“sovereign banking systems will eventually replace their existing check clearing and electronic transfer process with blockchain technology.”
hardly ... the bitcoin blockchain can process only about 6-7 transactions a second, delays of all transactions are at least 10 minutes, they are NOT reversible, and the totality of this minuscule number of transactions annually uses the same amount of electricity as the country of Belgium every year.
bitcoin and the like are unsuitable as currencies or stores of value and blockchain itself is suitable for nothing .... the blockchain “technology” is now 14 years old and no one has yet to find any use for it whatsoever except as a vehicle for conning the rubes out of real money ...
the invention of actual currency, the Shekel, 5,000 years ago in Mesopotamia solved the limitations of peer-to-peer bartering, resulting in one-to-many-transactions and many-to-one transactions that revolutionized commerce ... nothing has been found better since then ... certainly not blockchain ...
The XRP Ledger can handle 1,500 transactions per second, costs $0.0002 per transaction on average, and uses consensus mechanisms instead of proof of work so there’s little energy use. Banks are already starting to test and onboard it as a bridge currency.
So the statement “sovereign banking systems will eventually replace their existing check clearing and electronic transfer process with blockchain technology” is factually correct.