[nickik]

Its a private blockchain, their is a usecase. The its enougth for the banks to trust each other, it might not be to prove to 'the public' but within the private agreements of the banks it counts as trused.

The problem is that you want a revolution and this is evolution.

> However if that token is only controlled by the banks are we not back right where we started?

They never wanted to change it.

For them it might just be about improving the verifiabilty compared to the current system. They need not have broader aims then that and a blockchain between banks can help with that.

See: https://blog.ethereum.org/2015/08/07/on-public-and-private-b...