Alibaba’s founder supports blockchain technology as a means to store data

On May 16th, Alibaba founder Jack Ma stated that bitcoin is a bubble, unlike blockchain technology. He expressed his thoughts on the blockchain industry during the 2nd World Intelligence Conference in Tianjin, PRC.

During the conference, Mr Ma stated that he has been studying the blockchain industry for several years. In addition, he believes in blockchain technology which has a strong potential in addressing issues regarding data privacy and security for all social levels. This new era will be an “era of big data.”  He argued that security is of top priority for this e-commerce corporation. However, it is evident that blockchain technology is seen by many as a “huge gold mine”.

Last December Mr Ma commented on the phenomenon on Bitcoin, stating that he is not convinced with this digital coin.

It is reported that he stated, “I don’t know about Bitcoin at all. I’m particularly puzzled. Even if it can really work, the rules of the global trade and the financial system will be completely changed. I don’t think we are ready. So I’m still paying attention to Alipay (a mobile payment application)… to the US dollar, and the euro. We have a team that studies blockchain but Bitcoin is not something that I want to pursue. We don’t care about Bitcoin.”

Recently, Alibaba Group stopped accepting cryptocurrencies from their customers. Since rumours started to arise that the Alibaba Cloud “P2P Nodes” was becoming a crypto mining platform, the corporation immediately denied such allegations.

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