Bitcoin and Blockchain To Play Key Roles In Creation Of A Cashless Society: Jack Ma

Jack Ma, The chairman of Alibaba and Ant Financial, has revealed that he has developed a special interest in Bitcoin and the blockchain technology for their potential of establishing a cashless society.

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Jack Ma, The chairman of Alibaba and Ant Financial, has revealed that he has developed a special interest in Bitcoin and the blockchain technology for their potential of establishing a cashless society.

The world is becoming more cashless

Ma stated that the world is moving towards a cashless society and he believes that Bitcoin and the underlying technology would play important roles in the transition.

He has been impressed by Bitcoin and the blockchain technology over the past few weeks, as he was quoted speaking positively by various publications.

Ma admitted that he has been looking at the value that Bitcoin and other leading cryptos are bringing to the market.

He is most impressed with blockchain, as he believes the technology is a powerful innovation that could be the foundation for the creation of a cashless society.

Jack Ma’s analysis carries much weight as China is a country that is slowly but surely moving towards becoming cashless.

Ma’s Alipay is already the leading payment platform in the country as it allows users to purchase coffee with a tap of a smartphone on sophisticated Point of Sale (PoS) terminals.

Employers can even pay salaries using the app, and in the process eliminating the delays that often occur with wire transfers and inefficient banking services.

Ma stated that he pays special attention to blockchain implementation in cashless societies. His says Alibaba’s goal is to move the world into a cashless future.

A cashless society can give everybody equal and inclusive access to the money they need, and ensure transparency and sustainability, he added.

Ma hates corruption and believes transitioning away from cash would help reduce avenues for corruption to occur. With a cashless society, he believes that corrupt people would not be able to hide their activities.

Regarding Bitcoin, Ma stated that he is curious to know what value the leading cryptocurrency could bring to financial transactions, echoing popular sentiments that the underlying technology is very powerful.

Blockchain technology to become primary data processing platforms

Ma stated that most of the financial networks in the world are currently making use of centralized databases.

Blockchain technology, on the other hand, offers a decentralized computing system similar to Ethereum and would allow for platforms to be built on top of it.

He believes that as blockchain technology sees more mainstream adoption, cryptocurrencies would become more important than ever before.

Jack Ma changes stance on Bitcoin

Even though Ma has long hailed blockchain technology, he has not always been a fan of Bitcoin. June this year, he stated that Bitcoin’s value is likely the result of a bubble, not the underlying technology, according to a report by the Wall Street Journal.

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