An essential function of the Federal Reserve is to manage the central payment system. The distributed ledger technology is a digital innovation with the potential to transform payments, clearing, and settlement processes. In my brief remarks, I will introduce the Federal Reserve's management of payment systems, emphasize how the distributed ledger technology could reduce operational and financial inefficiencies for payment systems, and highlight some potential challenges to the distributed ledger technology's broad implementation.
Hodrick, Laurie Simon. "Payment Systems and the Distributed Ledger Technology." In The Structural Foundations of Monetary Policy, 131-136. Ed. Michael Bordo, John Cochrane, and Amit Seru. Stanford: Hoover Institution Press, 2018.
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