Jack Ma Says Blockchain Should Improve Manufacturing

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Jack Ma suggests blockchain should be used to improve the manufacturing sector and promote quality of life.

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Blockchain technology and digital transformation should be utilized to the fullest to develop the manufacturing sector and improve the quality of life, said Alibaba Group Holding Ltd., founder Jack Ma.

In a report, the China Money Network quoted Ma as saying that the failure to transform the manufacturing space would make blockchain meaningless.

Speaking at the World Artificial Intelligence Conference held in China on Monday, Ma said:

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

Indeed, data compiled by iPR Daily’s research showed Alibaba has the most number of blockchain-related patents filed in the last year, making the company the number one global company in blockchain-related projects. In all, the Chinese tech giant has registered at least 90 patents on blockchain and related platforms, even outnumbering IBM.

In an earlier interview in May during the second World Intelligence Congress held in Tianjing, Ma said his company is one of the early adopters of distributed ledger technology, has been working on blockchain for several years now. While he dismissed blockchain as a bubble, Ma described Bitcoin as a bubble.

“Bitcoin is just a tiny application of blockchain. Blockchain is not a huge gold mine… At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era,” Ma said during the event.

China to link with local blockchain firms in the country.

Early this month, Alibaba unit Ant Financial, a behemoth in itself with an estimated value of $150 billion, secured $14 billion of funding for its tech ventures, also covering blockchain projects. AntFinancial was also one of the companies which took part in the Australian roadshow in The fintech giant launched a blockchain-enabled remittance service for transfers between the Philippines and Hong Kong using Alipay HK wallet.  There are more than 180,000 Filipino workers in Hong Kong, making them the largest community on the island and sending hundreds of millions of dollars to their families back home. In 2016, Filipino workers in Hong Kong remitted an estimated $561 million.

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