What’s Jack Ma’s Bubble?

By Dmitriy

The 2nd World Intelligence Congress that was held between May 16-18 harboured some pretty insightful takes on Blockchain technology and its application. One such insight came from Jack Ma, CEO of Alibaba. In his speech addressing the participants of the event, Ma said that the Blockchain was perhaps the technological revolution that would be a major instrument of the impending digital metamorphosis. He further added that the technology which is driving the ambit of cryptocurrencies has tremendous potential with regards to business.

In this speech, Ma also admitted that his company is, in fact, working around this technology to explore a lot of blockchain applications. It was also revealed that Alibaba has been participating in investments related to Blockchain data security and privacy solutions. If all calculations are to be rightly believed then Alibaba apparently has the most number of Blockchain-related patents in the world. This is a great example of the company’s activity and command in the ecosystem.

However, Ma expressed his discontentment regarding people’s exploration of the technology only as a money making tool. According to Ma, rather than stressing as much on the financial benefits of blockchain technology people need to concentrate on its value creation qualities. Ma believes that the focus of the people with respect to Blockchain technology should be towards the improvement of the global business scenario, instead of Blockchain coming across as a “gold mine” of sorts.

The Bitcoin Bubble!

As far as bitcoin is concerned, Ma claimed that the world’s most famous and secure Blockchain is actually a bubble. Even previously, Ma had not been in the favour of bitcoin and had kept his distances from it. The major focus of Ma’s company had been on e-commerce and public welfare protocols. Alibaba launched a blockchain email repository in 2016, and signed a partnership with PwC to develop a food traceability architecture based on the technology, in 2017.

With his recent comment on the Blockchain technology, Ma has found a place for himself in the list of esteemed professions of the tech world who, like him, are looking at the bigger picture with respect to the Blockchain technology. The list has names like Warren Buffett, Charlie Munger, Bill Gates and many others. As Woodrow Wilson has said, “Love, peace and harmony do not unite as many people as does the common hatred for something.” Hatred may a bit excessive while trying to define what binds the aforementioned names, however it is clear that these dignitaries definitely had some evidently negative things to say about the world’s first cryptocurrency.