Not sure that I completely understand all of this but thought it worth sharing the concepts. How will the banks' share value be impacted by this service? How long will it take to get most consumers using it? What are the pitfalls or vulnerabilities? Nothing is ever as simple as this article suggests.
Is this close to happening?
http://www.cbc.ca/news/opinion/block...tion-1.3837018
Quotes:
Blockchain is open-source software (free to anyone who wants to code with or improve it) that provides unhackable, authenticated and indelible records of transactions — something that, until recently, only banks could approximate at scale...
This means that banks ("your payment will be processed on the next business day") aren't needed to confirm that money has gone from account A to account B. The security (and delay, and cost) of bank authentication isn't required. Unfortunately, that's also how many banks make much of their profit. Transaction fees, anyone?"