Co-founder and CEO of Alibaba Group Jack MA demonstrated a new service for transferring funds based on blockchain technology and Ant Financial (formerly Alipay), a subsidiary of Alibaba Group.
According to MA, the platform completed its first transaction between Hong Kong and the Philippines in just three seconds, according to 8btc.
Ant Financial is planning to eventually run this payment platform worldwide.
MA is a major supporter of blockchain technology and believes that it is a key tool for social change in the future.
In an interview for the Wall Street Journal, MA said that:
The blockchain technology can change our world much stronger than many people think. The blockchain will be used to address issues of confidentiality, security and many others.
He was critical of the speculators who are trying to quickly capitalize on the crypto currency and believes that bitcoin is a bubble.
Technology by itself is not a bubble, but bitcoin is likely that really is. It is impossible to become rich over night.
Last month Chinese billionaire made a similar statement, speaking at the 2nd World Intelligence Congress (WIC 2018) in Tianjin.
I have been studying the blockchain and the blockchain is not a bubble. But bitcoin, Yes.
Alibaba is investing heavily in the blockchain, and artificial intelligence. Recall that this company owns the largest number of blockchain patents.