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Jerry Yang (Image: Nikkei Inc.)
While bitcoins and other cryptocurrencies have lost their luster, blockchain technology still has important applications for the banking and financial sector, but trust must first be built, says Yahoo co-founder Jerry Yang.
We find ourselves in a critical juncture since the hype surrounding blockchain and cryptocurrency is falling, and while it remains to be seen whether it survives this post-hype phase, blockchain technology has important applications for the banking and financial sector, he said Jerry Yang in the round table «The rising tides of innovation in Asia» at the Nikkei Innovation Asia Forum in Singapore on Thursday.
"Blockchain is a natural technology for banks and commerce. If you look at the institutions and banks of the United States, the kind of infrastructure you are developing has long-term implications. For technology to succeed, the question is: can trust be built? This can open huge amounts of doors, "said AME's partner Cloud Ventures and co-founder of Yahoo.
Technology like Flashpoint USA-China
At the beginning of the forum in a discussion with David Kirkpatrick, founder of Techonomy Media, Yang shared his views on the conflict between the United States and China, gasping as a conflict in three areas: geopolitical security, trade and ideology, with technology as a point of flammability.
«It continues to be the accelerator, both for the superior good and for greater division. There must be a kind of mutual security and trust, which seems to deteriorate, "said Yang.
The Taiwanese-American businessman Yang co-founded Yahoo in 1994 with David Filo while studying at Stanford University. He left the company in 2012 to start AME Cloud Ventures, which provides initial funding to technology startups.
