[scripturial]

I am not sure where the disconnect is. Having a database that can provide a permanent unalterable record of all transactions, even when running over a distributed network, seems reasonably important to me.

Are you saying it’s just as good to do this in the application layer? I respect that’s a possible option. Not sure I agree it’s a good option.

[lxgr]

That's exactly what I'm getting at. You'll want one layer in charge of ensuring consistency and authentication of incoming write requests.

This can be, but definitely doesn't have to be, a typical relational database in conjunction with a core banking system.