Crypto markets may be down, and people may start second thinking digital tokens as a whole given the slow paced 2018 as compared to 2017. However, blockchain technology which is the backbone of cryptocurrencies has been held in high regard.
Yahoo’s co-founder, Jerry Yang, outlined that Blockchain technology will have a huge role to play on the future of finance.
He spoke at the Innovation Asia Forum in Singapore stating-
“Blockchain is a natural technology for banks and trading. If you look at US 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 huge amounts of doors.”
The main focus of the speech was the improvement Blockchain has on banking and trading. As seen so far, the second-ranked Cryptocurrency Ripple has become a competitor to SWIFT in terms of proving an important element for cross border payments. Ripple’s efficiency, quick transactions, and cheap fees are proving to be helpful for financial institutions.
Yang has been an active supporter of Cryptocurrencies especially in creating a more efficient financial system.
Internet revolutionary pioneers, such as Steve Wozniak, Apple co-founder joins Yang in being a firm believer in Blockchain technology and Cryptocurrencies. Hence this proves that Blockchain technology is an essential technology for the world, given the experiences these pioneers hold.
Yahoo was a huge contributor to open source projects called Hadoop which is similar to Blockchain technology’s decentralized and open culture.
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