Federal Reserve Governor Christopher Willis is optimistic about the potential of tokenization and smart contracts to increase the efficiency of traditional financial transactions. Yet, he also highlighted that these innovative technologies carry risks of their own, particularly in relation to cyber security.
During his speech on “Innovation and the Future of Finance” at the Cryptocurrency and the Future of Global Finance event on April 20, Governor Willis highlighted the benefits of smart contracts in improving efficiency in the financial sector.
According to Willis, firms have been experimenting with blockchain technology and smart contracts to carry out foreign-exchange trades with the aim of enhancing efficiency.
He stated:
“In fact, private sector institutions are testing use cases to better understand the benefits and risks of this technology. Firms have executed foreign-exchange trades using blockchain technology with smart contracts in an attempt to improve efficiencies.
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