continue. But here are some signs of good prospects. But some people thought that these would be destroyed, replaced. But at present it is taking place more strongly.

[Riya143]

Yes, At present most of the project teams have launched their own cards. They are creating an opportunity to transact with the bank. As users benefit, more cryptocurrencies are emerging. That is why the banks are giving permission. The big economists are thinking that cryptocurrency is very good for transactions and is an alternative to paper currency. They think that there is no alternative for more transactions. It will prove to be the greatest currency in the future. Given this opportunity, no country will be deprived of this opportunity.

[masterrex]

Yes, it is. More and more projects are launching their own cards and more and more payment systems and banks are supporting crypto now. Adoption not happening as we thought, some people believed that crypto will destroy fiat and replace it, but it seems like it's going to be mutual benefit symbioses.

I agree that one BUBB I believe that it's a mutual benefit between the two existing systems the Centralized(fiat) and the Decentralized (crypto) I don't think that fiat won't be useful anymore thats not going to happen because governments won't let that happen. what I believe is crypto and fiat will be used together as a financial medium sooner or later.     

[Fenix]

Therefore, banks will definitely use this technology. Moreover, banks themselves see its advantages over the current SWIFT method they use.

Is there any possibility that the bank will use blockchain technology to transact in the future? I think that this revolution can be a solution for transactions that are fast, secure and efficient

Major banks and financial corporations have long used the Ripple network to make fast and secure transactions. Therefore, this process is already irreversible.
In addition, more than 80 percent of all states are now working to create national central bank stablecoins. These are digitized currencies of states that also work on blockchain technology. Everything is moving much faster than some people think.

[bubbalex]

Yes, it is. More and more projects are launching their own cards and more and more payment systems and banks are supporting crypto now. Adoption not happening as we thought, some people believed that crypto will destroy fiat and replace it, but it seems like it's going to be mutual benefit symbioses.

I agree that one BUBB I believe that it's a mutual benefit between the two existing systems the Centralized(fiat) and the Decentralized (crypto) I don't think that fiat won't be useful anymore thats not going to happen because governments won't let that happen. what I believe is crypto and fiat will be used together as a financial medium sooner or later.   

Yeah, CeFi and DeFi will work together, because CeFi already have a huge infrastructure that can be used for the DeFi technologies adoption, huge changes are not revolutionary, in this case it is rather a gradual transition.

[Galley]

Indeed, why should such huge systems compete with each other if it is possible to work together successfully. Almost most payment systems already work with cryptocurrency, although this was previously denied. Progress is evident.

[Jaephoenix]

Crypto mass adoption is slowly taking place. Kraken has been given permission to get up a bank. So its a step forward