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Blockchain will be Meaningless If it Fails to Build Greener Future and More Inclusive Society: Jack Ma

September 18, 2018 17:58
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At the World AI Conference 2018, which was held in China on 17th Sept., Founder and Chairman of Alibaba Group, Jack Ma has said that all advanced technologies including AI and Blockchain technologies will be meaningless if it is unable to transform the manufacturing sector and help to evolve the society towards a greener and inclusive direction.

The event was focused towards the challenges and common misinterpretation towards the advanced technologies, particularly the artificial intelligence. Jack Ma in his address argued that:


The data age is a major opportunity for manufacturers to reform the industry. But blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction.”

His view comes at a time when a large number of companies especially in the financial sector is going after the use of blockchain technology to increase their efficiency and also higher power consumption level can have a serious implication on its development in the longer term.

For Jack Ma, blockchain is not a new topic and has rebutted the claims that the technology is merely in a bubble phase. He said that he has been researching on the technology for years and it has the potential to address issues like data privacy and security to society at all levels.

Alibaba affiliate, Ant Financial has already introduced blockchain technology into its system back in the summer of 2016 to improve accountability in its work with the Chinese charity industry. Together with the e-commerce platform, it has filed more than 90 blockchain patents, even outnumbering the top tech giants including IBM.

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