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-3259844
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-3259844
Banks previously said they don't need a "blockchain" to launch CBDCs of their own. Everything would be stored on a centralized database accessed by these same financial institutions. It makes sense since Blockchain is all about decentralization. If there's a central party in the system, then it wouldn't be a Blockchain anymore. Instead of replacing the traditional banking system, public blockchain networks will become an alternative for those who need them the most. It was never about taking down banks anyway. As long as crypto remains decentralized, nothing else matters. Financial freedom is what crypto/Blockchain tech is all about. Take that away from it, and you'll get nothing more than another banking system subject to manipulation, fraud, and corruption. Just my opinion
