The executive chairman of Chinese online retail giant Alibaba, Jack Ma, has said that bitcoin (BTC) is a bubble waiting to burst. However Ma pointed out that the blockchain technology on which bitcoin is built on has a lot of potential with regards to ensuring security and safeguarding privacy in online transactions and records. Ma was speaking in Tianjin at the World Intelligence Congress forum.
Per data obtained from the provider of intellectual property information, IPRdaily, Alibaba was ranked first across the globe with regards to blockchain patent applications in 2017. Last year 43 blockchain patent applications were published by Alibaba and the only other organization that came close was Bank of America which published 33 blockchain patent applications.
Varied use cases
Besides its use in cryptocurrencies there has been an adoption of blockchain technology in enhancing the trade finance services of banks and tackling counterfeits and fraud in the supply chain among other use cases.
?Social networks may not need blockchain, but we are doing internet finance in which we process trillions of trading volume. We have to turn to blockchain, otherwise it would be fatal,? Ma said.
While Ma has an anti-bitcoin stance his fellow tech billionaire Jack Dorsey seems to harbor a different view. During the Consensus event in New York earlier this week, the chief executive officer of Square and Twitter called for the development of a native currency for the internet while adding that though he couldn?t be sure which cryptocurrency it would turn out to be he was hoping it would be bitcoin.
Big fan of bitcoin
Dorsey revealed that he was a huge fan of the flagship virtual currency and appreciated the technology on which it was built. According to Dorsey using bitcoin or another digital currency as a worldwide currency would eliminate the barriers of entry and enhance global trade. This is because when it comes to fiat currencies individual markets have to be approached differently.
Earlier in the year Square unveiled the trading of digital currencies via its app. In Q1 the payments processing firm sold bitcoin worth approximately $34.1 million managing to make $200,000 since it had spent about $33.9 million to purchase the virtual currency.
Dippli is an independent media outlet that covers the current events in the crypto space. Got breaking news or a story to share? Then feel free to contact us at firstname.lastname@example.org.