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Alibaba Founder Bullish About Blockchain, A Solution To Address Privacy And Security In Digital Era

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“Blockchain is now a hot word. First, blockchain is not a bubble, but Bitcoin is 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,” says Jack Ma, executive chairman and founder of Alibaba.

Speaking at a forum at the second World Intelligence Congress held in Tianjin on the 16th of May, Jack Ma emphasized the importance of the underlying distributed ledger technology that drives Bitcoin. Though he’s bullish about blockchain technology, he feels Bitcoin is in a bubble.

To Jack Ma,

“Blockchain is now a hot word. First, blockchain is not a bubble, but Bitcoin is 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.

Alibaba ranks top internationally for blockchain-based patent applications over the last year and holds the most patents for blockchain technology globally, according to a report.

 

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