[Federal Reserve Governor Waller: Using smart contracts, tokenization, or distributed ledgers in everyday transactions is also 'nothing to fear'] BlockBeats News, August 26 — Recently, Federal Reserve Governor and a leading candidate for the next Fed Chair, Waller, delivered a public speech titled 'Technological Advancements in Payments' at the Wyoming Blockchain Seminar. He pointed out that payment systems are undergoing a 'technology-driven revolution,' with the latest advancements in computing power, data processing, and distributed networks driving the growth of innovative payment services. Waller stated that three things happen in any payment transaction, and the same process applies to the world of cryptocurrency. For example, I purchase a meme coin and use a stablecoin as the payment method. The transaction is executed via a smart contract. Finally, the transaction is recorded on a distributed ledger. This is not frightening because it occurs in the world of decentralized finance, or DeFi — it is simply a new technology for transferring assets and recording transactions. There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions. Waller noted that the Federal Reserve is also conducting technical research on the latest wave of innovation, including tokenization, smart contracts, and artificial intelligence in the payment sector.