Yahoo Co-Founder Jerry Yang Says Blockchain Has “Important Applications for Banking and Finance”

Co-founder of Yahoo Jerry Yang described Bitcoin and blockchain in bullish terms at the Nikkei Innovation Asia Forum, and also offered his thoughts on what blockchain requires to expand to the masses.

Reported by Finews Asia, Yang says that the cryptocurrency space has lost its novelty, and the industry must build trust in order to proceed with its potential to revolutionize economies.

We are at a critical juncture as the hype surrounding blockchain and cryptocurrencies is falling away, and while it remains to be seen if it survives this post-hype phase, blockchain technology has important applications to banking and finance.

The remarks on blockchain were made during a panel discussion titled “Rising Tides of Innovation in Asia.”

The statement hearkens back to that made on CNBC, where Yang said,

Personally, I am a believer in how digital currency can play a role in our society, especially in not only the front end of doing transactions but also the back end of creating a much more efficient system and much more verifiable system. `But for now, it seems like it’s more driven by the hype of investing and getting a return rather than using it as a transaction currency.

Yang also spoke of ongoing trade conflicts between the US and China, which he doesn’t believe are going to be resolved easily,

It continues to be the accelerator, both for the greater good, and for greater division. There needs to be some sort of mutual assurance and trust, which seems to be deteriorating.

More People Getting On Board with DLTs

Yang is part of a growing list of established tech and business entrepreneurs and founders who have rallied behind Bitcoin and DLTs’ capabilities.

Last year, JPMorgan Chase’s CEO Jamie Dimon did a 180 on his view on Bitcoin, now saying that he regrets calling Bitcoin a fraud. Steve Wozniak, Edward Snowden, Chamath Palihapitiya, Richard Branson, Al Gore, and several others have also praised Bitcoin and cryptocurrencies for various reasons.