Alibaba CEO, Jack Ma, shows his belief on the blockchain technology

Stefania Stimolo
Jul 13, 2018 · 3 min read

Recently, the patent application submitted by Alibaba, Chinese e-commerce giant, on the use of blockchain technology to facilitate international transactions that specifically involve a third-party payment provider, has been revealed to the public by China.

Yes, exactly, Alibaba (Eastern Amazon) which, besides being a “simple” global e-commerce website, is a holding company with 13 branches, including Taobao Marketplace — online shopping, Tmall.com — platform dedicated to brands and retailers, Alibaba Cloud Computing — developer of platforms for cloud computing and data management, AliPay — China’s online and mobile payment solution — to a football team in Guangzhou, with over 66,000 employees, and with huge influence and power in the technology market.

Ant Financial (source: website)

Specifically, the document states that Ant Financial, Alibaba Group Holding Ltd subsidiary, has experienced its first blockchain remittance, sending a transaction in three seconds between its Hong Kong-based AliPayHK app and the Philippine payment app GCash, designed by Globe Telecom Inc.

According to Jack Ma, Alibaba founder, as well as one of China’s richest men with a net worth of $ 42.7 billion, the use of blockchain for this process is a big turning point.

Here is how it is expressed in a statement:

“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service [AlipayHK] will be brought to the rest of the world in the future.”

[…]

“Blockchain technology could change our world more than people imagine”

On the Ant Financial’s blog, along with some statements of CEO Eric Jing, it’s described how the company is keen to specify blockchain as technology designed and implemented to make its services safer, transparent, convenient, to become the basic protocol for the popular mobile payment application.

Jack Ma

We can say that Jack Ma, through its subsidiaries and therefore indirectly, has been exploring blockchain technology since 2016, also to clean up possible tampering with China’s charitable organizations and, from that moment on, has invested in experts in the sector to actively examine the blockchain potential, and then it submitted the patent application this January, being able to assert its trust on the trustless today.

In general, as already mentioned in the previous article China and Blockchain, it seems that the most populated country in the world has a controversial mentality: strongly supports blockchain as technology, but “rejects” the cryptocurrencies’ idea.

Jack Ma, adapting to popular thinking, declares in this regard as follows:

“I do not know about Bitcoin at all. I’m particularly puzzled. Even if it can work, the rules of global trade and the financial system will be completely changed. I do not think we are ready. So I’m still paying attention to Alipay, to the U.S. dollar, and the euro. We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We do not care about Bitcoin.“

For the moment, therefore, we won’t find Bitcoin as a payment method adopted by Alibaba, but it remains that blockchain technology interest and use of the world’s largest giants could be a good start for a future already present, studied and implemented, but which is struggling to expand in its entirety, as seen almost 10 years ago by Satoshi Nakamoto.

CREDITS

This article was originally written in Italian and translated in English by Stefania Stimolo for NovaMining.


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Stefania Stimolo

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