Chinese Tech Giants And The Future of Blockchain

The celebration of the 40th anniversary of the reform gave opportunities to CEOs of large companies trading on the Internet to comment on cryptocurrency.

The prominence of the internet occurred with the rise of China in the information technology sector. The transformation of the country through this sector has led to the birth of some world-class enterprises. They include Baidu, Tencent, and Alibaba. There has also been application of blockchain technology in the real word. This is majorly with internet entrepreneurs. They capitalize on the innovative technology to position themselves at the peak of their ventures.

At the second World Intelligence Conference earlier this year, Jack Ma stated his honest opinion about the blockchain technology. He disclosed that his company had done an in-depth study of the blockchain technology over many years. Alibaba’s exploration of the blockchain technology has made significant progress in the past months. In August, the number of patents in Alibaba blockchain rose to a peak. This was an incredible 90 power ranking.

The company’s application of blockchain covers divers fields. They include public welfare, traceability, cross-border payment, supply chain finance, certificate of deposit, and digital content copyright. 2018 witnessed the breakout of Alibaba’s blockchain application. It concentrated on marginal non-core businesses like traceability and charity. A major indication of Alibaba’s serious intentions to promote the blockchain is its creation of cross-border supply ecosystem. This is also supported by the application of blockchain to explore B2B business.

CEO of Baidu, Robin Li, aired his view on the tech. According to him, the technology is revolutionary, but its not yet mature. The Chinese communication app, Baidu, has set up the blockchain team since 2015. Their major aim has been to explore the blockchain technology. According to Robin, the blockchain is still in the early stage of development. But, it has the capacity to change the Internet as an essential basic innovation.

The founder also disclosed more information about the company’s intentions. Due to the company’s technological expertise, the company would attach importance to blockchain as a basic technological innovation, Robin added.

During his session, Ma Huateng, discussed about the technology. To him, blockchain should be supported. Although, the genuineness of ICO cannot be ascertained.