Banks or blockchain, or both?
The blockchain is in the current time a technology, who no business couldn’t ignore anymore. Is a bank as a central party needed anymore in a decentralised world? Will we have in some years a world without banks and everybody will use Bitcoins and cryptocurrencies for payments?
A blockchain could be more than just an open database. It could be implemented with different aspects of busines models. Its more than just sending cryptocurrencies.
Fact is, that the banks had not done any great invention in the last decades. The payments by internet is not going faster than at the time before the internet was invented. The fear of the banks of the blockchain technology is a realistic and important point. Why should we use banks in future, when the payments are made now very easy by bitcoin and altcoins?
This is a question which is not so easy to response. Banks are not just payment offerors, but a bank also stabilize or sometimes destabilize our whole economic system. But that over 70% of the people of the world have no access to a bank account it’s sad and a big potential to discover.
Bitcoin showed us, that trust is not needed anymore by a third party. We gave the responsibility to the digital world to handle trust and safety for money transactions and it works fine.
So, a lot of businesses will change because of blockchaintechnology and for the banks exist also a possibility, to implement the blockchain technology in the current system or even traditional banking systems. How the banks could do is a question of what kind of needs the bank want to fulfil. The right role for every institution is unique and that could be the blockchain too.
The blockchain could and will be special and unique in its kind. The security is the most important point for a banking blockchain and that’s the reason they have a great opportunity by using the blockchaintechnology.
If a bank decides not to act and develop the blockchain technology its possible, that in some years the bank will close the doors. Also advocates and third parties must change their mind and find solutions, otherwise smart contracts will do their work.
The current time has so many chances to offer with the possibilities by the blockchaintechnology.