The chairman of Alibaba and the Ant Financial, Jack Ma, mentioned in a speech that he recently gave that he has been keeping a close eye on Bitcoin and blockchain technology to fulfil the vision of a cashless society.
Even though Jack Ma is just getting around to what Bitcoin and other various cryptocurrencies have to offer, he does recognise and outline the value that blockchain technology holds in enabling a global cashless society.
The population of China that utilises cases or credit cards in order to purchase goods, receive remuneration and pay for utilities isn’t a sizeable amount. Applications that facilitate payment such as Ant Financial’s Alipay, are currently leading the field.
Using smartphones that contain NFC chips, users of Alipay in China are able to purchase goods conveniently using Point of Sale (PoS) terminals, along with instantly receiving salaries without delay which is usually typical when dealing with banking institutions.
According to Jack Ma, “I pay special attention to creating a cashless society and blockchain technology. Mine and Alibaba’s job is to move the world into a cashless society. Societies can make everybody equal, inclusive to get the money they need, make sure it is sustainable and is transparent. I hate corruption. If I don’t have the opportunity, it is ok. But I don’t want somebody through a dirty way to take away my opportunity. This is why we want a cashless society.”
At the moment, a majority of the worlds large financial networks are dependant on central databases in order to record transactions in fiat currencies and digital assets. When speaking of technologies based on the blockchain, Ma is referring to decentralised platforms such as Ethereum that make it possible for businesses to work atop the blockchain such as decentralised applications (dApps) along with tokens which are created on the ERC20 standard.