The president of the Federal Reserve Bank of Philadelphia weighed in on the possibilities of blockchain tech in a new speech this week.
Entitled Fintech: Revolution or Evolution? and presented to engineering students at the University of Pennsylvania, the talk found Philly Fed President and CEO Patrick Harker lauding the technology for its “tremendous potential”.
Further, Harker suggested he believes blockchain could become a way banks and institutions more effectively manage risk in the future.
He told the audience:
“From my perspective, however, its real value is in authentication, not on distributing a virtual currency. And the implications of having a distributed ledger that offers virtually failsafe data storage are huge on the risk management side for any business.”
Still, it was clear from the remarks that Harker believes blockchain will ultimately become an enabling platform for existing incumbents.