Alibaba’s Jack Ma: Bitcoin is a bubble, blockchain is practical
According to 8btc, a cryptocurrency news site for the Chinese community, Founder and CEO of Alibaba Jack Ma has given his views on both blockchain and Bitcoin, speaking at the second annual World Intelligence Conference in Tianjin.
Ma, proclaimed as China’s richest man, stated that whilst he remains positive about the potential that blockchain technology can offer, Bitcoin is something that he would not endorse.
“There is no bubble for blockchain, but there's a bitcoin bubble,” Ma said, as cited by 8btc.
The statements back up similar comments from Ma that CNBC Shanghai reported in December of last year:
“I don't know about Bitcoin at all. I'm particularly puzzled. Even if it can really work, the rules of global trade and the financial system will be completely changed. I don't think we are ready. So I'm still paying attention to Alipay... to the US dollar, and the euro.”
“We have a team that studies blockchain, but Bitcoin is not something that I want to pursue. We don't care about Bitcoin.”
Ant Financial, the financial services affiliate of Alibaba, has already began exploring the uses of blockchain technology, set to launch its blockchain-as-a-service solution this summer.
Further, according to fellow local news outlet The Paper, the CEO of Ant Financial Services, Eric Jing, called blockchain “the cornerstone of trust for the digital society in the future” earlier this year.
For more information on the ways in which blockchain is being used outside of cryptocurrencies, see Beyond cryptocurrency: Eight alternative uses of blockchain.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”