Jerry Yang, the co-founder of the internet platform Yahoo, said that blockchain technology would have a big impact on the future of the financial world. During the Innovation Asia Forum in Singapore, Yang talked about distributed ledger technology (DLT) and Bitcoin (BTC).
Jerry Yang Bullish on Blockchain and Bitcoin
Both Bitcoin and blockchain technology have been expanding all over the world. Bitcoin has been embraced by several retail investors for processing transactions while blockchain technology is being implemented by several companies.
About blockchain, he said that it is a natural technology for financial institutions such as banks. On the matter, he said:
“Blockchain is a natural technology for banks and trading. If you look at the 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.”
This is not the first time that he is bullish about the crypto space and blockchain. Back in 2017, he said that he is a true believer in the potential of Bitcoin and crypto. At the same time, he was waiting to see Bitcoin emerge as a currency for transactions rather than just a store of value. Nevertheless, he agreed that the market was being affected by a lot of hype at that time.
Indeed, in December 2017, Bitcoin reached $20,000, its higher price ever recorded. At that time, several companies informed that they were going to be working with blockchain technology. A large number of Initial Coin Offerings (ICOs) were working with blockchain tech.
Steve Wozniak is another individual that is a real supporter of blockchain and crypto technologies. The co-founder of Apple said that he believes that Bitcoin has proven that it has value as a form of digital gold. Bitcoin could eventually work in the future as a haven asset during long periods of crisis.
“All the advantages are there because there’s no creator, there’s no owner, there’s no company involved here, there’s no central control,” said Wozniak. “So it caught our attention. And everywhere I go in the world, I run into huge numbers of people that are developing different applications in life, things that we do in life, that will be on the blockchain.”
The technology is currently being used by several companies around the world. Supply chain and health care are two of the most popular industries in which blockchain technology is improving processes and services.