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Blockchain advantages (part 1): Finance and Banking. by miti

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blockchain · @miti · (edited)
$98.37
Blockchain advantages (part 1): Finance and Banking.
<center>![skyline-1925943_1280.jpg](https://cdn.steemitimages.com/DQmPgZY7u1CF7TQbq8g3RezvpHPYg45atXKvwgjJwdXFohK/skyline-1925943_1280.jpg)</center>
*<H6>[CC0 Creative commons - Pixabay](https://pixabay.com/it/skyline-grattacielo-grattacieli-1925943/)</H6>*


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<div class="text-justify">


Hello everybody,
reading my previous  articles you’ll have guessed that I’m a blockchain  technology and cryptocurrencies supporter… I would call myself a Blockchain/Crypto enthusiast.

***Today I would like to launch an article series whose main theme is How Blockchain can benefit you in your daily life;*** I still don’t know how many parts this series will be made of, but I’ll try to explain even to less experienced users what are the actual advantages that this technology offer. 

 In this first part I'll talk about its most simple application that is ***Finance and Banking.*** 


![Separator.jpg](https://steemitimages.com/DQmbxNXDguaPgJRkVxc3qw4YznE5P1nRQdFKXf1SqhG3R42/separator.jpg)

<center>![businessman-3213659_1280.jpg](https://cdn.steemitimages.com/DQmecErDf4VDwVR1VN1oxsCD7xr9KreL7WDHxATWd8fVKkx/businessman-3213659_1280.jpg)</center>
*<H6>[CC0 Creative commons - Pixabay](https://pixabay.com/it/uomo-d-affari-tablet-controllo-3213659/)</H6>*

---

***World banks seemed to have been interested in blockchain*** since their very first appearance on the market and the reasons why could be quite obvious. 
***If we think about what is the main role of banks in Financial Systems,*** that is to manage Fiat currency deposits and their transfer, then it goes without saying that using blockchain to speed up and guarantee the security of these operations seems the most effective choice to make. 

*Blockchain is the safest and best anti-sabotage register that banks and financial services could use.*
***Easy and fast transactions and a better back-office management*** could also mean that banks and all financial institutions could save huge administrative expenses.

Saving that might even reach 20 million American Dollars per year. That is an incredible amount compared to the easy-to-use management of Blockchain and its countless advantages.

The question now is:  banks have implemented this technology? The answer is yes obviously. 
***Swiss UBS and British Barclays*** are already testing this procedure, verifying directly the benefits I was talking about before and that seems to be enough reason to go on testing.

But they are not the only ones. Surveys from around two years ago among more than 200 banks and financial institutions showed very positive results: ***at least 65% of banks and 15% of financial institutions mean to develop their own Blockchain business within the next 3 years.***
 
---

Someone may wonder why it is taking that long to abandon old banking and financial systems in favor of the blockchain technology.

The reasons that lie behind this are simple enough and can be ***summarized in two points:***

- Regulation problems
- Scarce development of this technology

Many countries are trying to regulate the mess created after the blockchain birth but with unsubstantial results. There’s still no common regulation even if things are moving in that direction, because before regulating the brunch it is necessary for blockchain to be recognized as technology in first place.
Anyway ***it is positive that the regulation process has started because it represents an important boost for blockchain consecration in the financial empire.***

**The second crucial point for blockchain use is tech related.**
 There is not a common procedure and this technology is still developing, so banks and financial institutions are discouraged by adopting this technology especially considering the gigantic cash flow involved and perceiving the whole system as untrustworthy.






![Separator.jpg](https://steemitimages.com/DQmbxNXDguaPgJRkVxc3qw4YznE5P1nRQdFKXf1SqhG3R42/separator.jpg)

<center>![up-2081170_1280.jpg](https://cdn.steemitimages.com/DQmdyMPBKJoW2LtfHUNQ3ZBBBVGVZXFUkyqg2PEEXEhQ8TY/up-2081170_1280.jpg)</center>
*<H6>[CC0 Creative commons - Pixabay](https://pixabay.com/it/su-crescita-successo-arrow-grafico-2081170/)</H6>*

---

***Banks and Financial Institutions are actually interested in using this technology*** even if with they are playing for time to solve the above mentioned problems.

