The founder of Alibaba, Jack Ma asserts that he is bullish about the blockchain technology says Bitcoin is a bubble. Ma is a Government Chairman and founder of Chinese giant tech Alibaba. The firm is operating blockchain for a quite a few years and Alibaba began investing in the blockchain at the peak moment of the technology.
Jack Ma on Blockchain
During the event, Ma says that Blockchain is a hot word it is not a bubble, but Bitcoin is a bubble. Bitcoin is a tiny application of Blockchain. The Blockchain is not a huge gold mine, he says that Blockchain must be a solution which address the privacy and security issues in the digital era of technology.
On 16th May, Jack Ma spoke at the forum held at Second World Intelligence Congress in Tianjin. The founder of Alibaba Group Holding Ltd grips a total income estimated over $42 billion. It has indicated the importance of the underlying distributed ledger technology which drives Bitcoin than the legalized currency.
Jack conveyed his boredom over the blockchain technology that guides Bitcoin. Later he adds Bitcoin ranked for Blockchain maximalists. Jack came up with the responses on the usage of blockchain technology. Ma gave a comparable statement in the month of November 2017, The event “Dialogue with Jack Ma” was held in Shanghai. Ma says as follows
“People must be cautious about the Bitcoin. It is a underlying technological innovation. The innovation is highly effective in coming days. Ma says that he pays more notice to a cashless modern society and Blockchain engineerings. Ma is also shameful that he never knows about Bitcoin.”
Alibaba Cryptocurrency mining platform
Even after Jack was amazed for Blockchain technology, and primarily used for the profits. Alibaba dint oppose to clout the advantages of blockchain. In the year 2018, January Alibaba was rumored to have invested in a cryptocurrency mining platform known as “P2P Nodes”. It has a tech giant registered a number of trademarks for a new Blockchain venture. It is considered as “Ether Lock” and “Ethernet Lock”.
The platform announced that Ma has invested in cryptocurrency, but as per sources like Weibo, a Twitter alternative in China says that Alibaba would not create virtual currencies and will not deliver mining platform. The P2P nodes web page was eventually shut down in a step which traced the ongoing crackdown on cryptocurrency mining by the Chinese Government.
The Alibaba digital currency mining job seeks to maintain a constant growth. The mining is part of blockchain ecosystem and the firm is investing in the same. Bestowing to few sources, Alibaba ranked first for Blockchain-dependant patent applications than the previous year. It holds the most patents for Blockchain technology.
Importance of Blockchain technology
Jack says his views on Blockchain technology is only concerned with safety and privacy. The methodology used in dispersed ledger technology enhances the growth and transfer of technology. The integration of Blockchain technology with a online finance environment is a vital process in Blockchain.
Further Ma adds that Social Networking site might use Blockchain but it is accomplishing a world-wide web finance which produces trillions of trading volume. Ma says to switch blockchain and or else it can fatal in upcoming days.