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Jack Ma Thinks Blockchain Will Be Useless Without Solving Societal Issues

Jack Ma, the CEO and Founder of giant Chinese electronic commerce platform, Alibaba has shared his opinion about blockchain technology and other new generational innovations.
The CEO stated that these technologies need to prove that they can solve practical problems in the society, thereby evolving society in a “greener and more inclusive” direction. He shared his point of view as a part of his keynote delivered at the World Artificial Intelligence Conference in China on September 17.

Jack Ma’s Point of View

Though Jack Ma has major focus was on the challenges and common erroneous and misleading perception surrounding the advent of the artificial intelligence (AI) in particular. He didn’t go without reserving space for blockchain and internet of things (IoT) as the technological safe haven in the new “data age” stating that;

“The data age is major opportunity for manufacturers to reform the industry. But blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction.”

It was also reported by Forbes that the CEO, Jack Ma is planning to retire soon with a staggering net worth of $36.9 and topping the list of wealthiest men in Asia as at press time. The household name mobile payment application Alipay which has garnered an overwhelming popularity, Alipay which is operated by Alibaba affiliate Ant Financial has currently amassed over 450 million users.
Apparently, blockchain is not a subject alien to the entrepreneur as Jack has been involved in related discussions overtime most especially, his rebuttal of the claim that blockchain technology is merely a “bubble” which is bound to burst came at the right times and served as a voice for the technology.
In his rebuttal, he stated that he had researched blockchain for years and he is not only a believer but an advocate as well in the underlying potentials of the technology especially in the aspect of data privacy and data security for the society at all levels.

Alibaba Group and Blockchain Technology

According to a recent statistics published in earlier in September, it was reported that Alibaba had settled at the top globally on the ranking for the number of blockchain patents filed to date; amazingly, the e-commerce giant has filed nothing less than 90 blockchain patents staying above IBM.
A flashback to 2016 summer, Ant Financial reportedly launched blockchain technology targeted at improving transparency as well as accountability in the charity industry of China. This project was speculated to be the commencement of the influx and penetration of the company by blockchain experts in the following year.
Also, Ant Financial was featured in several reports which states that the affiliate arm of the Alibaba group is working on the feasibility of conducting a “risk prevention” program which is aimed at education users and potential user alike about the dangers of “propaganda” built on falsehood.
However, Alibaba has been maintaining an anti-cryptocurrency which is a brainchild of blockchain technology, according to analytic reviews, it was stated this position of the company must have been a compliant measure to the Beijing’s effort to clamp down on virtual currencies. This position of the company was further experienced when Alipay announced that it would commence blocking of accounts that transact bitcoin (BTC) over the counter (OTC) trade using its platform.
Aside e-commerce which the conglomerate is known for, the company has also carved a niche for itself in the blockchain technology sector as its contributions to the development, growth and expansion of the blockchain technology cannot be overemphasized, the stand of the company can be described as pro-blockchain and anti-cryptocurrency.

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