The Federal Reserve’s new report suggests that it will use distributed book technology

nnnThe Fed issued a new report this week, saying it would use new technology and advanced tools to improve the US payment system to help banks fundamentally improve efficiency. It is noteworthy that the report emphasizes the need to consider the use of distributed book technology and digital currency to achieve this goal, but will first carry out a large number of research work, clear the cost of this new technology and function before the specific planning and deployment Then
nnTranslated by: Inan
nThe Fed said on Tuesday it would consider the use of distributed book technology (DLT) and digital currency for financial transactions in the long-established telegraphic business.n
nThe Fed’s report shows that it is looking for a safe, fast and efficient system – it can be more easily used with different banks and financial institutions that conduct domestic and international business with the government, hoping to help banks improve their infrastructure through the 21st century effectiveness.n
nThe report focuses on what tools can be used to update the US payment system, twice referring to distributed book technology, saying the government will review the technology for use.n
nThe report says:n
nn”The Fed will consider other improvements to existing services and will continue to view, research and seek the views of stakeholders to understand the impact of new payment technologies and models (including distributed book technology and digital money) to create a safe and efficient Of the US payment system. “n
nnThis is not the first time the Fed has talked about distributed book technology or digital money. In December 2016, the Federal Reserve issued a document explaining the potential applications of the block chain system for banks and consumers.n
nAlthough this report last year listed the potential benefits of distributed book technology, it also recognized its potential problems, including its recent inventions and possible security issues.n
nThe report states that the current laws and regulations do not give a clear definition of ownership of digital tokens that represent tangible or purely digital assets.n
nBefore approving distributed book technology or other upgraded payment systems, the Fed wants to understand how much of these systems will cost and their role. This work requires analysis of the security, cost, efficiency and feasibility of the options discussed in the report. The report does not list the exact timetable for the next phase of the work.n
nThe report just released recently concluded:n
nn”We have to do a lot of work to use and implement this secure, universal real-time retail payment approach to the development of a safe, efficient and flexible US payment system.”n

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