Chairman of Alibaba and $150 billion financial startup, Ant Financial, Jack Ma, has recently expressed his opinion about bitcoin, its bedrock technology, and their inherent potentials to achieve a cashless society in future. Even though he appears to be learning about the fundamentals of the emerging sector, he knows enough to recognize the virtues in the ingenious innovation capable of making the society fully cashless.
China is Already Going Cashless
There are indications suggesting that in China, the future is now as the country has already been going cashless with only a small fragment of its large population still using credit cards or cash to purchase. In China, cashless innovations such as Ant Financial’s $60 billion AliPay are the major market players.
Financial service is now brought to the mainstream and even made easier as AliPay customers can now buy coffee with just a click on NFC-enabled smartphones on the new-age Point of Sales (POS) devices. Salary equally gets paid over this app nowadays instead of the conventional wire transfer system subjecting clients to inefficiency.
“I pay special attention to cashless society and blockchain technology. Mine and Alibaba’s job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent. I hate corruption. I don’t have opportunity is ok. But I don’t want somebody through a dirty way take away my opportunity. This is why we want a cashless society.”
New-Age Driven Products
While the vice-president of Ant Financial, Ray Chan, revealed that the new financial products were aimed at the millennials and new generation users, as this age range has shown keen interest to advance towards the cashless state even if it implies dumping the inefficient traditional system.
Ray Chan reportedly stated that “When we consider new products, we create them for this era, one in which young people have become the main driving force of our society.”
The Chinese business mogul laid much pomposity on the fact that he still recognizes crypto or Bitcoin as a store of value as well a currency. However, he is still uncertain as most enthusiast whether Bitcoin brings sufficient value to the society as a currency. Jack ma explained further;
“Bitcoin, the thing I want to know is that what value, what things that bitcoin can bring to the society. But Behind bitcoin, the technology itself, is really very powerful.”
Potentials of Blockchain from Another Angle
In today’s world, most of the biggest financial network around the globe use the centralized database to store information of transfer of fiat currencies as well as digital assets. Jack Ma’s reference to blockchain technology is simply a decentralized computing network like Ethereum which enables businesses to build on the blockchain, more like dApps (decentralized applications) and token listed on the ERC20 token standard.
A blockchain platform is almost impossible without tokenization as a means to incentivize the good players on the platform as well as reprimand the bad ones. This is vital as blockchain innovations itself as it would sell the technology to the mainstream and also make institutions begin to the platform a second thought in order to process information.