Fed's Kashkari: blockchain has more potential than bitcoin itself

FILE PHOTO: Minneapolis Fed President Neel Kashkari speaks during an interview at Reuters in New York February 17, 2016. REUTERS/Brendan McDermid

WASHINGTON (Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday that blockchain technology has more potential for being adopted in the future than bitcoin itself.

“I think sentiment has shifted in the markets, in the Fed,” Kashkari said in a speech at a technology conference in Minneapolis, Minnesota. “I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself.”

Blockchain, a ledger of transactions maintained by a network of computers, first burst on to the scene as the technology underpinning bitcoin. It has gained traction all over the world for its ability to record and track the movement of assets.

Kashkari, who was the lone dissenter when the Fed raised its benchmark interest rate in March, did not comment on monetary policy during his appearance.