Ever since cryptocurrency has entered our world, it’s a fact that in no time banking systems will start to fail. We’ll have to say goodbye to the banks for good!
Banking systems run on existing currencies, like the dollar it is the only effective medium of exchange in the real world.
Governments, banks, and institutions created the facilities and structure that is necessary to use this medium of exchange, this is why existing currencies are dependent on the infrastructures built by the financial industry.
Banking Jobs are Gone!
Cryptocurrency has recently put banking jobs under the threat as everything becomes replaceable at some point. The problem with existing infrastructure is that they’re expensive, inconsistent as each system has their own way of handling money. We desperately need a way out!
Blockchain technology is here to stay, and that’s bad news for bankers, my friends! Banks are already looking carefully at the blockchain technology. So, that they can easily incorporate this new technology within their own systems. So, who is really in? Barclays and Credit Suisse are considering the Utility Settlement Coin.
Replacements are in Order
With the blockchain technology becoming popular and entering the financial world, it will make a lot of things easier. The blockchain will easily replace the value of these jobs instantly. Companies will begin to cut down multiple departments in the financial and banking services industry once this innovative technology completely takes over.
It’s because there will be no need to worry about tracking the movement of your funds, failed transactions, professional dealing with disputes and assisting customers with transactions. Blockchain technology has made us stress-free. No more need of risk analysts, wire specialist and even bank clerks..
The physical cash department is not safe either, it will suffer at the hands of the blockchain. Blockchain could be responsible for eliminating professions that manage cash like vault manufacturing, ATMs, armored transportation. Be careful, bankers
The Internet has Done it Again
The internet has changed the world before, and now it has done it again by bringing in the blockchain technology. Millions of jobs disappeared and reappeared in new ways. There are millions of people working in web development, social media management, app design and freelancing all because of the cycle of innovation. The cycle of innovation never ceases!.
Blockchain technology in no time will help restructure our existing economy if banks also adopt the new innovation. The crypto-world is giving the banking industry a really hard time, no?
A Better World. A Better Economy.
New technologies have always helped the world progress and develop better economies. Fair enough to say, once the benefit of new technology is recognized, there is no going back from it. However, some businesses fail to adopt new technology which leads to the failure of their business by more better, faster and active competitors.
So, even though there might be many risks involved. No doubts, it will take time to adopt this new cutting-edge technology. But, turning a blind-eye to this revolutionary technology could really destroy the existing financial industry. There is no choice but to trust the blockchain technology, and it will help change how we trade for the better!