Blockchain will not replace banks. However, the emergence of new technologies such as blockchain technology will force the banking industry to reform.
Blockchain is a distributed shared ledger and database. It has the characteristics of decentralization, non-tampering, openness and transparency, and can solve the problem of trust in transfers.
Inter-bank transfers between banks need to pay high handling fees, and the transfer amount will be limited by the banking system. Blockchain is a point-to-point transmission method that does not require a third party, which can save costs and improve transfer efficiency.