Yahoo co-founder Jerry Yang: Banks and trading have found a natural technology in blockchain

Speaking at a panel discussion in Singapore, Jerry Yang, the co-founder of Yahoo, threw his support behind blockchain technology and said that it is a natural technology for banks and trading.

The co-founder of Yahoo was attending the Nikkei Innovation Trading Forum when he put forth his views on technology in the context of the US financial industry and its competitive rivalry with China’s emerging technological sphere. He said:

“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.”

Yang, who is also an investor in technology startups through his firm AME Cloud Ventures, further expressed his strong belief about the utility of cryptocurrencies and blockchain technology and implored banks and trading systems across the world to harness the applications emerging out of the nascent field.

However, Yang also advised caution when he said that trust is key to the mass adoption of the blockchain and that the technology will fade if trust in it isn’t built or strengthened soon.

Jerry Yang’s comments are welcome at a time when much of the early hype associated with cryptocurrencies is yet to be realized. His statement will only lend credence and support to countries such as Spain that have been adopting blockchain for wider purposes in the public sphere.

Blockchain technologies have the potential to reshape everything from finance to banking and investing in such technology and its applications could have a revolutionary effect on the world.