Founder Of Alibaba Thinks Blockchain Needs To Promote The Manufacturing Industry

One of the most successful entrepreneurs, the co-founder and chairman of the $414 billion eCommerce conglomerate Alibaba, Jack Ma, is in the blockchain news lately – again for endorsing the technology and pointing out to many potential use cases.

According to Jack Ma, artificial intelligence, blockchain and Internet of Things are all essential and need to target the manufacturing industry. As he said at the World AI Conference 2018:

“AI, 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,”

The founder of Alibaba spoke about blockchain, even not directly, but for it as part of the three technologies which most major conglomerates consider to be the building blocks of the fourth industrial revolution.

Currently, the manufacturing industry in China is valued at $3.1 trillion, while the US and other major economies are operating in multi-trillion dollar manufacturing sectors as well. However, it is the machinery that drastically changed everywhere in recent years – which is why Ma hopes for blockchain as the best way to automate the use of robotics, eliminate manual errors and speed up the existing operations.

In terms of its scalability and mass adoption, however, blockchain technology is still in its infancy – as there are public peer-to-peer networks that are currently able to handle from 10 to 50 transactions per second.