Up to now I’m only speaking about *blockchain* leaving aside *cryptocurrencies* because banks have a slightly different and cautious approach toward them.
Blockchain technology may be for banks a good opportunity in terms of savings and cost-effectiveness, ***cryptocurrencies, on the other side, are considered as a treat to particular privileges that banks want to safeguard.***

One step at a time I’m sure that blockchain will become more popular and even part of our everyday life so that people will stop considering it as something obscure.

This first part about blockchain benefits ends here.
Please if you feel like doing it, let me know what you think about this article leaving a comment.


Cheers, Carlo

---


Source: [blockchain4innovation.it](https://www.blockchain4innovation.it/iot/blockchain-benefici-concreti-le-applicazioni-piu-promettenti-27-settori/)


You may find the italian version of this article at [I vantaggi offerti dalle blockchain (parte 1): Banche e Finanza](https://steemit.com/blockchain/@miti/i-vantaggi-offerti-dalle-blockchain-parte-1-banche-e-finanza)


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***English translation by @elicoz***




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@acidyo ·
$0.03
You seem to be having a difficult time understanding me. Removed from the whitelist.
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@miti · 
Last time you told me that ocdb was only for english language posts. I used it only for english language post. I hope you could reconsider your decision because I'm trying to follow your rules.
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@arcange · 
Congratulations @miti!
Your post was mentioned in the [Steem Hit Parade](https://steemit.com/hit-parade/@arcange/daily-hit-parade-20190301) in the following category:

* Pending payout - Ranked 9 with $ 94,36
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@bride777 · 
I read your article very well. Your writing helped me a lot.
👎  
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@miti · 
Please don't copy past your comment to several posts. That might be considered spam.
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@darksage · 
I very much hope that soon all over the world will recognize that without a revolutionary technology, the blockchain and cryptocurrency world community will reach a dead end. These technologies can change the world for the better.
👍  
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@gentmartin · 
Flagged for possible plagiarism and bid bot abuse and for @steemflagrewards to take a closer look

Posted using [Partiko Android](https://steemit.com/@partiko-android)
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@miti · 
That's a big accusation to be making. Otherwise, if this post is considered plagiarism steemit should shut the doors.
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@gentmartin · 
If SFR decide its OK then I will apologise and remove my tiny flag. I would like them to check it out, thats all :-)

Posted using [Partiko Android](https://steemit.com/@partiko-android)
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@steemflagrewards · (edited)
Steem Flag Rewards mention comment has been approved for flagger beneficiary post rewards! Thank you for reporting this abuse, @gentmartin.

* bid bot abuse
You bought votes to increase the rewards of your post above the value of its content.

~~* plagiarism
You are posting content that is not yours by copying it without sourcing or manipulating it to pass plagiarism tools.~~

This post was submitted via our Discord Community channel. Check us out on the following link!
[SFR Discord](https://discord.gg/7pqKmg5)


Edit: Erroneous category removed. The other category, albeit contentious, will remain while the matter is being reviewed / discussed by the SFR team. Thank you!
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@freebornangel ·
$0.08
Follow on flag for bid bot abuse
@steemflagrewards
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@freebornsociety ·
$0.03
Follow on flag for bid bot abuse
@steemflagrewards
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@jaguar.force · (edited)
May I ask where in the source you cite (https://www.blockchain4innovation.it/iot/blockchain-benefici-concreti-le-applicazioni-piu-promettenti-27-settori/) says that: 
>"Recent surveys among more than 200 banks and financial institutions showed very positive results: at least 55% of banks and 15% of financial institutions mean to develop their own Blockchain business within the next 3 years."

?
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@miti · 
Hello, no problem. It's an information provided to me from a bank manager who is a dear friend mine.
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@jaguar.force · (edited)
Are you sure its not another article in the same site the source you cited is?
And what do you mean by "recent"?
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@miti ·
$0.05
Flagged since all the accusations made against me have proved to be unfounded as steted by SFR:

[![prova.jpg](https://cdn.steemitimages.com/DQmSxUoyRoFamFpkT2Ywky73VUgG426JJSG8caPdSASqr9R/prova.jpg)](https://cdn.steemitimages.com/DQmSxUoyRoFamFpkT2Ywky73VUgG426JJSG8caPdSASqr9R/prova.jpg)

Also Trybe staff decided that all the accusations made against me have proved to be unfounded and had banned you from their discord channel.
👍  
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vote details (1)
@freebornangel · 
It's fairly simple to see that you think hiring bullies to take your rewards is perfectly acceptable.
When you use bots to pay to win, are you winning, or just an ass?

