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.
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.
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.
Trust needs to be built in this industry for adoption
Jerry believes that in order 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.
During the event, Jerry 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.
The 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.
A little bit more on Jerry Yang
Yang founded Yahoo! in 1994, served as CEO from 2007 to 2009. He left Yahoo! in 2012. He founded a venture capital firm called AME Cloud Ventures and, as of 2015, serves on several corporate boards. According to Rob Solomon, a venture capitalist at Accel Partners, Yang was “a great founder, evangelist, strategist and mentor”, having “created the blueprint for what is possible on the Internet”