Banks adopting blockchain, do you think they would accept the change?

[BazinyAmg]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

[ABCbits]

Not really. While i can see them support cryptocurrency in some ways, i doubt they'll use blockchain to replace their database. It's a myth that blockchain is generally cheaper than traditional database.

[slapper]

Blockchain will be adopted by banks not because they "believe in it". Under pressure, selectively, and with an eye towards control rather than transformation, they will accept it the same way competition tech is absorbed by legacy empires. Adoption has nothing to do with this. Their approach is integration without compromising their central control systems

Blockchain doesn’t just offer efficiency but it also rewrites the trust layer. Traditional banking has spent centuries making itself the middleman of trust. Should blockchain replace the need for it, banks have two choices: either become fossilised customer-service brands clinging to regulatory leverage or evolve into protocol-level validators

You brought up reducing  operational expenses, which is certainly surface-level appealing. But can an institution built to gatekeep truly embrace a system designed to disintermediate? Technically, banks could implement private ledgers (they already do: JPMorgan’s Onyx, for example). That is not, however, public, decentralized sense of blockchain. It’s blockchain in name only, a way to optimize settlement and clearing while preserving hierarchy. They would make advantage of it. But don’t expect them to surrender power just because the tech exists

[Mr. Magkaisa]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

         -      I believe that banks would accept the change but maybe not at this time, Maybe they will adopt it not because they understand and see the real benefits,
but rather just riding the trend they think.

Because if that's what's really going to happen then I hope all banking institutions would also be doing the same in their banking businesses.
This is just my opinion that I see on this matter.

[bitterguy28]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

yes it has been known that some of the biggest banks are behind blockchain technology as they are hoping to solve some of the issues that have been around and are now hopefully can be solved by said technology these are some issues that banks hope to address:

• verifying account information or resolving payment disputes
• improves cash flow for businesses but also reduces fraud
• create a unified infrastructure for financial markets, enabling seamless data sharing and transaction synchronization across previously siloed financial systems

source

[Hatchy]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

If we take a look at how the Blockchain technology works, it's more like a public ledger where every transaction is opened for anyone to view and see. The banking system is meant to hide certain transactions both that if their illicit activities. The banks would never Adopt the Blockchain technology as they know how they have mysteriously gotten away with some funds meant for peoples family after they pass away. They might accept or adopt crypto but the Blockchain technology into their own data base may be something impossible for them.

[Findingnemo]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

Blockchain and crypto currency are two different things, accepting oradopting blockchain doesn't mean they are accepting the cryptocurrency.

About the usage, yeah it will reduce the operating cost and bring in transparency so their customers can trust and find what they are into.

[Tribalchief]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

AFAIK, banking institutions are not planning on merging Blockchain technology with their traditional mode of operation for the now. They might achieve that sometime in the future, but trust me, their mode of operation won't change much since they will apply a centralized form of Blockchain instead. Banks are not in a hurry to make a transition since the majority still uses their services and depends heavily on them.

[Faisal2202]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

Yes I have seen it, in my country when crypto was not legal, a bank adopted blockchain technology and used it, and now crypto is legal in our country and I wonder to what level the adoption we might see now.

In short banks don't like crypto's stable currency which has been talked about in other sections, and that's because people won't prefer banks then, because these stable currencies are almost providing more than these banks are, therefore with the help of laws and regulatory frameworks, they made these stable coin issuers to have a bank charter from the bank obviously.

Which can help banks to track, and monitor everything, they also adopt it to enhance their traffic like bank of america did.

[Rruchi man]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

It will be in their best interest to adopt change, because it is a part of growth. I am of the opinion that it is an adapt or go extinct sort of period for the banks because the technology of cryptocurrency challenges their existence.

Banks will be faced with that option shortly, and most will favor the adopting to the blockchain.

[SamReomo]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

The straight forward answer is "No" because the traditional banks are still making so much money in the traditional way and they don't really want to change their way.

[Mr. Allcrypto]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

If we take a look at how the Blockchain technology works, it's more like a public ledger where every transaction is opened for anyone to view and see. The banking system is meant to hide certain transactions both that if their illicit activities. The banks would never Adopt the Blockchain technology as they know how they have mysteriously gotten away with some funds meant for peoples family after they pass away. They might accept or adopt crypto but the Blockchain technology into their own data base may be something impossible for them.

Well now that you have said it this way, I think it's quite understandable if the banks don't buy to the idea but from source I have read online even on the particular thread, I believe there is a totally different approach from the banks with creation of their own Blockchain network or integration of it to their system database.  Although one thing aside all this is sure and that's even the banks are becoming more crypto friendly as they are in tune to the various opportunity and profits they can get through the means.

[MainIbem]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

If we take a look at how the Blockchain technology works, it's more like a public ledger where every transaction is opened for anyone to view and see. The banking system is meant to hide certain transactions both that if their illicit activities. The banks would never Adopt the Blockchain technology as they know how they have mysteriously gotten away with some funds meant for peoples family after they pass away. They might accept or adopt crypto but the Blockchain technology into their own data base may be something impossible for them.

Well now that you have said it this way, I think it's quite understandable if the banks don't buy to the idea but from source I have read online even on the particular thread, I believe there is a totally different approach from the banks with creation of their own Blockchain network or integration of it to their system database.  Although one thing aside all this is sure and that's even the banks are becoming more crypto friendly as they are in tune to the various opportunity and profits they can get through the means.

Whether they create their own blockchain or follow the other alternative, the truth of the matter is that the bank would definitely adapt to the modern development, at this point it's no more a matter of if but when they'll and it's something that's bound to occur cause blockchain offers a high level of trust and security that the banks can't provide and lots of folks are beginning to lose trust in them when it comes to securing their funds, so for the banks to gain back that trust they'll need to build a trustworthy blockchain that's very secure or integrate it into their system. Everyone would be lefr without choice but to adapt to it in the future if the government that controls the bank can consider crypto aa a hedge to inflation then the banks won't be left out and would consider it for security.

[Stompix]

Do see traditional banking adopting blockchain and adding it into their already established system of operating, to improve efficiency and reduce the cost of running it, can they be competitive and take this opportunities that comes with this technology.

Blockchains are not more efficient nor are they cheaper to maintain, they are just distributed databases, banks had the option of using those for a long time, but they didn't because there was simply no economic reason to do so, nor is there one now.
Again the same question, why would they do such a thing, they don't need their records to be public, they obviously don't need decentralization and distributed databases such as Cassandra can take care of single points of failure.

[TomPluz]

The banking industry is undergoing some changes in response to the changing needs of the market and for them to really survive in a very competitive global environment and changing times. Now, there is a big chance that eventually this sector will be accepting and embracing the blockchain technology but suited to their needs and wants, and the use of stable coin as CBDC is not yet on a mature stage and there is a political question embedded on that aspect. Cryptocurrency can also be accepted but NOT on a large-scale basis as many banks are now looking at how they can take a ride at the popularity of Bitcoin and other digital assets. Banks can usually smell profits from afar and if they are sure they can benefit from it, they would do it.