Jack Ma, founder of the Chinese giant Alibaba, said that blockchain technology is not a bubble, but bitcoin is. He commented that during the 2nd World Intelligence Conference that is taking place in Tianjin, on Wednesday, May 16.
Blockchain Is Not a Bubble
Blockchain has the potential to change and improve several industries, including health care, shipping, education, voting, finance, and more. And indeed, several banks and international institutions have been adopting the technology.
Mr. Ma commented that he has been researching and investigating about blockchain technology for years. Because of it, he is able to tell that it has the possibility to address important issues of data, privacy and security.
But he is not so convinced about Bitcoin and the possibilities that virtual currencies have.
During a conversation with CNBC he explained:
“At the world internet conference people asked me what do you think about it? I say, ‘honestly I know very little about it, and I am 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. So I think I’m focusing on the Alipay and focused on IMB, U.S. Dollars and Euros, and that’s fair.”
Moreover, he said that Alibaba has been investing on blockchain technology and spent a lot of effort trying to understand and leverage this technology. But about Bitcoin he remains sceptical.
“Let me say one thing,” he commented. “We are not focused in Bitcoin. We are focused on cash society for China, and every country we’ve got. Trying to make sure the society is more efficient, more transparent, no corruption this is what you want to do,” he concluded.