Alibaba founder and chairman, Jack Ma, is the latest to espouse the “blockchain not bitcoin” rhetoric. The billionaire e-commerce guru said bitcoin is the bubble and not blockchain. He made these comments at the recently concluded World Intelligence Congress in Tianjin.
Blockchain not Bitcoin Narrative Lives On
During his address at the conference, Ma revealed that Alibaba focuses solely on blockchain implementation. According to 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. At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era.
The Alibaba executive also went to say that blockchain was the true technological breakthrough that would drive the coming digital revolution. He identified the technology behind cryptos as having immense potential for all kinds of business processes. Ma also revealed that his company was exploring several blockchain applications. Alibaba is investing in data security and privacy solutions built on the blockchain. Such is the extent of the company’s activities in the arena that it presently holds the most number of blockchain-related patents in the world.
Ma is, however, dissatisfied with the current extent people are exploring the technology. According to Ma, too much emphasis is placed on blockchain as a money-making tool when it ought to be used as a value creation technology. He reiterated the need for the focus to be on improving the global business process rather than treating blockchain as a “gold mine.”
Bitcoin is a Bubble
On the subject of bitcoin, Ma ironically called the world’s most popular and secure blockchain, i.e. Bitcoin, a bubble. In the past, the Alibaba founder had shown a lack of interest in Bitcoin. Has even previously said that he knows little about the crypto preferring only to focus on the blockchain. Most of the company’s efforts in the blockchain realm focus on e-commerce and public welfare protocols. In 2016, Alibaba launched a blockchain email repository, and in 2017, the company signed a partnership with PwC to develop a food traceability architecture based on the technology.
While previously noncommittal to the Bitcoin argument, Ma’s recent comments put him with the likes of Warren Buffett, Charlie Munger, Bill Gates and many others. These notable business figures all have negative things to say about the world’s first cryptocurrency much to the chagrin of the Bitcoin enthusiasts.