Jack Ma Hails Blockchain As Catalyst For Cashless Society
Ma believes that blockchain network will end the corruption that is common in a cash society.
Jack Ma Studying Crypto Market For Cashless System
China’s richest man and chairman of Alibaba, Jack Ma has said that he is keenly following the bitcoin in a bid to come up with a cashless society. According to Ma, he is also been looking into blockchain technology for the same course.
During a recent address, Ma stated that he is still exploring the basic structure of bitcoin and other digital coins. Ma stressed the fact that blockchain technology is a great innovation that can act as a catalyst for the cashless society.
China’s Cashless Systems
At the moment, a small fraction of China’s populations use cash to transact in terms of paying for services and receiving payments. China’s financial is dominated by payment application such as Ant Financial which has a $60 billion market cap.
The country which is dominated by smartphones also uses applications such as Alipay. Users on the application can purchase coffee and even receive salaries. The application has been lauded to be fast and efficient since it eliminates delays experienced during bank wire transfers.
Ma stated that together with Alibaba, they aim to propel the next cashless system which will bring about equality and inclusivity. He pointed out that blockchain technology has the ability to eliminate corruption since it is an open system.
According to Ryan Chan from Ant Financial, the firm had released new products meant to tap into millennials population. He said that millennials have shown interests in shifting from the traditional technology to the new one. Chan added this group is willing to use the sophisticated financial systems.
According to Ma, he is yet to rule out that cryptos can be used as a measure of value. However, he acknowledged that he was not sure if bitcoin brings in enough value as an agreement currency anchored on the blockchain technology.
Giant global financial systems heavily rely on n centralized systems when handling fiat and digital money. For Jack Ma, blockchain means that we have a decentralized system just like ethereum. Blockchain’s adoption in the mainstream sector has been rising with a number of top organizations coming on board.