# Professor David Yermack's research on the blockchain is referenced

1 Faculty News May 11, 2016 ![The Economic Times logo](/sites/default/files/styles/246w/public/assets/images/con_032922.jpg?itok=VCGfauqd)>

Excerpt from [The Economic Times](http://economictimes.indiatimes.com/news/international/business/bitcoin-is-not-the-answer-to-central-bank-worries/articleshow/52215383.cms?prtpage=1) -- "It can be nice to imagine the much-derided banking industry unmoored from our daily needs, left to scramble for business like other non-essential industries. Of course, our transaction histories would be much more visible to governments than they are today . This imaginary world of effectively socialized money is being seriously discussed by researchers and central bankers alike. In a new paper, Max Raskin and [David Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack) of New York University talk about it as a distinct possibility, albeit a radical one that 'carries significant risks for the rest of the financial system.'"

[Read more](http://economictimes.indiatimes.com/news/international/business/bitcoin-is-not-the-answer-to-central-bank-worries/articleshow/52215383.cms?prtpage=1)

Additional coverage appeared on [Yahoo Finance](http://finance.yahoo.com/news/bitcoin-resolve-central-bank-woes-184432617.html).