Boston Federal Reserve Bank: The blockchain application financial services sector, regulators may need to set up "supervisory nodes"

In a paper by the Federal Reserve Bank of Boston, if blockchain technology becomes an important part of the financial services sector, regulators may have to start setting up “supervisory nodes” on the network to properly Monitor the industry to prevent future economic crises, and the business functions of these nodes may exceed the current regulatory body's mandate. Although the Fed has not experimented with regulatory nodes to closely monitor what is happening on the blockchain network, it has begun discussions in a new white paper. Jim Cunha, senior vice president of the Federal Reserve Bank of Boston, pointed out that we need to observe the risks of the system (blockchain technology) to the system or individual banks in order to change the basic structure of key asset flows. These risks are related to technical issues, market weaknesses, liquidity issues, and so on. Odaily Planet Daily Note: The Federal Reserve Bank of Boston is one of the 12 Federal Reserve Banks of the Federal Reserve.