Jack Ma, founder of Alibaba – the Chinese e-commerce giant, said blockchain is not a bubble, bitcoin is. When it comes to blockchain, he asked people to think of the role of blockchain in creating values for the society, government, enterprises and consumers in the era of big data.
Blockchain is not a money-maker, it’s a value-creator
Conservative and cautious with bitcoin, this magnate has few words on it, but spared the time for blockchain. He said people with superficial understanding of blockchain think it is a huge gold mine. We should seek solutions for data and privacy security from blockchain, in a bid to create values for the society. While for the moment, many see it as a money-maker, it’s screwed. Blockchain could provide a lot for governments, enterprises and average people, which shall be its true value.
Jack said he has had his eye on blockchain for years. He realized its importance when he heard it could offer solutions for issues of privacy and security, for security is the top priority of Alibaba with a considerable trading volume reaching trillions. Since then, Alibaba has undertaken the research on blockchain, and it has been the enterprise holding the world’s most blockchain patents.
Alibaba has leveraged blockchain technology in several scenarios with public welfare, e-commerce and finance included. Early in October 2016, Ali Cloud has launched the world’s first blockchain-based email evidence repository, which allows users to synchronized and store critical data of critical emails to third parties, even judicial department. Months later in March 2017, Alibaba joined hands with PwC to explore blockchain in fight against food fraud and increase the traceability of food products.
Attitudes towards bitcoin
It is not the first time Jack Ma talks about bitcoin, while for the first time he says bitcoin is a bubble.
Last November, Jack said he has little interest in bitcoin, and wondered what bitcoin could bring to the society. But he admitted the underlying technology of bitcoin is powerful. Back then, the company along with Ant Financial is promoting a cashless society, which echoes with the vision of bitcoin’s digital cash.
A month later in December when bitcoin’s mooning, Jack said “I know very little about it, and I’m totally confused, and even if it works, the whole international rules and laws on trade on finance is going to completely change. I don’t think we are ready for that… we have a team on blockchain technology. We’ve spent a lot of efforts on blockchain technology at Alibaba, but bitcoin, I say not for me.”
Bitcoin is a bubble?
Whenever bitcoin hits the peak or in the dumps, potshots on bitcoin are never absent. Jack Ma is not the only heavyweight figure claiming bitcoin bubble in these days. Prior to it, Warren Buffet said bitcoin was “probably rat poison squared”; Charlie Munger was even more blunt calling it “noxious” and “immoral”, and Bill Gates said he would short bitcoin if he could.
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