Tonight my fellow @blockbrothers and I went to an event organised by my bank about blockchain.
There was an event hosted by my bank about the impact that blockchain will have in the future.
It was a very positive experience.
But maybe not for them :)
I was slightly surprised because they admitted they have a problem.
Under current circumstances and the disruption blockchain is causing they know they will have a hard time surviving in the future if they themselves don't innovate.
(I feel the same way but I was surprised they admitted it. For example: I would happily accept crypto as payment and I know when enough people feel this way no bank is needed for transfers, just like a postal service is no longer needed for sending letters for instance (because of email)).
This is a far cry from the rhetoric we have been hearing about how awful this tech is.
They started the presentation with explaining what blockchain is and how it can be applied in daily life.
They talked about smart contracts, the internet of things and money transfers.
They even admitted that blockchain will reduce the amount of 'trusted 3rd parties' in the future. (like a bank).
They also gave 10 examples of projects that currently are being developed. (like Arcade City, Guts, Mediachain) where this tech could be applied.
So far so good.
But as you might know, I wanted to go there because I was mainly interested in how this bank will see it's own roll in this new era.
I got my answer.
They are pointing their arrows at private blockchains (controlled by businesses) and helping them to set it up. They are invested in several projects.
(A private blockchain differs from a public blockchain, like steem, because (simply said) it's controlled by a company and you can't see all the transactions as an individual).
But they only have one that semi-works and they are in a pilot phase. It's called: https://www.we-trade.com/.
Just look at that tagline! Together, we trade! O yeah!
I asked a question if they use an existing blockchain technology or if they are building their own blockchain.
Sadly, they didn't know the answer.
They couldn't even say what it is about this project that will change things (I'm not lying, they did not know).
And that was it.
In the end, what I got from this event, is that we don't have to fear that this bank will disrupt or take over this space in any way.
They better innovate more or they are doomed.
Blockchain is moving too fast.
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Yes they have a lot to lose so they will wait till it is too late to act.
Keep on steemin'
I have been waiting for this story for a month now. I think I like that particular bank because instead of lying and creating FUD like most others, they accept the truth and are ready to adapt with the winds. This should send a message to everyone
How interesting @exyle. This was the most telling bit for me:
"I asked a question if they use an existing blockchain technology or if they are building their own blockchain.
Sadly, they didn't know the answer.
They couldn't even say what it is about this project that will change things "
Makes me think . . . they will need consultants that can answer these questions. But then I don't suppose there are many at the moment that know enough and are willing to go to the dark side. 😂
I was thinking the same although I have no evidence. But I guess the most innovative blockchain builders don't like banks much.
My point exactly @exyle! 😁
I would vote @exyle as a crypto consultant just like the way I have voted for @blockbrothers for witness here on steemit.
I don't imagine he'd be interested in working for a bank though @wesakab. 😊
OK. If you say so :)
Hahaha, lol. I worked with a bank for a while. When I started, I was shocked about the state of technology behind the scenes. They and banks in general definitely have to shape up, a lot, very probably more than they can handle.
Very interesting @exyle especially a bank being so positive about this but as you said they know this will definitely lead to problems, i think the banks still have good time to sort themselves out and yea if they dont it wont be good for them lol thanks for sharing what you experienced at this meeting.
This sound like they still have no idea what they should do. Starting with smal banks and ending with gigant, it’s the same. They are at the stage, where they are “hoping everything is gonna be fine” At the end I don’t think banks will disappear. Instead, they will have to adapt.
MasterCard has filed 25 cryptocurrency technology patents, making it the most active crypto patent filer in the world.
At least in one way it is good to know they are taking it seriously. THings like private blockchains will fail but they will have to learn that the hard way. Its innovate fast or die!
How many bank employees will be out of work? Their combined salaries and savings from the expense of the bank buildings will be societies gain.
Oh, yes, a pleasant meeting for you, my friend, where you in the company of friends and like-minded people can discuss all the problems and innovations of the current moment! I agree with you the Blockchain is moving quickly and so we all need to discuss new projects that would keep pace with the times! Thank you Mark.