Why Blockchain will hurt Swiss Banks the most by emma001

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blockchain · @emma001 · Apr 18 '18 (edited)

$9.31

Why Blockchain will hurt Swiss Banks the most

***
![image](https://img.esteem.ws/09tao3ziui.jpg)
[Image Credit](https://goo.gl/images/3tM1Ht)
***

### Introduction
***

The disruptive force of the blockchain puts every industry at risk, the financial industry and their services are not left behind especially banks. What seem to be in most danger in the banking sector is the Swiss banks.

Swiss Banks are banks based in Switzerland. They are famous worldwide for secrecy involving financial transactions, this is however mandated by Swiss law.

***

### Why Swiss bank will be hurt the most

The Swiss Banks relies on cross border transaction and solely on the commissions and fees involved.

The Swiss Banks originates half of it's revenue from cross border transaction through commissions and fees. The blockchain tech could potentially put an end to this, as transaction for cross border transactions could be cheaper and faster.

According to Credit rating giant, Moody report on Monday, it says that;

> ### "While making cross-border transactions faster and less expensive would be credit positive for banks, these efficiencies could also compress their fees and commissions, a credit negative.”

***
![moodys-1.jpg](https://steemitimages.com/DQmZmwusC29geMMwqPGWTXWvsHJ2dNhWRw7JPfScHx7iXJH/moodys-1.jpg)
[Image Credit](https://goo.gl/images/Xa6A8D)
***

Switzerland happen to be the country with the highest and largest shares of commission and fees.

***
![0283cc13f065b770617cd6db7eb0e5a4.jpg](https://steemitimages.com/DQmUcagUKhRPUDqCsfH64GV3KYsvTyfq1oEUmV6dSFA8iw6/0283cc13f065b770617cd6db7eb0e5a4.jpg)
##### [Image Credit](https://cointelegraph.com/storage/uploads/view/0283cc13f065b770617cd6db7eb0e5a4.jpg)

***

Switzerland also ranks 3rd among countries that process the most cross border transaction related to gdp. It comes closely behind the Uk and Belgium.

***
![FEATURED-IMAGE-TEMPLATE-UBS.jpg](https://steemitimages.com/DQmcP664XmuKyczkzxrgyxKCMYGtVwezypvRNpCpWbz5DN6/FEATURED-IMAGE-TEMPLATE-UBS.jpg)
[Image Credit](https://goo.gl/images/4FuuJp)
***

The blockchain tech eliminates the need for an intermediary, thus creating a secure and permanent record of transaction between users/parties involved. Bitcoin happens to be the first application of the blockchain.

See also: [Things about blockchain you felt too embarrassed to ask](https://steemit.com/blockchain/@emma001/things-about-blockchain-you-felt-too-embarrassed-to-ask)

***

### Advantage turned Disadvantage

The Switzerland ecosystem supports cryptocurrency , blockchain, and Initial Coin Offerings. The country now is known for it's love of digital currencies/cryptocurrency, it even has a place/region called "Crypto Valley" because of the number of digital currency businesses situated there. It is therefore, the friendliest and has a lot cryptocurrency enthusiasts.

> ### The use of Blockchain by banks will lower their revenues». By contrast, there are the benefits from lower costs and risks in the transaction businesses,» says Colin Ellis, Managing Director at Moody's.

This could mean banks threatening their own existence and posing a considerable threat to the future of the Swiss financial center because the blockchain is known for cutting time and financial transaction costs.

***

### Conclusion

The underlying potential of the blockchain seems to be a threat to some industies because of what it brings to table- Lower transaction cost and shorter time.

The new kid on the block-chain, seems to potentially cause more harm than good to Swiss Bank.

***
![DQmNgThTxf2RfTtp91wQkxJRwLkW4118ehgaMTuU9KwRx6W.gif](https://steemitimages.com/DQmNgThTxf2RfTtp91wQkxJRwLkW4118ehgaMTuU9KwRx6W/DQmNgThTxf2RfTtp91wQkxJRwLkW4118ehgaMTuU9KwRx6W.gif)
![U5dsYvJ8k2JbeXuM4LmBgK94NnsdwMU_1680x8400.png](https://steemitimages.com/DQmVNeVN2TQFMHi7mN6MLq94UndudZ84nufuBes57K9HUpM/U5dsYvJ8k2JbeXuM4LmBgK94NnsdwMU_1680x8400.png)

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@gaman · Apr 18 '18

Resteemed your article.  This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch

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@gutzygwin · Apr 18 '18

$0.23

#### I love your analogy on the blockchain and the treath it poses to some industries. Big thanks from **insta-ßus** .

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You're welcome to participate in our initiative in promoting quality content creators on the platform to get upvotes and improve on content creating. 
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@emma001 · Apr 18 '18

Glad you do. Thanks

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@reachout · Apr 19 '18

Congratulations!,@emma001 Your post has been upvoted by Reach Out, which is proudly sponsored by @eturnerx. Our goal is to support Nigerian minnows on...

Congratulations!,@emma001 Your post has been upvoted by Reach Out, which is proudly sponsored by @eturnerx. Our goal is to support Nigerian minnows on Steemit. Join our discord group https://discord.gg/NWAkKfn<br/>
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@scarletmedia · Apr 18 '18

> Switzerland happen to be the country with the highest and largest shares of commission and fees.

Something I didn't know before. Thanks for sharing
*Beautifully written post!*

👍 emma001

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