understanding technology and the landscape at its most basic level, many innovations involve a technological component and are situated in a landscape of different parties who may play a role in the use of the technology. take for example, distributed ledger technology ( dlt ), including blockchain, which is the backbone of some innovations that are being explored in the financial system. dlt highlights the challenges presented to regulators in understanding innovation. there are many variations in the application of dlt - with ongoing research and development creating more variability over time - which ultimately may complicate understanding how the technology can be used and how different functionality can be incorporated into dlt solutions for different use cases. dlt provides a way for parties to record transfers of digital assets without the need for any centralized authority and relies on multiple participants who coordinate to maintain a synchronized version of the " ledger. " dlt combines a number of different design elements - like distributed data storage, cryptography, and consensus mechanisms - that support the transfer process, information visibility, and transaction recordkeeping. these design elements can be combined in a number of different ways, and different parties may play a role in its ultimate use. understanding technology is an important first step, but regulators also need to be confident in the players who operate in a particular innovative space. banks of all sizes have a long history of innovation. and the many nonbank providers in this space, including core service providers, often hold the " keys " to innovation when they facilitate the add - on of new technology to core systems. there are also fintechs that may focus on even more transformational uses of technology, in ways that can affect all aspects of 3 / 8 bis - central bankers'speeches banking. many of the parties involved in financial innovation describe themselves as financial system " disruptors. " this may be an apt word to describe some of their ambitions, but it is certainly one that proves the need for a deliberate and cautious approach to regulation. the broad range of participants involved in this space presents another layer of complication. it is especially important for regulators to be able to distill the reality from the prototype hype to achieve a comprehensive understanding necessary to inform a policy viewpoint and ultimately an effective regulatory framework. understanding the use case apart from understanding the technology, and who may use it, regulators also need to clearly understand the use case - what existing problem does this technology solve? what are the costs and benefits, and are there tradeoffs policymakers would need to consider if

effort. even the good book has given us this charge saying, " whatever you do, work at it with all your heart, as working for the lord, not for human masters, since you know that you will receive an inheritance from the lord as a reward ". so, always remember that success is not just about achieving your goals, but also about the effort you put in to achieve them. to stay true to this value, it's essential to set clear goals and a plan to achieve them. find ways to motivate yourself, whether it's through rewards, accountability, or positive self - talk. remember that setbacks and failures are opportunities to learn and grow, so don't give up when things get tough. keep pushing yourself and giving your best effort. but how can we stay motivated and committed to hard work when life gets challenging? one way is to stay focused on our why. why do we want to achieve our goals, and how will they contribute to our personal growth and the betterment of our community? by keeping our purpose in mind, we can overcome obstacles and stay motivated even when things get tough. showing integrity another value that we should strive to uphold is the importance of integrity. as former us supreme court justice sandra day o'connor once said, " integrity is the lifeblood of democracy. " to stay true to this value, it's essential to be honest with yourself and others. be transparent in your actions and decisions, and don't compromise your values for personal gain. treat others with respect, even when you disagree with them, and be willing to admit your mistakes and take responsibility for your actions. integrity is not just about doing the right thing when people are watching, but it's also about doing the right thing when no one is watching. this can be challenging, especially when there are temptations to cut corners or take shortcuts. but by staying committed to our values and principles, we can build trust and respect with others and live a life of integrity. as the bible says, " the integrity of the upright guides them, but the unfaithful are destroyed by their duplicity. " practising compassion compassion is another value that this school has instilled in us. as mother teresa said, " not all of us can do great things, but we can do small things with great love. " compassion means showing kindness and empathy to those around us, especially to those who are less fortunate.