Contrary to what most people might believe, the Federal Reserve is quite optimistic about the future of blockchain technology. However it remains to be seen how they will try to take advantage of this new technology, and whether or not they will develop a permissioned version.
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When it comes to blockchain technology, financial players have always been on the fence on whether or not they should embrace the solution. There is a lot of potential associated with using blockchain technology; that much is certain. But at the same time, there are also several challenges related to these prospects, and the Federal Reserve wants to take its time to explore all of the options.
Similar to most other financial institutions in the world of blockchain technology the Federal Reserve is quite optimistic about the concept itself. In fact, the organization is collaborating with colleagues and stakeholders on any issues they might be facing in the world of distributed ledgers. Allowing innovation is incredibly important to the blockchain ecosystem, but consumer risk needs to be kept to a bare minimum.
This news is quite positive for all companies and startups active in the blockchain industry right now. Although many digital currency enthusiasts feel Bitcoin and distributed ledgers can overthrow the existing financial system quite easily, exploring collaborative opportunities might be a more sensible approach right now.
For all of the hardship financial institutions have given Bitcoin over the past few years, it looks as if most of them have come to the realization that change is coming. It would be in the best interest of all involved parties to get along with the program at an early stage, as missing out on this innovation could be deadly.
The Federal Reserve is keeping an open mind to the FinTech revolution in general, although that doesn’t necessarily mean they will embrace any of these new solutions in the coming years. That being said, they are willing to collaborate with any and all players active in the blockchain world, which is an important first step in the right direction.
Source: Business Insider
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