Categories: Bitcoin Business

Yahoo Co-founder Says Blockchain is a Natural Technology for Banks

Click here to view original web page at www.cryptovibes.com
Simon / Pixabay.com / Wikipedia

In 2018, the cryptocurrency markets experienced a bloodbath that left many investors in this industry gasping for economic breathe. However, while bitcoin and all the other cryptos lost their lustre, the underlying blockchain technology seems to have continued its growth and invasion of many other already thriving industries.

The Hype is Fading Away

According to Jerry Yang, the Yahoo co-founder, blockchain still has many important applications to the global finance and banking sectors. However, he explained that for the applications to get implemented successfully, trust must first be built. Jerry acknowledges that the world has reached a critical moment as all the hype surrounding cryptocurrencies and blockchain is slowly fading away.

Although it is not yet clear whether this new technology will survive the post-hype phase, blockchain has proven to have the potential for many important applications to the banking and finance industry on a global scale.

Jerry was speaking in a panel discussion at the Nikkei Innovation Asia Forum organized by the Rising Tides of Innovation in Asia hosted in Singapore on Thursday.

Jerry added that blockchain is an excellent technology that should be added to the banks and trading systems on a worldwide scale. For example, in the case of US institutions and banks, the types of infrastructure that are continuously being developed has long-term implications and impacts.

For all these technologies to succeed, trust must be built and strengthened. With trust, huge opportunities for the mass adoptions of blockchain will be realized.

The US-China Flashpoint

During the forum, Yang said that the U.S.-China conflict is spread out in trade, geopolitical security, and ideology areas with the flashpoint being technology. Technology continues to be the catalyst and accelerator both for the greater division and greater good. However, for balance to be attained, the deteriorating mutual trust and assurance must be amended.

Blockchain is the latest technology that is elucidating mixed feelings among government, institutions, and individuals. The banking and financial worlds are set to benefit from the transparency, efficiency, and cheap services considerably if the issue of trust arising from the new technology is solved amicably among all stakeholders.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

5 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

5 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

5 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

5 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

5 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More