Banking is all about ledgers and everybody is rolling their own. That's why there are big clearing houses that allow funds to be transferred between entities. I

Banking is all about ledgers and everybody is rolling their own. That's why there are big clearing houses that allow funds to be transferred between entities. It's a form of minimal protocol, but it's still incredibly inefficient and redundant. Most of this stuff is outsourced and few people in management have an idea on the incurred cost as everyone is rolling their own wheel design. The thing blockchains promise to traditional banks is to agree on a common ledger protocol (one common wheel type, preferably round). This would allow to cut out some middle man and save cost in the transactions, maybe even make them faster. Not that established banks really want this, but they have to keep the fintechs in bay, so it's a topic.