Blockchain and Banking, What’s Next for the Big Banks?

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By Jacob Maslow

Over the course of history, there have been a few events that have shaped or changed global banking. It is fair to say that the financial crisis of 2008 changed banking forever. A decade later, we are still feeling the effects of the banking crash, even today. Credit lines remained closed and/or restricted and it is no longer the case that to get any sort of credit meant making an appointment with your bank manager, dressing up in your finest and literally begging for money.

The internet has played a huge role in forming banking over the last two decades. Accounts and services are available at the touch of a button and there is no longer the need for the traditional high street bank.

The latest development that looks to change banking in the same way the internet has, is in the use of blockchain technology. The cryptocurrency market is massive, despite catching most ordinary folk and even financial institutions unaware. The rapid take up of cryptocurrencies which as seen Bitcoin rise to $20,000 (now $8,000) really masks the true story of banking and cryptocurrencies. Slowly but surely, the big financial institutions are waking up to the possibilities that developments in Banking Software Script are bringing.

Not only do cryptocurrencies like Ethereum, Bitcoin and Ripple have the ability to reduce transaction times and the actual costs of transactions, but the Crypto Exchanger Script used has more functions that are geared towards the end user rather than the middle man. What this means to the everyday user, is that anybody and everybody has the ability to set up their own banking or affiliate systems and profit from the transactions themselves as opposed to the banks profiting from your transactions as is the case now. Using a simple e-wallet which can be accessed from any desk top or mobile device, anybody can perform peer to peer transactions, pay for goods or services and exchange cryptocurrencies for fiat money and vice versa.

Setting up your own bank can be accomplished within half an hour. The need for the traditional banks and financial institutions is dissipating with every day. The big global banks have woken up to this fact, albeit a little late. Goldman Sachs is leading the way on Crypto take up, but every other bank, it seems is catching up. Just about all big global banks are investing into the possibilities that the changing bank script blockchain technology are bringing.

Nobody really knows what is happening with the banking sector and blockchain technology, the crypto juggernaut seems unstoppable right now despite government attempts to limit and regulate. What is known is that the future of banking looks quicker, more cost effective and more accessible to everyone.

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