Very simply, blockchain provides an immutable record of financial transactions.
So it’s easy to dismiss this misleading, uninformed question, “Will banks be replaced by blockchain technology?”
Blockchain fills a digital void that extends way beyond BitCoin.
It’s easily to see blockchain being used by financial institutions to meet and exceed banking and regulatory requirements. In fact, there are more use cases than I have room to write about.
While most new technology is over-hyped as the next silver-bullet, within a narrowly defined space, blockchain is the new foundation for financial record-keeping!
Fortunately, there are a number of organizations that are working on standards, i.e., ISO/TC 307, Blockchain and distributed ledger technologies. Without these standards, the promise of blockchain will not be realized.
So before we create nonsensical statements about technological promise, we need to more fully understand the limits of those technologies and then be responsible enough to disseminate information that is concise and correct.