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Alibaba’s Jack Ma: This is the Industry Blockchain needs to Target

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blockchain manufacturing industry

Artificial intelligence, blockchain and the Internet of Things (IoT) will all be meaningless if they don’t focus on the manufacturing industry.

That’s according to Alibaba’s Jack Ma at the World AI Conference 2018

“The data age is [a] major opportunity for manufacturers to reform the industry. But 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,” he added.

Over the last few years, smart manufacturing has grown significantly.

All as companies explore new ways to cut back on costs and improve the efficiency of the manufacturing process.  To help, blockchain development firms have begun to focus on how they can apply blockchain to rebuild supply chains.

Alibaba Thinks Blockchain will Change the World

According to Ma, the technology could change our world “more than people imagine,” as quoted by NASDAQ.

That’s part of the reason it has so many patents.  In fact, at the end of August 2018, Alibaba had 90 blockchain patents.  IBM was just behind them with 89.  Mastercard had 80.  Bank of America had 53.  And the People’s Bank of China had 44.

Blockchain and cryptocurrency has taken the world by storm

Businesses, governments and institutions use both to facilitate the delivery of money remittances, health services, and smart contracts.

Even private enterprises are capitalizing on this technology to enjoy cheaper payments and greater access to finance. Better yet, it offers great security and quicker transaction speeds.

The beauty of it all — Blockchain consists of a chain of “digital blocks” containing transaction records. Every block on the chain links to the blocks after and before it. This interlinking of the blocks makes it tough for anyone to disturb a single record block. This is because one would need to change not just that block, but even the ones linked to it to prevent detection.

 

 

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