It's a checkings account for cryptocurrency with spending conditions of the type "4 out of 6 members agree and the weekly spending limit is not exceeded."

Since blockchains are open source and programmable, that also means it's a checkings account that you can script in any way you want.

It's superior in that it doesn't require a bank. It's also an extremely transparent system, since blockchain transactions are visible to and auditable by everyone, and it has some strong security properties because of decentralization.