Quote from: BuNga_cute on Today at 09:37:02 AM

Quote from: nur rochid on August 08, 2021, 03:08:57 PM

Quote from: Distinctin on August 07, 2021, 07:52:55 PM

Quote from: Baihaki Khaizan on August 07, 2021, 04:35:39 PM

In my opinion, from a technology perspective and ease of use, blockchain is the right place to replace the traditional banking system.

We see over the last decade, the payment system has transformed so rapidly. From real-time cross-border payments, to using blockchain and cryptocurrencies.

Recently, Central Bank Digital Currencies (CBDC) and stable coins also emerged that made traditional banks rethink their business models.

Blockchain technology has been very useful and beneficial to each of us but i think replacing our traditional banking system with this won't happen easily and will definitely take a long process.

Blockchain still needs a more room to grow because its still young and not mature yet. People has entrusted their whole finances into traditional banking system in their whole life so if this will be replace with the current blockchain, then let's expect that there will be more issues that will come out.

when one day blockchain has matured in its development, and if the government views the old banking system as no longer relevant, it is very likely that blockchain will replace it. but for now it may not be possible, because to replace it directly I think it's difficult where banking must always run every day

Your opinion is correct, we don't know what will happen in the future. Blockchain technology is currently still in the process of development,
we will never know what stage the development of blockchain technology will reach. If the development is getting faster and it is considered
ready to replace the old banking system, there is a possibility that the government will start to change its mind and accept that blockchain
technology will replace the old banking system. But if we talk now, it is definitely impossible to be true. Because the government still feels
comfortable with the old banking system. Therefore, there are some countries that still reject cryptocurrencies, because they still consider
the old banking system to be worth maintaining. then fear that accepting cryptocurrency will replace the role of the old banking system.

If we try to extrapolate a little bit what we have seen so far that blockchain is able to do and what it is not able to do, I think we can get at least an idea where we might be heading. Blockchain can sure solve certain problems or deliver services that banks are used for these days. Algorithmic loan provision based on reputation systems and so on, but those need time and data to develop. There will be a lot of prototyping to make sure the credit default rate is in range with what can be accepted compared to the banking system and their rigorous screening procedures, but still I do believe we will see certain banking functions be replaced blockchains or let's say protocols and algorithms.