Alibaba's Jack Ma Says Blockchain Technology Will Be Key to a Cashless Society

Jack Ma is a major name in the financial industry. He is the chairman of both Alibaba and Ant Financial, and he’s been named one of the most powerful people by Forbes. Recently, he spoke about the blockchain industry and Bitcoin, along with his hopes for a cashless society.

Ma is still working to learn more about what these opportunities bring to the market, but he believes that blockchain technology could be the key to finally becoming a cashless society. In his statement, he said,

“I pay special attention to cashless society and blockchain technology. Mine and Alibaba’s job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent. I hate corruption. I don’t have opportunity is ok. But I don’t want somebody through a dirty way take away my opportunity. This is why we want a cashless society.”

As advanced as the technology is in China, there is only a small fraction of the people that use cash or credit cards to buy products, receive payment for work, or pay for utilities. Predominantly, payment applications are the way to pay for everything, which is what Ant Financial’s Alipay is for. Alipay lets users purchase something as simple as a cup of coffee by tapping their smartphone on a POS terminal. Even companies in the area have the ability to pay their employees instantly.

The vice president of Ant Financial, Ray Chan, commented how these products are meant to target millennials and the new generation, who are always looking for what’s new and instant. Chan commented:

“When we consider new products, we create them for this era, one in which young people have become the main driving force of our society.”

Ma’s speech also included how he hasn’t dismissed cryptocurrency or Bitcoin at all, but he’s concerned of whether it actually has enough value for its performance. To further explain, he said:

“Bitcoin, the thing I want to know is that what value, what things that bitcoin can bring to the society. But Behind bitcoin, the technology itself, is really very powerful.”

Right now, most financial networks require centralized databases to perform and record any transfers. For Ma, blockchain technology is anything that offers a decentralized computing system that allows businesses to build on top of it, like Ethereum. It is crucial to involve a cryptocurrency for a blockchain platform without centralization. As the technology is adopted by mainstream options, and other companies start to use it as it is meant to be used, cryptocurrency will naturally become more important than ever.

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