Federal Reserve Board of Governors member Waller: There is also "no need to worry" about using smart contracts, tokenization, or Distributed Ledger in daily transactions.

BlockBeats news, on August 26, recently, Federal Reserve Board of Governors member and popular candidate for the next Fed chair, Waller, delivered a public speech at a blockchain seminar in Wyoming titled 'Technological Advancements in Payments.' He pointed out that payment systems are undergoing a 'technology-driven revolution,' with the latest advances in computing power, data processing, and distributed networks driving the rise of innovative payment services. Waller stated that three things happen in any payment transaction. The same process applies to the world of crypto assets. I buy a memecoin and use a stablecoin as the payment method. The transaction is carried out through smart contracts. Finally, the transaction is recorded on the distributed ledger. This is not something to be afraid of, as it happens in the world of Decentralized Finance or DeFi — it’s just a new technology for transferring items and recording transactions. There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions. Waller stated that the Fed is also conducting technical research on the latest wave of innovation, including tokenization, smart contracts, and artificial intelligence in the payments field.