Jack Ma witnesses blockchain-based project, gushes over future of blockchain tech

27 Jun, 2018
by Matthew Kim
News
Jack Ma witnesses blockchain-based project, gushes over future of blockchain tech

Ant Financial, company formerly known as Alipay and affiliate of the Chinese Alibaba Group, launched their blockchain-based electronic wallet cross border remittance service.

According to 8btc, Ant Financial executed the first blockchain-based cross border remittance from AlipayHK in Hong Kong to GCash in Philippines. The process reportedly took 3 seconds.

Among the people witnessing the first action of the electronic wallet was Jack Ma, founder of Alibaba Group. He stated that utilizing “blockchain to achieve cross-border remittances” has been one of his most “concerned projects in the past six months”. He was hopeful of the project, claiming that the service “will be brought to the rest of the world in the future”.

Jack Ma also commented on the potential of blockchain technology. He pointed to the 1.7 billion people in the world who remain without bank accounts despite possessing mobile phones. In his eyes, blockchain technology could revolutionize the unbanked, and thus believes that “the impact of blockchain on the future of humans may be far beyond our imagination.

Ant Financial is the highest valued fintech company in the world, valuing at $150 billion. It operates Alipay, a payment platform through the internet and mobile phones. With companies such as Ant Financial incorporating blockchain technology in its system, it is evident that blockchain technology in well underway in penetrating the mainstream.

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