The legacy systems are at higher risks from hacking.
We have seen that hackers/ impersonators can even attack Swift (as seen by Bangladesh Central Bank losing money).
Topic: [2016-10-08] Federal Reserve governor says blockchain is revolutionary (Read 295 times)
October 09, 2016, 10:13:07 AM
October 08, 2016, 05:21:11 AM
(Reuters) — The technology behind the controversial bitcoin electronic currency could lead to sweeping improvements in how financial transactions are carried out worldwide, Federal Reserve Governor Lael Brainard said on Friday.
But only if it can be safeguarded from hackers and terrorists, and not grind to a halt in a crisis.
Those assurances may still be years away, Brainard said, though the Fed is closely tracking the evolution of so-called blockchain systems, and sees it as “the most significant development in many years” in how financial assets trade hands.
“We recognize the potential of distributed ledger technology, or blockchain, to transform the way financial market participants transfer, store, and maintain ownership,” Brainard said at the Institute of International Finance annual meeting. At the same time, “we want to maintain public confidence.”
http://venturebeat.com/2016/10/08/federal-reserve-governor-says-blockchain-is-revolutionary-but-still-has-to-prove-itself/
But only if it can be safeguarded from hackers and terrorists, and not grind to a halt in a crisis.
Those assurances may still be years away, Brainard said, though the Fed is closely tracking the evolution of so-called blockchain systems, and sees it as “the most significant development in many years” in how financial assets trade hands.
“We recognize the potential of distributed ledger technology, or blockchain, to transform the way financial market participants transfer, store, and maintain ownership,” Brainard said at the Institute of International Finance annual meeting. At the same time, “we want to maintain public confidence.”
http://venturebeat.com/2016/10/08/federal-reserve-governor-says-blockchain-is-revolutionary-but-still-has-to-prove-itself/
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