Quote from: audaciousbeing on July 02, 2018, 08:29:55 PM

Quote from: mahbuboracle on July 02, 2018, 07:07:13 PM

Banks can not afford increasing expenditure of the old technology anymore they will have to adapt to the change.

Talking about technology and banking, Blockchain, will disrupt the financial domain with certainty. Much has been discussed, debated and discussed about this distributed ledger, both online and offline. So this innovative technology does not require a special introduction at this time. Calling it 'annoying' is a disparaging statement. To understand what a blockchain is, look at bitcoin or cryptocurrency. It has achieved many 'never heard' scenarios in the financial domain. Since technology has been introduced in the banking world, experts are always struggling to create safe and secure means of transactions. A person must go through a third party application or an intermediary or regulatory body to transfer money. But here is the digital currency - completely unfocused - and has broken all conventional banking laws. Today, a person can send money to anyone in the world immediately without having to go through the hassle of what I experienced. It has happened in many parts of the world. You can transfer money via WeChat, Whatsapp, and even Facebook Messenger right now.

Believe it or not, blockchain is a breakthrough technology that can be applied to your domain-name. From agriculture, aviation to supply chains, finance, and the food industry, blockchains are everywhere.

A lot of organizations around the world are already experimenting with this technology. Major financial organizations such as the SBI Holdings, Goldman Sachs and Citi group have already invested in blockchain. Back home, the State Bank of India (SBI) has grand plans in place to use blockchain for a number of processes, including the KYC system. South Indian Bank seamlessly carried out an international transaction using this technology. ICICI, YES Bank, Bank of Baroda, Axis Bank and Kotak Mahindra are some of the few banks that have hopped on to the blockchain bandwagon. While some banks are experimenting with this digital ledger and achieving impressive results, some financial institutions are gearing up to reform and redefine huge chunks of their banking processes. Shocked

Good for them and their customers!

As far as my bank is concerned, I recall reading this article which showed that out of Fortune500 in last 50 years, 84% of them are dead today. In the next 10 years, I am happy to predict just a few banks will remain in Fortune 500. Most financial institutions will have either absorbed blockchain tightly OR they will be gone.

If you think blockchain would end banking then its purely an overstretched assumption. Blockchain is a technology just like people have said every businesses at one point or the other have to key into the technology. Several years ago, there was no Automated Teller Machine, there was no Visa or MasterCard neither was there mobile app or POS machine and the height of it was the deployment of USSD for banking transactions and finally scan to pay direct just by scanning a bar code but along the line every businesses had to fall in line or they fade away. This businesses have deployed to their operation that today, I can remember the last time I entered a banking hall. I see the same thing happen for blockchain. Banks are multi nationals with huge amount to money to hire any developer to work for them and if that won't happen, they would buy an existing blockchain payment system, then integrate it to make their operations more efficient.

i agree, banks has always been ahead of us consumers, in all terms, even about blockchain, they have already been finding ways to adapt this technology, long before this technology was developed and expand in the digital world. we may not see it but right now i think they have already developed a new technology with all their funds and resources, to develope their own platforms.