We’ve been seeing the newly invented advanced technologies on a constant basis, now the Blockchain can have a large impact on the way transactions and ownership are recorded, it is important to note that there are actually two types of blockchains: public and private blockchains. We witnessed the live instances of deployment of such technologies in various walks of our lives, such as, into trade finance, investment banking, pharmaceutical, SCM and so on.

In this write up we’ve shed some light on world’s one of the largest e-commerce company ‘Alibaba’ founder, Jack Ma sounded bullish on Blockchain technology but reluctant on Bitcoin by saying this crypto-asset seems to be is in a bubble.

Speaking at a forum at the second World Intelligence Congress held in Tianjin on the 16th of May, the leading Chinese e-commerce giant Alibaba Group Holding Ltd founder — who holds a personal fortune estimated at over $42 billion emphasized the significance of the underlying DLT (distributed ledger technology) that drives Bitcoin, rather than the currency itself:

Blockchain is now a buzzing talk. First, blockchain is not a bubble, but Bitcoin is a bubble. Bitcoin is just a tiny application of blockchain. Blockchain is not a huge gold mine. At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era.

He expressed discontentment with the manner in which the blockchain technology behind Bitcoin is being used, joining the ranks of blockchain maximalists such as Vitalik Buterin, recently stated he believes most altcoins are overvalued.

Ma’s latest comments on the utility of blockchain technology mirror similar statements made in November 2017, when the Alibaba founder discussed cryptocurrencies at the “Dialogue with Jack Ma” event in Shanghai.

The Alibaba cryptocurrency mining project seems to be deferred open-endedly, however, the mining isn’t the only aspect of the blockchain ecosystem Alibaba has been investing in. As per the report issued by IPR Daily and the incoPat Research Center for Innovation Index, Alibaba stands 1st globally for blockchain-based patent applications over the last year and holds the most patents for blockchain technology globally.

Currency Strength Index: FxWirePro's hourly USD spot index is displaying shy above 22 levels (which is neutral), and BTC at 61 (bullish) while articulating (at 06:08 GMT). For more details on the index, please refer below weblink:

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