Boston Fed VP: DLT Could ‘Fundamentally Change’ Financial Industry

Jim Cunha, senior vice president of the Federal Reserve Bank of Boston, has said that distributed ledger technology (DLT) could “fundamentally change” many areas of financial services.

In an article on the bank’s website, Cunha spelled out that innovations using the technology might bring advantages in payments and beyond, saying.

“DLT has the potential to fundamentally change many areas of financial services, payments being just one. Change is also very possible in securities (sales and post trade processing), derivatives, trade finance, and supply chain to name a few.”

The Fed has been exploring cryptocurrencies since 2011, and DLT for the past four years, according to Cunha. “We want to understand how [DLT] can impact the payment industry, since our mission is to ensure the efficiency, safety, and accessibility of payments in the U.S.,” Cunha noted…

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