imho that has been tried by a project called "Ripple" and it didnt scale so that turned into XRP.
The best or closest system to that today is imho bitcoin lightning and its amazing.
Maybe theres a way to scale the original idea, but it requires imho open supply chain and a massive amount of people keen to try hard to work with this and even then its unclear. if it works we can still switch to it, but bitcoin lightning with open supply chains could get us there