Speaking at a round table in Singapore, Yahoo's co-founder Jerry Yang launched his support for blockchain technology and said it is a natural technology for banks and businesses.
Yahoo co-founder was attending the Nikkei Innovation Trading Forum when he presented his views on technology in the context of the US financial industry and its competitive rivalry with China's emerging technology sphere. He said:
"Blockchain is a natural technology for banks and commerce: If you look at the institutions and banks of the United States, the type of infrastructure you are developing has long-term implications." For technology to succeed, the question is whether it can be built confidence? This can open huge amounts of doors ".
Yang, who is also an investor in technology startups through his company AME Cloud Ventures, further expressed his strong belief about the usefulness of cryptocurrencies and blockchain technology and implored banks and trading systems around the world to exploit emerging applications from the nascent field.
However, Yang also advised caution when he stated that trust is the key to mass adoption of the blockchain and that technology will fade if trust is not built or strengthened soon.
Jerry Yang's comments are welcome at a time when much of the initial clamor associated with cryptocurrencies has not yet been realized. His statement will lend credibility and support to countries like Spain that have adopted blockchain for broader purposes in the public sphere.
Blockchain technologies have the potential to remodel everything from finance to banking and investing in such technology and its applications could have a revolutionary effect on the world.
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