Eric Jing, The CEO of the Chinese fintech giant Ant Financial Services Group, has called Blockchain “the cornerstone of trust for the digital society in the future,” speaking at China’s annual Development High-Level Forum.
Founded in 2014, Ant Financial is an affiliate company of the Chinese Alibaba Group and the operator of AliPay, the world’s largest mobile and online payments platform.
In his speech during the forum Jing said that he considers the long-term prospects of Blockchain as quite optimistic. Although he added that the technology is not yet fully prepared for a “large-scale outbreak,” and its current applications are often speculative, “similar to the Internet bubble period of the 1990s.”
Considering Blockchain’s nature as a “multi-party trust mechanism,” Jing told that the technology would become reasonably applicable “in the next two or three years.” He also pointed out several existing problems that still need to be solved, such as the security of applications, protection of user information, and the transaction capacity of Blockchain networks.
Jing noted that Ant Financial holds one of the largest numbers of Blockchain-based patents among all companies.
In 2017 China filed the largest number of Blockchain patents. At 225 filings, the country has by far surpassed the 91 patents from the US and 13 from Australia.