Will blockchain kill banks? Or financial sector can use this technology to improve its efficiency?
CEO and co-Founder of Exsulcoin
The financial sector will always have some kind of regulating authority, just because no one wants to inadvertently fund terrorism or child sex trafficking, so we need laws and enforcement to prevent that from happening. Will it kill banks? Maybe. It's a possibility. We've been trying to kill off banks for years. The ATM was supposed to remove tellers from the equation, but now there are more tellers than ever before, because we seem to need the human component. When we figure that out, banks will disappear.
Mihail Lala, Founder of WAWLLET
Will help banks, not kill them
The blockchain technology will HELP banks, NOT kill them. Banks are strong and reliable entities which help governments for KYC and AML protocols. Banks are more than just an intermediary and it is a utopia to assume that they will cease to exist. It is true, the banking system was designed decades ago and doesn't keep the rhythm of current technology evolution, but they will adapt fast, as the market strongly demands that.
Сo-founder of the Apex Token Fund
Not in the nearest future
It is possible for the financial sector to exist without intermediaries, but this will not happen for many years.
CPO of Blackmoon Crypto
As long as the coin universe searches for utility, and only maintains a relative value, banks exist simply by the fact they are the licensed gateways to traditional currency (USD EUR etc). Without any functional way to purchase consumable goods, crypto-as-currency is just another (albeit cheaper) middleman/payment-rail.
Co-founder and chief marketing officer of Coinfirm
No. Integration is more likely
No. Banks will integrate or adapt. Also as we're seeing, the crypto space is creating its own intermediaries and layers. Although blockchain technology will revolutionize systems and eliminate a lot of middle men, that doesn't mean that a good segment of society wont want its human trust element, or third party trust element, once again this is where banks and financial institutions can step in by providing an intimate or personal side of trust to the ecosystem. Otherwise these coming up crypto hedge funds etc wouldn't be necessary.
Co-Founder and CEO of WePower
No. Blockchain will bring new opportunities
I don't like to think about innovation as destructing force and thus I don't think that banks per se will be killed by the technology. I do believe that just like internet blockchain will open opportunities for new business and operational models to emerge. Those banks that will be able to successful capture this innovation will emerge stronger and better with value add services that have not existed before. Those that would not - just like any business - might struggle to stay relevant in the competitive environment. Innovation all about new opportunities, not destruction.
founder and CEO of Selfllery
Yes, it can
This is the reason that so many finance sharks are so against this technology, because the banks use platforms such as politics and legislation to make a lot of money, but this time they face a giant fiasco.
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