Tag Archives: security

Jack Ma amp Ant Financial Implementing Blockchain Technology

Jack Ma-led Chinese e-commerce giant Alibaba’s fintech conglomerate Ant Financial considers blockchain technology as one of the five key technologies that will dominate every industry in the long-term.

Ant Financial Hopes to Use Blockchain in its Core Businesses

At the TechCrunch International City Event held in Hangzhou this week, Zhang Hui, the director of Blockchain Department at Ant Financial, stated that alongside AI, Security, IoT, and computing, blockchain is a key technology the company is actively developing and testing to implement it at a large commercial scale.

Zhang noted that in terms of immutability and decentralization, blockchain technology in its current form is impeccable. Using blockchain enables the ability to process sensitive data and personal information in a peer-to-peer manner without the involvement of intermediaries. However, Zhang emphasized that scalability is a major issue of blockchain technology that needs to be addressed to bring in conglomerates and industry leaders into the blockchain sector.

In the long-term, Zhang and the rest of his team at Ant Financial believe the company will implement blockchain technology onto its core businesses and platforms, as Alibaba founder and chairman Jack Ma suggested in 2017. However, for the technology to have significant impact on existing financial infrastructures, its capacity will need to be improved exponentially to handle tens of thousands of transactions per second.

TechCrunch partner Technode, a technology publication in China, reported:

“Looking forward, Zhang hopes that blockchain will create new business models for the company and not just provide value-added services. Zhang also hopes to expand their blockchain-based cross-border payment services globally and explore more B2C use cases.”

Influence of Ant Financial in the Asian Market

In Asia, even outside of China, Ant Financial’s core platform Alipay is widely utilized as an alternative payment method to cash. By mainstream adoption, Alipay is ahead of Samsung Pay, Android Pay, and Apple Pay in most Asian countries including Japan, China, Thailand, and Taiwan.

In May, due to the rapid growth of Alipay, Ant Financial raised a staggering $10 billion from a group of global and local investors, valuing the company at $150 billion. One of the investors in Ant Financial is Khazanah Nasional, a sovereign wealth fund of the Government of Malaysia, which holds commercial assets of the government.

The interest towards digital assets and their underlying technology by Ant Financial may lead to the adoption of the technology by Alipay, which remains as the biggest fintech platform in the world as of July 2018, without major competitors.

Earlier in June, Alibaba chairman Jack Ma described the meteoric rise of digital assets and their exponential increase in value since 2017 a “bubble,” but noted that the blockchain is a revolutionary technology.

“It is…not right to become rich overnight by betting on blockchain. Technology itself isn’t the bubble, but bitcoin likely is,” Ma said.

As a controlling shareholder of Ant Financial, Ma also said that the technology should be used to solve data privacy, security, and sustainability issues, and not finance tools and concepts for making money, referring to ICOs and newly emerging tokens.

CREDITS: The post $150 Billion-Valued Ant Financial Makes a Bit Bet on Blockchain Technology appeared first on CCN:
https://www.ccn.com/150-billion-valued-ant-financial-makes-a-bit-bet-on-blockchain-technology

E. Sue Bennett

Problem: Creator of Web Realizes It’s Gone Way Wrong

Solution: Decentralization of data, giving individual users unprecedented power over their data and how it's used. 

The need for radical change is evident as it pertains to privacy and security, which will result in true data ownership as well as improved privacy.

Enter the New Sheriff in town: Markethive, whose mission is clear. Creation of a decentralized, autonomous social market network ecosystem that is controlled by its entrepreneurial members worldwide. The days of social media platforms using your data, tracking your activites, content and conversations for what turns out to be their financial gain and the loss of your privacy is OVER!

It's also important to note, that with this entirely new approach is the ability for subscribers/members to "earn while learning" and to generate a truly universal income, thereby placing the power, privacy, security and revenues back into the hands of individuals.

From the moment he decided to share the web with the world, Tim Berners-Lee knew his invention could be dangerous.

That became especially obvious when Facebook's Cambridge Analytica scandal broke — a moment that "devastated" the father of the world wide web, he recently told Vanity Fair in an interview. 

People have been Berners-Lee's top priority since he envisioned the web nearly 30 years ago. That's why he released the internet as an open-source platform and never profited off its invention. And he knew it would reshape the world, both for better and worse.

The worse came when Facebook revealed it had improperly shared as many as 87 million users' data with Cambridge Analytica, a consulting firm tied to President Trump's campaign. "We demonstrated that the web had failed instead of served humanity," Berners-Lee tells Vanity Fair. But Berners-Lee knew the web was faulty long before that, and he's been examining ways to fix it since the 2016 election. Since this initial discovery, it would seem this is just the tip of a very large iceberg lurking beneath the surface and is now being revealed.

Repairing the internet means ensuring billionaires like Elon Musk don't have better web access than, say, everyone in Ethiopia, Berners-Lee says. His first step is a platform called Solid, which gives individual users unprecedented power over their data and how it's used. Anyone can log in to help build Solid, but Berners-Lee suggests those without coding skills "go out on the streets" and advocate to change what the internet has become.

Read more at Vanity FairKathryn Krawczyk

 

E. Sue Bennett