> What you can do away is with the whole mining thing You could have a "proof of stake" algorithm to power this proposed private blockchain, with the four orig

> What you can do away is with the whole mining thing You could have a "proof of stake" algorithm to power this proposed private blockchain, with the four originating banks (for example) given 25% "mining" power. The stakes could be readjusted when new banks come in, or existing ones leave. What makes Bitcoin and other currencies expensive to run is that they run on "proof of work" algorithms, which are far more energy intensive, requiring huge amounts of electricity and specialised hardware. With proof of stake, you just need to show that you own a certain stake in the overall network, which is not energy expensive and quite feasible on a private blockchain.