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Jack Ma: Blocking will be meaningless if it is not accepted in industry

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At the World AI Conference 2018, Jack Ma, co-founder and chairman of the conglomerate Alibaba worth $ 414 billion, said: artificial intelligence, blocking and the Internet of things will be useless if they are not used in industry.

"AI, block and IoT will be meaningless until they can transform the industry and direct the development of society in a more environmentally friendly way."

These three technologies are considered the basis for the forthcoming fourth technological revolution. Why does Jack Ma talk about production?

China's industry is estimated at $ 3.1 trillion. The US and other large economies are also operating in the production sectors of several trillion dollars. During the past decade, especially in the last three years, the industry of the smart industry has flourished.

Conglomerates began to explore innovative ways to reduce costs and increase the efficiency of the production process. Companies moved to more automation and greater use of robots in order to reduce the human factor and speed up the work. For example, consortia Hyperledger and Ethereum Enterprise Alliance (EEA) have developed public and private blockrooms for logistic channels of large corporations.

Blocking is still at an early stage of development, if we talk about scaling and acceptance. Public P2P networks can now send 10-50 transactions per second – this is not enough. Developers are working on solving the problem, offering various methods: solutions of the "second layer", new consensus and so on.

Industry is the second largest aftermarket financial market, where the blocking developers, AI and IoT should be targeted. So far, new technologies have not demonstrated their full potential. According to Jack Ma, if the blockroom is to be used on an industrial scale as the main system for processing information and databases – then decentralized registries will get real acceptance in society.

So far, blockage remains less effective than traditional systems. And what do you think about this? Do you agree with Jack Ma?

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