News

Alibaba’s Jack Ma: Blockchain will be meaningless without the transformation of the manufacturing industry.

single-image

Jack Ma, the co-founder and chairman of Alibaba argued that artificial intelligence (AI), the blockchain, and the Internet of Things (IoT) can all become meaningless if they are not able to target the manufacturing industry. “AI, 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,” said by this giant who is in charging of an empire worth $114 billion at World AI Conference 2018.

The speech from Jack Ma was not just for the blockchain technology but also for those 3 technologies which most major governments consider to be the essential keys to create the 4th industrial revolution.

The industry of smart manufacturing has grown exponentially during the past 10 years. Governments or technology companies have begun to explore various innovative ways with emerging technologies to cut back costs and improve the manufacturing efficiency.

Since the idea of using decentralized systems to rebuild supply chains has been getting popular, more and more conglomerates and consortia have developed both private and public blockchain-based systems to deploy supply chains of large-scale corporations on top of an immutable network.

According to some people’s opinions, in terms of scalability and adoption, blockchain technology is still in its infancy.

Apart from finance, manufacturing remains to be the biggest market that AI, IoT, and blockchain can target. They have been applied to a certain extent in the manufacturing area but their full potential is still waiting to be demonstrated.

Currently, there are some Ethereum-based projects would allow developers and companies to build applications on top of the blockchain to promote the transformation of the manufacturing industry. However, the difficult part of applying decentralized systems in the manufacturing sector now is that it will be less efficient and practical than using centralized platforms for both the companies and developers, at least in the early stage of this technology.

Disclaimer: This article was originally created by ACM and may not be reproduced without permission. Images from the Internet.

Leave a Comment

Your email address will not be published.

You may also like