I can see by your flags that you ain't a total ass, so we got that going for us.

Proof of brain doesn't come back until the bots have no customers.
Please stop using them to take rewards for you.
Let the crowd decide.
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@jaguar.force · (edited)
Hi again Carlo, we have been reviewing your posts and have a few questions for you if you wouldnt mind answering them.
We notice that you present this supposedly original and unique articles and that at the end of them you insert "Source:xxxxx.com" which links to a page.

So 1) are you by any chance citing the whole site  blockchain4innovation.it as your source or the page linked to?

2)If you are citing the whole site, that has hundreds if not thousands of articles, please know this is not acceptable, its as if I were to cite, say, the entire NewYorkTimes site or why not Google.com? Si capisci?

3)Now, if what you are citing as source is the particular page, the proper way to do it is inserting this text : "[Source/Fonte] (linktothepage)"
so that its clear that you are citing that page as the source and not the entire site.

4)If you are citing that particular page as source, then there is another problem, is this page the source of your whole article and you are just copypasting the content? Are you merely rephrasing the source? or is it the source only a part of it? If so, what part(s)?

As you might surmise, for example in this case, curators dont speak italian generally, so by going to the page they would be unable to see if the whole article or a part and what part was taken, so what you need to do is specify what parts you took from the source, you know as when in a university paper you quote something? with "" marks or the  > markdown, in this way you would make clear what you took from the source, and what is your original content.

Things as they stand your method of sourcing is extremely ambiguous and doesnt allow the viewers and curators readily know what is your original content and what is copypaste from the source or rephrased from the source.

Thank you for your attention.
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vote details (16)
@miti · 
I don't have a problem to answer you. If you click the link of the source this will get you to a particular page. The article in that page is only the source of inspiration of my article, which is made of personal considerations, neither copypaste nor rephrased content.
Regards.
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@jaguar.force · (edited)
Perfect, now that you went ahead and lied to us, Im gonna screenshoot your response before you edit it, here it is:
![yt555rt5.png](https://cdn.steemitimages.com/DQmaMx7ypLc351uJjzk3k2Jk5eZfirA9vMe4TC6jg6kajfk/yt555rt5.png)

The part of the page you cite as source that talks about Banking and Finance is this:
![6545j.png](https://cdn.steemitimages.com/DQmUPGQMvRrS16Z2Gpbe9wSfyZDJDMXuZYQTZVhDjfhDHN7/6545j.png)
[Source](
https://www.blockchain4innovation.it/iot/blockchain-benefici-concreti-le-applicazioni-piu-promettenti-27-settori/#Banking_e_finance)

And here it is translated to English:
![hyy66.png](https://cdn.steemitimages.com/DQmUcH69fLaVSiCzmiEp16AZfDM25diTtfirNSP4b7KKh6X/hyy66.png)
[Source](
https://www.blockchain4innovation.it/iot/blockchain-benefici-concreti-le-applicazioni-piu-promettenti-27-settori/#Banking_e_finance)

From it you rephrased various parts into:
- *"the main role of banks in Financial Systems, that is to manage Fiat currency deposits and their transfer"*

- *"Easy and fast transactions and a better back-office management could also mean that banks and all financial institutions could save huge administrative expenses.
Saving that might even reach 20 million American Dollars per year."*

- *"Swiss UBS and British Barclays are already testing this procedure, verifying directly the benefits I was talking about before and that seems to be enough reason to go on testing."*

**So far so good, since you are citing the source and rephrasing it in your own words.**

**Now, lets go deeper into the rabbit hole.**

There are 3 links to other articles in that part of the page you cited as your source,
in the first one of them we find this, that has been translated to English:

![juy76.png](https://cdn.steemitimages.com/DQmSE87LshNbJgRUycZyKgcp2uesLg4MZvQV8xXfhvMmNRe/juy76.png)
[Source](https://www.blockchain4innovation.it/mercati/banche-e-finanza/blockchain-nel-finance-65-delle-banche-produzione-entro-3-anni/)
![765tgr.png](https://cdn.steemitimages.com/DQmVP3Lpz3cHi15x9xXBUycEy3a39mqEi49VNTx5p1Lq4Qd/765tgr.png)
[Source](https://www.blockchain4innovation.it/mercati/banche-e-finanza/blockchain-nel-finance-65-delle-banche-produzione-entro-3-anni/)

