Jerry Yang, Yahoo's co-founder talked about blockchain and cryptocurrency in a discussion panel at Nikkei Innovation Asia Forum held in Singapore last Thursday.
Yang expressed his belief in blockchain, saying that it still has a huge chance to impact the finance and banking sectors in a global scale.
He personally thinks that all banks and trading systems in the world should harness the nascent technology’s potential and be benefited from its capability to provide transparency and efficiency.
However, he also acknowledges that blockchain and cryptocurrency will fade away sooner or later if trust to the technology is not built and strengthened.
“For applications to get implemented successfully, trust must first be built,” Yang said.
Moreover, he added, “With trust, huge opportunities for the mass adoptions of blockchain will be realized.”
Today, many countries in the world are turning to blockchain for the solution of many issues that involve efficiency and transparency. The most recent update coming from Spain that just announced its utilization of blockchain technology to produce and distribute renewable energy, something that has been done in the US just a bit earlier.