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I've looked into this and I see many banks experimenting but nobody seems to actually use it commercially. Did I miss something?

What do they do in that industry exactly? I never really got the purpose.

Provide a system for inter-bank transfers. Like SWIFT with (theoretically) lower costs and latencies.

Ah, thanks. That's actually a very interesting application for a blockchain, providing settlement services between banks on it.

Exactly, i was looking forward to it.