LabCFTC Chief Innovation Officer and Director Daniel Gorfine encouraged "all levels of leadership" within business and the government to improve technological literacy.
In remarks before the Finovate Fall 2018 conference, Mr. Gorfine suggested that poor technological literacy within business and government leadership is a key emerging risk in our increasingly technology-driven world. Mr. Gorfine argued that, among other things, the speed of FinTech innovation leaves markets and regulators with less time to grasp the implications of new models and products before they are adopted. Mr. Gorfine concurred with CFTC Chair J. Christopher Giancarlo's statement on FinTech, in which he recommended "tak[ing] the time to learn, facilitate the promise, and guard against risks and bad actors."
More specifically, according to Mr. Gorfine, distributed ledger technology (DLT) and blockchain will likely "upgrade our existing computing infrastructure in a range of sectors and applications" through data standardization and platform interoperability. Mr. Gorfine stated that there are major barriers to overcome, and difficult questions that those in business and government must be able to answer regarding regulation, investment costs to upgrade, governance and liability, privacy concerns, and defenses against cyberattacks.
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