Jerry Yang, the co-founder of Yahoo believes in the transformative potential of blockchain technology and cryptocurrencies but does not think they will survive for too long unless there’s a strong foundation of trust for them to stand on.
He made his opinions known while he was a part of discussion panel last Thursday, at the Nikkei Innovation Asia Forum, organized in Singapore. Yang’s comments emphasized on his strong faith in the ability of blockchain to diversify into more and more use cases and completely disrupt the world of technology as we know it today.
In particular, he felt that blockchain’s role in banking and finance all around the world stands to be a major trump card, only if it is trusted widely and implemented adequately.
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His view is that this emerging technology holds so much of promise that it would hugely benefit all banks and trading systems all around the globe to harness its massive potential to facilitate a smoother flow of transactions, as well as to infuse efficiency and transparency into administration.
However, coming back to his key point of trust being a prerequisite, he said:
“For applications to get implemented successfully, trust must first be built.”
He lauded the virtues of having a strong foundation based on trust saying:
“With trust, huge opportunities for the mass adoptions of blockchain will be realized.”
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It goes without saying that blockchain technology has a significant number of use cases it can boast of, ranging from fields as diverse as governance and charity. The fact that a distributed ledger allows a number of parties to simultaneously access a database, all the while preventing unauthorised changes, makes this technology such a winner. If we add the fact that blockchain is designed to be decentralized, it definitely helps blockchain’s case by a huge deal.
In a world that is just trying to transition from previously known forms of technology, blockchain might take a while to garner full fledged support from the masses. Having said that, we are sure blockchain is looking at an extremely bright future ahead: one where its use cases diversify even further than they have today.