Speaking in Hong-Kong on Monday, Alibaba co-founder Jack Ma claimed that blockchain technology could “change our world more than people imagine.”
Attending the launch of Gcash, a blockchain-based remittance service which will see Ant Financial and Globe Telecom of the Philippines partner with Standard Chartered bank, Ma spoke to reporters about the potential of blockchain technology.
Blockchain could change our world
“Blockchain technology could change our world more than people imagine,” Ma said. “Bitcoin, however, could be a bubble.”
Ma’s comments on bitcoin mirror what he said last month at the World Intelligence Congress in Tianjin, China.
The Alibaba co-founder’s opinions of Bitcoin are one of many diverse views currently held by the worlds elite financial players.
Peter Thiel, who has USD 15 million invested in bitcoin, said he was “long bitcoin, neutral to skeptical on everything else,” while business magnate Warren Buffett referred to bitcoin as “probably rat poison squared,” while saying “We’ll never have a position in them.”
While Ma isn’t onboard with bitcoin, he is a fan of blockchain technology, and what it could help accomplish in the future.
“I’m quite bullish about blockchain”
Ant’s controlling shareholder commented that blockchain “must be used to solve data privacy, security and sustainability issues,” and that cryptocurrencies had turned the technology into “tools and concepts for making money.”
“Personally, I’m quite bullish about blockchain,” said Ma when asked about the distributed ledger technology behind bitcoin in Tianjin, China. “Alibaba has been conducting research on blockchain for several years.”
The SCMP recently reported that Alibaba had made the most blockchain applications in the world, with 43 last year in comparison to Bank of America who made 33.
Gcash, the blockchain-based remittance service that Ma’s Ant Financial is a part of, will facilitate money transfers between the Philippines and Hong Kong, where users will be able to avoid paying the hefty fees that banks usually charge for such a service.
“Traditional financial institutions serve 20% people and make 80% of profits. New financial institutions should service 80%, and make 20% of profit,” said the Alibaba co-founder.
Facilitating real-time transfers using a digital wallet service, Gcash claims to be the first of its kind and puts blockchain technology to the type of use that Jack Ma hopes will be the future.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.