In the World AI Conference 2018, Alibaba’s co-founder, Jack Ma, stated that blockchain should target manufacturers. He also mentioned that artificial intelligence (AI), the blockchain, and the Internet of Things (IoT) would lose meaning if not implemented in production sectors.
Jack Ma Thinks that Blockchain Should Target Manufacturers
Jack Ma, the co-founder of one of the world’s largest business Alibaba, mentioned the importance of technology in manufacturing processes. During his speech, the business magnate voiced his position towards AI, blockchain, and IoT.
Manufacturing industries are the largest in the world in terms of value and supply chain importance. Ma mentioned that if technological innovations couldn’t find a place within those sectors, they would become obsolete fairly quickly.
He also said that the Chinese industry is worth $3.1 trillion, while US & European manufacturing markets are equally large. There would be very little space for blockchain to develop if half of the world’s businesses would not implement it. Thus, the current implementation of decentralized networks within the supply chain needs a bigger push.
The mainstream adoption depends on a number of businesses implementing primary data processing systems that blockchain offers. Public ledgers do have quality and potential for major acceptance within different manufacturing industries.
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Can Blockchain Be Useful to Supply Chains?
Manufacturers are in the era of digitalization and will seek solutions that can enhance the speed and quality of production. This is where blockchain can be very helpful.
Some crypto-based organizations are already working with various supply chains to overcome current obstacles in blockchain’s adoption. Hyperledger, IBM Blockchain and Ethereum Enterprise Alliance (EEA) specialize in private ledger networks and communication for their customers.
However, there are very few solutions that could work for a large section of businesses at once. Thus, some of the producers seek to develop in-house blockchain systems. Larger adoption is still out of the reach for blockchain industry, proving Ma’s point.