Federal Reserve Governor Highlights Technological Revolution in Payments

According to BlockBeats, Federal Reserve Governor and leading candidate for the next Fed Chair, Waller, recently delivered a speech titled "Technological Advancements in Payments" at a blockchain seminar in Wyoming. He emphasized that payment systems are undergoing a "technology-driven revolution," spurred by advancements in computing power, data processing, and distributed networks. Waller explained that three key processes occur in any payment transaction, which also apply to the cryptocurrency realm. He illustrated this by describing a scenario where he purchases a meme coin using a stablecoin as the payment method. The transaction is executed through a smart contract and recorded on a distributed ledger. He reassured that there is nothing to fear about these processes, as they represent new technologies for transferring items and recording transactions within the decentralized finance (DeFi) world. The use of smart contracts, tokenization, or distributed ledgers in everyday transactions should not be intimidating. Waller also noted that the Federal Reserve is conducting technical research on the latest wave of innovations, including tokenization, smart contracts, and artificial intelligence in the payment sector.