But will it be a public ledger, can be mined publicly?
I just don't see how it is possible to create a private network and "mine" it.
Makes no sense.
Ripple is different though, as far as I understood. Ethereum has mining, and therefor is public?
Need to read up more on these things later tonight.
No, it wont be public nor will it be mined by the public.
It will save them money and time to confirm money transfers from bank A to bank B.
They will still charge you the same and it will probably take as long for you to "transfer" the money because it makes them more money.
Have to agree, there will most definitely be benefits and cost savings for the banks should they start doing their transactions on a blockchain type technology but I seriously doubt whether the clients will ever see those benefits and or cost savings trickle down to them.