Although crypto assets, like Bitcoin, have tumbled dramatically, the blockchain technology gravy train has continued to steamroll cynics, all while notable technologists have hopped on board.
Billionaire Jerry Yang Lauds Blockchain
Rumor has it that Jerry Yang yelled Yahoo when he first encountered blockchain tech.
The Yahoo co-founder, worth an approximated $2.5 billion in fiat, recently took to the stage of Singapore’s Nikkei Innovation Asia Forum event. In a panel discussion, which discussed Asia’s tech/innovation trends, blockchain became a topic of discussion. Yang quickly chimed in.
Per an article from Finews Asia, Yang, who founded AME Cloud Ventures, claimed that blockchain technologies and related advancements are “natural” for banks and global trading systems to eventually adopt. Yet, he was skeptical about if trust can be achieved between Wall Street’s household names and blockchain-based platforms, services, and products.
But, if trust can truly be established, the Yahoo co-founder made it clear that “huge doors” will open for blockchain’s fervent innovators.
HSBC Has Already Validated “Decentralized Ledger” Tech
Yang doesn’t seem to be speaking out his (excuse my french) ass, interestingly enough. As reported by Live Coin Watch previously, HSBC, a banking behemoth headquartered in London, revealed via a press release that it had settled over $250 billion worth of value through a “decentralized ledger.” The London-headquartered bank noted that it had surmounted the aforementioned milestone by the way of three million forex transactions, coupled with an additional 150,000 processes made on its “FX Everywhere” platform.
HSBC added that it had been using this platform, it has been able to uphold singularity, transparency, and immutability, all while optimizing its balance sheet — purportedly creating “significant efficiencies and opportunities.”
It was added that HSBC’s platform “transforms” its intra-company processes, as it automates “several manual procedures,” while also reducing HSBC’s reliance on external payment ecosystems, which are costly and inefficient all too often.
All this corroborates Yang’s comments.
But, Although HSBC’s FX Everywhere blockchain-esque platform has undoubtedly posted stellar results, aiding the company in ironing out inefficiencies, some optimists there’s still a place for more decentralized centralized solutions.
Stellar’s & Ripple’s Role In Global Finance
More specifically, many believe that Ripple Labs’ innovations, the XRP Ledger, and Stellar can make a dent on traditional finance. In an inflammatory comment, Brad Garlinghouse, the chief executive of Ripple, explained that blockchains are a “massive step-function forward” compared to SWIFT, a global transaction facilitator that has tentacles stretching to 200 countries.
And as such, Garlinghouse even stated that eventually, his firm’s processes may surpass those backed by SWIFT.
In an interview with Yahoo Finance, Jed McCaleb, the founder of Ripple (formerly OpenCoin), the Stellar Development Foundation, and Mt. Gox, explained that he expects for his innovations to gain traction in the real world. McCaleb, deemed one of the crypto sector’s most influential/powerful insiders, explained that Stellar is “really good at cross-border payments and tokenizing value of any type.” The SDF co-founder, who evidently has a vested interest in Lumens (XLM), added that Stellar is an optimal choice for a “universal payment network.”