Jerry Yang, co-founder of Yahoo, spoke about blockchain and cryptocurrency in a panel discussion at the Nikkei Innovation Asia Forum held in Singapore last Thursday.
Yang expressed his belief in the blockchain, stating that it still has a huge opportunity to affect the financial and banking sectors on a global scale.
He personally thinks that all banks and commercial systems of the world should exploit the potential of nascent technology and take advantage of its ability to provide transparency and efficiency.
However, it also recognizes that blockchain and cryptocurrency will fade sooner or later if trust in technology is not built and strengthened.
"In order for applications to be implemented successfully, trust must first be built," Yang said.
Moreover, he added, "With confidence, enormous opportunities will be realized for mass-adoption of blockchain".
Today many countries in the world are turning to the blockchain for the solution of many issues that imply efficiency and transparency. The latest update of Spain which has just announced the use of blockchain technology to produce and distribute renewable energy, something that has been done in the United States a little bit earlier.
To find out more: Spain becomes a blockchain for renewable energy
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