The governor of the Federal Reserve also referred to the so-called smart contracts. He stressed that despite being promising, they pose risks.
The Federal Reserve maintains “periodic discussions” with banks that oversees the management of risks associated with artificial intelligenceas more financial institutions use it more for customer service, fraud control and underwriting applications, a reporter said Thursday. senior official of the central bank of the United States.
In prepared statements, the Fed Governor Christopher Wallerwarned that, although AI could bring new efficiencies to banking processes, as well involves new riskssuch as difficulties in detecting problems or biases in large data sets.
Waller also said that the calls smart contracts -or self-executing transactions on the blockchain whose results depend on pre-programmed inputs- could be “very promising” to streamline transaction settlement. However, he indicated that they also pose riskssuch as cyber vulnerabilities and bugs.
Source: Ambito