Which is from where you rephrased it initially to:

- **"Recent surveys among more than 200 banks and financial institutions showed very positive results: at least 55% of banks and 15% of financial institutions mean to develop their own Blockchain business within the next 3 years."**

and then when corrected yesterday to:

- **"Surveys from around two years ago among more than 200 banks and financial institutions showed very positive results: at least 65% of banks and 15% of financial institutions mean to develop their own Blockchain business within the next 3 years."**

We must note tangentially that the "54% of banks and 14% of financial institutions" which you turned into 55% and 15% for some reason, is a number given by the study for solutions to be implemented in 2017, **not in the next 3 years** as the screencap clearly shows.

In that same [link](https://www.blockchain4innovation.it/mercati/banche-e-finanza/blockchain-nel-finance-65-delle-banche-produzione-entro-3-anni/) we can find this too:

![fffr4.png](https://cdn.steemitimages.com/DQmXpCjv3LCJVTpbhS8UoR4zhQwp3wDwtvxLVBUYNCfHZQy/fffr4.png)
[Source](https://www.blockchain4innovation.it/mercati/banche-e-finanza/blockchain-nel-finance-65-delle-banche-produzione-entro-3-anni/)

Which is what you rephrased into:
**"Someone may wonder why it is taking that long to abandon old banking and financial systems in favor of the blockchain technology. The reasons that lie behind this are simple enough and can be summarized in two points:
Regulation problems
Scarce development of this technology"**

Additionally, in the [third](https://www.blockchain4innovation.it/mercati/banche-e-finanza/la-disruption-nei-settori-banking-e-finance-tutta-opera-delle-blockchain/) of the 3 links mentioned above, the same data about the study of the 200 banks by IBM is mentioned.

But as you replied yesterday to us:
![765rrff.png](https://cdn.steemitimages.com/DQmdyhYnN8o7MdaZExkSZhDMaREPJrmxyX13hcPLB8NcBux/765rrff.png)

We are sure you received the information from a friend of yours.....

Have a wonderful day!
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vote details (16)
@miti ·
$0.04
Flagged since all the accusations made against me have proved to be unfounded as steted by SFR:

[![prova.jpg](https://cdn.steemitimages.com/DQmSxUoyRoFamFpkT2Ywky73VUgG426JJSG8caPdSASqr9R/prova.jpg)](https://cdn.steemitimages.com/DQmSxUoyRoFamFpkT2Ywky73VUgG426JJSG8caPdSASqr9R/prova.jpg)

Also Trybe staff decided that all the accusations made against me have proved to be unfounded and had banned you from their discord channel.
👍  
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vote details (1)
@neohope97 · 
keep writing all the parts 👍
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@ocdb ·
re-miti-blockchain-advantages-part-1-finance-and-banking-20190301t230628287z
You got a 58.98% upvote from @ocdb courtesy of @miti! :)


@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 40 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our [Discord channel for more information.](https://discord.gg/k2Hu77b)


If you like what @ocd does, consider voting for [ocd-witness through SteemConnect](steemconnect.com/sign/account-witness-vote?witness=ocd-witness&approve=1) or on the [Steemit Witnesses page.](https://steemit.com/~witnesses) :)
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@rezoanulvibes · 
Finance and banking system can be benefited from using blockchain technology in various ways such as speed, reducing cost, security and so on. If banks and financial institutions want to survive in the future, they have to accept this technology sooner or later. 

Thank you so much @miti for sharing this. Looking forward to reading your next post.
👍  
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vote details (1)
@miti · 
That's exactly what I think. They comply with the new technology or they might quietly disappear from the financial landscape. Thanks for your comment.
properties (22)
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@steemcleaners ·
$1.11
[Source](https://steemit.com/blockchain/@miti/i-vantaggi-offerti-dalle-blockchain-parte-1-banche-e-finanza)
Copying and pasting previous posts could be seen as spam when:

- Frequently reposting the same content without additional information or changes
- Reposting content within the same payout window

If you believe this comment is in error, please contact us in [#disputes on Discord](https://discord.gg/YR2Wy5A)
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properties (23)
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vote details (11)
@tts · 
To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/miti__blockchain-advantages-part-1-finance-and-banking.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.
properties (22)
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