KB Kookmin Bank, South Korea's largest lender by assets, plans to run dollar cross-border payments for import and export firms across ten countries on JPMorgan's Kinexys network, still settling through SWIFT underneath. So the ledger is JPMorgan's, the rails are the old ones, and the bank is the trusted party same as before. A blockchain used this way removes no one. It just gives the correspondent banking system a faster clerk.