People are always excited to see such events, like how excited they are to watch a match between two known fighters, an emerging and dangerous challenger and an equally dangerous veteran champion. People are always owed to this kind of matches. They want to see who will emerge as the winner. What interest them is, if the challenger, have what it takes to eliminate the veteran. People love this kind of pairing.
In the financial market, there is also a kind of match that will come in no time. Not now, but, people are thinking of it as inevitable. It will happen sooner and what excites the majority is to see, how the veteran will react against the rookie. I am referring to the blockchain technology as the rookie and the banks as the veterans.
How will the impact affect the people in general?
For the blockchain technology, they are there as young technology, compared to the traditional bank system. It has nothing to lose, they grow from scratch, and it has nothing to protect. It is the people who are pushing them in this direction.
However, on the bank side, People in the banking system are now busy finding ways to be able to accept the impact that will be caused by the blockchain technology. They have no choice, but to absorb it. Whether they will like it or not, it will reshape their future. They cannot evade it; it will come and stay.
How do people in the financial industry react to the emergence of blockchain technology
People in the investment and financial sector referred to this as a disrupting technology. It is disrupting in the sense that it creates chaos in their midst. It is about to make a big change in how they operate. They are now making a lot of adjustments and testing, to make sure that their present system is adaptable to this new technology. It partially disrupted their operation.
Banks principle of total centralization of all records and transactions will become a thing of the past, because, that is impossible to happen in a blockchain environment. Banks are also afraid that every dollar that goes out from to the crypto world may not make its way back to them anymore.
Who will win the battle?
Well, maybe blockchain will be unstoppable, and for the experts, it is the favorite. For a bank to harbor, not a total defeat, they must be able to dance with the blockchain rhythm. They must adapt and allow the new technology to reshape their system. That is the only way they will continue to stay. Later on, they will also harvest the same benefits that the new technology has to offer.
Moreover, the real winners are the ordinary people. Because, we are now up to a redefined banking system, which embraces blockchain technology. We rip all the benefits, lower costs and fast transactions. We always welcome new technology, as they are not to disrupt us, but, to ad value to our lives.
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