David Mills is Deputy Associate Director at the Board of Governors of the Federal Reserve System in Washington, DC. He has responsibilities for the Board’s payments research and retail payments. He leads a research team that is looking at distributed ledger technologies and other digital innovations could play in the area of payments, clearing and settlement. He received his Ph.D. in Economics from the Pennsylvania State University and has a B.A. in Economics and Classical Languages from Duquesne University in Pittsburgh, Pennsylvania.
This paper examines how DLT can be used in the area of PCS, and identifies both the opportunities and challenges associated with its long-term implementation and adoption.