I posted about NY's Regulated Liability Network (RLN) pilot program, and comment an analysis of how I don't believe there is any blockchain or crypto concepts or features involved...aside from purposeful naming and hand-waving.

https://saidit.net/s/cryptocurrency/comments/a0md/banking_giants_and_new_york_fed_start_12week/

It's just an AWS cloud database, where there is no real verification and all users of the system must be permission-ed. There's no real purpose for saving the transactions into an immutable chain signing each previous, that I can tell, as they are all collected and ordered by a single authoritative system. It skips even decentralized timing benefits of a blockchain, from what I can tell. On the plus side, they may be finally entering the modern era of using public/private key encryption, so there's that...