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Banking on Blockchain

Postby Happyland » 16 May 2018, 19:43

HSBC is a major player within the financial services industry. HSBC Holding PLC is the 7th largest bank in the world by total assets with $2,374.03 billion. It has just made a big bet on blockchain. The organization announced it made its first trade finance transaction using blockchain. It involved a shipment of soybeans from Argentina to Malaysia from HSBC to Dutch lender ING.

My opinion
If we separate coins from the backbone technology (blockchain) that supports the network the blockchain is here to stay. Coins will move up and down and some will even disappear but blockchain is not just the future it is now. Deals such as HSBC will continue. I think the trend will gain traction because there is value in using blockchain technology. It has a global reach, its cheaper, it is fast, the network is secure, the accounting is accurate. It could be a victim of its own success because when more players get on board it will slow down the network and cause fees too rise.
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Re: Banking on Blockchain

Postby ahmedo24 » 16 May 2018, 21:14

This is nice and wonderful, but I wish to know if transactions can be done regardless the location
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Re: Banking on Blockchain

Postby Happyland » 29 Jun 2018, 01:42

ahmedo24 wrote:This is nice and wonderful, but I wish to know if transactions can be done regardless the location

As far as blockchain, it has a decentralized nature. Transactions can be done peer to peer in any jurisdiction. There are exceptions such as regulations that do no allow a particular kind of activity.
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Re: Banking on Blockchain

Postby skysnap » 29 Jun 2018, 08:05

I think there are lot of changes happening with blockchain not being legalized. Lot of currencies falling. So it'd be interesting to see how that works.
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Re: Banking on Blockchain

Postby riddy09 » 29 Jun 2018, 08:22

So, is blockchain going to be connected to banks? Like, they can control the crypto market or so on? I'm not sure if that will be good idea or that it will be good long term.
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Re: Banking on Blockchain

Postby ahmedo24 » 29 Jun 2018, 19:04

Experts must give this a good thought considering it future effect on the world economy at-large
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Re: Banking on Blockchain

Postby dominique » 29 Jun 2018, 23:57

Well I do not understand much about blockchain, however what I know is blockchain is a technology that records information in blocks. I will have to explore more on this topic.
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Re: Banking on Blockchain

Postby Alexandoy » 30 Jun 2018, 00:33

dominique wrote:Well I do not understand much about blockchain, however what I know is blockchain is a technology that records information in blocks. I will have to explore more on this topic.


Same with me, I don't understand blockchain technology, what it really is and who owns it and how does it earn in order to pay you in Bitcoins.
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Re: Banking on Blockchain

Postby mrki444 » 30 Jun 2018, 07:19

ahmedo24 wrote:This is nice and wonderful, but I wish to know if transactions can be done regardless the location


You can do transactions in standard bank regardless the location.
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