Blockchain technology has received worldwide support from industry experts resulting in its accelerated adoption in different sectors. One such support recently came in from Yahoo co-founder Jerry Yang who expressed his views on this emerging technology and its impacts on the trade finance in the Asian region.
While addressing at the Nikkei Innovation Asia Forum in Singapore during a panel discussion Yang came out in the support of blockchain stating that it can play a major role in the banking and finance application. However, in the first place, there has to be a foundation of trust and confidence between the participants or users.
This stage is a critical juncture of the massive hype about both digital currency and blockchain. Indeed, they are still volatile and unstable at the moment. But, blockchain technology differs a bit in its uses because of its features, therefore, it has claimed a bit of success in financial institutions. features like immutability, reduced cost, and enhancement of operational efficiency have led to its popularity in the global market.
According to Finews, Yang stated that it is important to see how blockchain and cryptocurrencies perform post-hype phase. He added that blockchain is a natural technology in the domain of banking and trade and can develop long-term implications as well.
Role Of Blockchain In Asian Banking
Most of the Asian countries have received support from the government regarding the adoption of the blockchain. The cross-border trade and remittance have already begun taking place on a blockchain-enabled platform by some of them. In a recent update, the China Banking Association (CBA) has launched a blockchain-based initiative only for trade finance, as mentioned by Pymnts. Even, the South Korean government has also made steps towards the introduction of tax breaks to promote more investment in the domain of blockchain technology. The widespread adoption of this is definitely going to make a huge impact on this emerging ecosystem.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]