Jack Ma: Blockchain has value, but cryptocurrencies may not

"Do what is hard..." is one of the phrases that Jack Ma can hear continuously in his lectures and seminars. The man considered one of the richest in China, has declared a position in favor of Blockchain technology, but nevertheless, has his doubts regarding the use that is given in the cryptocurrency trade.

During the second "World Smart Conference" held in Tianjin (China), Ma, president of Alibaba and considered the richest man in China, said during the Second Intelligent World Conference in Tianjin that "bitcoin is a bubble", according to a report of the local industry. However in the past, he has said he does not understand bitcoin, but he had not previously called it a bubble.

Jack Ma, like many others, remains positive with regard to blockchain technology. In his recent comments, he said that "blockchain is not a bubble, although he worries that all people buy and sell blockchains," referring to a possible saturation of markets that could abuse the supply of this technology.

"... Blockchain is not a great gold mine, but a solution to solve privacy, security and data problems. The true value of blockchain is its ability to provide guarantees to people, companies and governments, not to make money. People should ask themselves what value blockchain can bring to consumers, businesses and government."

Ma, whose company makes billions of transactions, said he recognized the importance of blockchain when he knew he could solve security and privacy issues. Alibaba started researching about technology and became the biggest blockchain patent holder in China.

When asked in November about bitcoin, Ma said, "I do not have much interest in Bitcoin, what I want to know is what Bitcoin can bring to society, but I think Bitcoin technology is very powerful (referring to the Blockchain). " Alibaba and Ant Financial were promoting a cashless society at that time.

In December of 2017, with the bitcoin price at $ 15,000, many said that bitcoin was a bubble. Interviewed by CNBC, Ma said he did not know if it was a bubble, but said he was not paying attention. He said he was still focusing on Alipay, the renminbi, the euro and the US dollar.

Jack Ma some bitcoin advocates have described him as "Bashers", a term used to indicate a hostile person or commit hostile acts to the detriment of a group of people; in particular, we do not believe, for now, that this term is in keeping with the personality of Jack Ma until he demonstrates otherwise beyond a statement to the press.

"... people are very optimistic about blockchain technology and I began to investigate it several years ago. At first I did not understand the blockchain, but I immediately realized that it was important when I heard that technology could solve privacy and security problems. Alibaba has billions of transactions, and the importance of security is evident, there is no guarantee that security is dead."

He also talked about Alibaba's research on blockchain. When he learned that Blockchain could solve security problems, Alibaba began to investigate and now has become the world's largest company with blockchain patents, and China has a global block chain. It is the country with the most patents.

Hopefully we will soon have more news and advances on Jack Ma's research on Blockchain technology and thus better understand their ideas.

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