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Feb 28, 2017 is not, and is explained in depth in Richard Gendal Brown's white paper on the subject. In this announcement of Corda, R3 make it clear that they have developed it because blockchain technology is not the right technology for a banking system. A blockchain-inspired development was required for banks, 

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Jul 4, 2016 Standard Chartered Bank puts up a nice 2:40 minutes video to explain how blockchain works.