USD 150 billion valued Ant Financial makes a huge bet on Blockchain technology
Ant Financial, the Jack Ma-led Chinese e-commerce giant Alibaba’s fintech conglomerate has already considered that the blockchain technology as one of the key technologies that is going to disrupt and dominate every industry for a very long time from now.
Director of Blockchain Department at Ant Financial, Zhang Hui, aside from Artificial Intelligence, Security, IoT and computing, the blockchain is a technology that the company is constantly developing and improving on a daily basis with much testing so as to have it used on a very large scale commercial basis.
In terms of immutability and decentralization Zhang says, “Blockchain technology in its current form is impeccable. It is able to process sensitive data and personal information in a peer-to-peer manner without the involvement of intermediaries.” However, he did mention that scalability is a major issue that needs to be addressed to bring in industry leaders and conglomerates into the blockchain sector.
Technode, a TechCrunch partner and a technology publication in China has reported:
“Looking forward, Zhang hopes that blockchain will create new business models for the company and not just provide value-added services. Zhang also hopes to expand their blockchain-based cross-border payment services globally and explore more B2C use cases.”
Ant Financial had rolled out their service Alipay which is the world’s largest fintech platform as of 2018 and Alibaba plans on implementing the technology on this platform. Back in June, Jack Ma did mention that the meteoric rise of the Bitcoin is indeed quite phenomenal but then he also did mention that it is more of a ‘bubble’, but the technology that it is currently running on is something that is revolutionary.
“It is…not right to become rich overnight by betting on blockchain. Technology itself isn’t the bubble, but bitcoin likely is,” Ma said.
Jack Ma is also a controlling shareholder if Ant Financial and stated that the technology should be used more to solves the issues that we face at hand such as data privacy, security, and sustainability issues and not to use it as financial tools and other instant money making concepts, majorly referring to ICOs and newly emerging tokens.