The co-founder of Yahoo, Jerry Yang, said hat blockchain is a natural technology for banks and trading activities. He has also talked about how it can succeed and evolve in the future. The comments have been reported by Finews Asia.
During the Nikkei Innovation Asia Forum in Singapore, Yang was part of a discussion titled Rising Tides of Innovation in Asia. There, he talked about blockchain technology and how it is necessary to build trust. According to some reports, he believes that trust must be established not only between individuals and corporations but also between states.
About it, he said:
“Blockchain is a natural technology for banks and trading. If you look at the U.S. institutions and banks, the kind of infrastructure that is being developed has long-term implications. For the technology to succeed, the question is can there be trust built? That can open a huge number of doors.”
Yang has also commented that there are positive and negative things between the rivalry between the United States and China. There needs to be mutual assurance and trust between these countries, something that seems to be deteriorating during the last years.
It might be possible to see applications of blockchain technology in the financial world. There will be several security token offerings (STOs) that will be distributed on the market. Between 2017 and 2018 Initial Coin Offerings (ICOs) expanded in the market and allowed several firms to offer their coins to interested investors.
We have also seen an increasing number of crypto exchanges in the market that are offering trading services to users in different countries.