Alibaba’s Jack Ma is Retiring But Says Blockchain’s Meaningfulness to Stem from Greener Future

Alibaba Founder, Jack Ma, Says Blockchain Will Only Be Meaningful When Used to Create A Better Future

The founder and executive chairman of Alibaba Group, China’s e-commerce giant, Jack Ma says that advanced technologies like blockchain must prove that they can assist in evolving the society to a more inclusive and greener direction. The business magnate who is also a philanthropist made these remarks during a keynote speech that he made at the global artificial intelligence meeting in China, as reported by local outlets.

Jack Ma’s speech placed more emphasis on the common misperceptions and challenges that surround the creation of AI. He was also careful to reserve a special place for IoT and blockchain as the technological turning points in the current data age. He argued that this data age that the world is currently entering represented a significant chance for many manufacturers to transform the industry altogether.

“But IoT and blockchain will be worthless technology unless they help to drive the evolution of the entire society, including the manufacturing industry towards a more inclusive, greener direction,” Ma said.

The Chinese billionaire and business magnate, Jack Ma, has a 36-billion-dollar net worth. His company created the intensely widely used mobile payment application, Alipay, which currently has close to 500 million users.

Blockchain’s Potential

The issue of blockchain is not a new matter for Jack Ma, as he also addressed the topic this year by refuting claims that some believed that blockchain was just a bubble. He emphasized that he had been keen on blockchain and had extensively researched it for many years. Ma strongly considers that blockchain has a huge potential of addressing challenges of security and data privacy for society across all levels.

In the summer of 2016, the Alibaba affiliate company, Ant Financial, launched blockchain solutions for improving its accountability and effectiveness in its interaction with China’s charity industry. The company went on to recruit numerous blockchain experts in the next year.

Alibaba and Blockchain Usage

According to the latest industry data published in late August of this year, Alibaba was the first company globally on a list that had ranked companies by the figure of blockchain-associated patents that have been filed up to now. This Chinese e-commerce giant has filed over 90 patents related to blockchain technology, far outpacing tech companies like IBM.

Nevertheless, Alibaba has adhered strictly with Beijing’s efforts of clamping down on unregulated, decentralized cryptocurrencies. Its Alipay mobile payment application recently announced that it would quickly block the account of any user who used its network for transacting in the OTC trade of Bitcoin (BTC). Also, it is reported that Ant Financial was considering conducting risk prevention programs targeted at educating people about cryptocurrency-related propaganda and its dangers.

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