The parts that make up the cryptocurrency ecosystem are not all equal, United States Federal Reserve Board governor Christopher Waller told a conference audience on Feb. 10. He considered crypto assets, blockchain technology and trading technology, such as smart contracts and tokenization, separately.

Waller focused on the broader applications of crypto technology. Research on applications of distributed ledger technology to “a wide range of data management problems” is underway. Smart contracts can be applied to non-crypto assets, and tokenization, combined with data vaults, can protect privacy without promoting money laundering. Further, Waller said:

“While these technological developments are still in their infancy, they have potential applications beyond the crypto ecosystem that could lead to substantial productivity enhancements in other industries.”