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-3259844Blockchain technology itself is the best system for storing and transmitting data at the moment, but you should understand that if, for example, a banking system wants to use a blockchain, then it will develop its own blockchain. This is important, since some people think that banks will use, for example, the blockchain bitcoin or ethereum, but this is not the case. It is possible that the existing algorithms of other blockchains will be used in the banking blockchain, but in the end it will be its own blockchain and it will also be controlled by the banking system. This will probably also apply to the launch of their cryptocurrencies.