The emergence of blockchain technology has changed the development of global digital payment system business. With the impact of new cryptocurrency projects on banks and other financial institutions, many companies are forced to start making changes to their systems.
In the traditional financial system, the regulator will monitor your operations in order to maintain the integrity of the system, and the process will incur large costs and may be full of fraud. But the blockchain system gains integrity by incentivizing the best interests of the system and allowing anyone to verify it.
Blockchain and cryptocurrency are integrated into all walks of life to solve traditional solutions with safer and more efficient technologies. Although it is well known that it cannot replace cash, it may have the opportunity to replace or cooperate with traditional banking systems. Blockchain as an important innovation field of financial technology, can it replace the traditional banking system in the future?
https://www.ibtimes.com/can-these-blockchain-solutions-replace-traditional-banking-system-3259844The blockchain is going to be adopted by banks all over the world willingly so I do not think we are talking about replacing here but upgrading their current technology, however this is useless, they will be on control of those blockchains and they will be able to do whatever they want with it so this does not help us at all, we need bitcoin to become big and strong enough to become a competitor against those banks and even then I do not expect that bitcoin will replace the banks, it will just provide an alternative for those that want to avoid the banks on their daily lives.