Alibaba’s payment affiliate and operator of AliPay, Ant Financial Services Group is concerned with Initial Coin Offerings (ICOs) but positive regarding the blooming of the blockchain technology.
The CEO of Ant Financial Services, Jing Xiandong expressed during the China Development High Level Forum 2018 that most ICOs work work because of the enthusiasm surrounding blockchain and that the value is mostly speculative.
Xiandong compared the 90s Internet bubble to the current bubble with blockchain by saying that real blockchain applications will come into place only in 2 or 3 years, the same time it took when real Internet giants came into place, according to The Paper.
“The current phase is like the internet bubble period in the 1990s,” Jing mentioned.
The CEO believes that a good application of blockchain is to enhance trust for digital assets.
“The authenticity of assets is a great challenge. In this sense, the blockchain has a very positive significance and is a cornerstone of the trust of the digital society in the future,” he added.
Xiandong is positive regarding blockchain’s future and mentioned that Ant Financial is currently focusing on cross-blockchain compatibility. The CEO is confident that blockchain’s legitimate value will emerge soon : “In the next two to three years, there may be a large-scale outbreak of blockchain application,” he added.
Alibaba’s payment affiliate has already developed a blockchain-based platform for charity donations as Giftcoin will do with The English Charity to enhance trust for the donation process.