The founder of Chinese multinational retail conglomerate Alibaba, Jack Ma, has said that blockchain needs to prove it can push a greener, more inclusive future forward for society, else it is ”meaningless”.
Speaking at the World Artificial Intelligence Conference in Shanghai, China on Monday, Ma said that the ”data age” is a great opportunity for the supply side of the economy to transform the landscape of money and finance. Referencing artificial intelligence, blockchain and Internet of Things technology, Ma said that this modern reformation should not be promoted unless these innovations can bring a greener and more inclusive direction for society.
This is a big call coming from the man who founded the world’s number one company in terms of blockchain patent applications. Although it is reported that Ma has plans to retire from the company, his attitude will surely carry influence within the company and their own blockchain developments.
Ma has defended blockchain on previous occasions, earlier this year refuting claims that the technology is a bubble waiting to burst, although he did claim that Bitcoin in fact was. At this time he also referenced a concern for social improvement, saying new technologies should be questioned on ”what value can it bring to society, government, enterprises, and consumers in the data age”.
Social enterprise with blockchain
Some circumstances show that blockchain has already had a positive impact on social enterprises, with companies utilizing the new technologies to promote their causes of financial, social and environmental well-being.
In one case of this, Finnish start-up Moni created a blockchain-backed card that tackles the issue of refugees economic exclusion due to a lack of personal identification they hold. Each card is linked to an individual’s identity that can be used by refugees to purchase products, pay bills and receive payments from employers.
Swytch is an example of a blockchain company promoting the use of sustainable energy. Right now the pilot project is looking to distribute around 3.5Gw of solar, wind, hydro and bio-gas energy, enough to power over 500,000 homes.
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