A New $15 Billion Project Is Set to Utterly Transform Our World

A New $15 Billion Project Is Set to Utterly Transform Our World

A new global research and development program has been announced by Alibaba, with a huge investment being made from the company over the next three years.

It will fund research into a broad range of areas, including data intelligence, the Internet of Things, fintech, quantum computing, human-machine interaction, machine learning and natural language processing. The program has tentatively been titled 'Discovery, Adventure, Momentum, and Outlook (DAMO)'.

That sum was slightly more than double the total amount Alibaba spent on R&D between 2014 and the fiscal year that ended March 31, 2017.

Over the next three years, the company plans to spend $15 billion on research and development, a significant increase over its current rate of spending.

Alibaba said it will be doubling its R&D spend over the coming three years to Dollars 15 billion in order to develop next-generation technology and explore moonshot projects aimed at upending industries, Bloomberg reported.

The executive has been tasked with overseeing the works done at the academy together with a "global advisory board that includes some of the world's top researchers and educators". Just like Amazon Inc., the Chinese e-commerce giant competes in multiple industries outside online retail, including the cloud market. Alibaba's Chief Technology Officer, Jeff Zhang, was quoted stating that the innovation of next-generation technologies will contribute significantly toward Alibaba's growth worldwide.

This is a move that puts Alibaba in line with a number of other major tech organizations, including Microsoft, Google, Facebook, IBM, and Snap. "With our technology and capital and responsibility, we can build a world-class research institute and if done correctly, it could help 100 billion companies create opportunities and help solve problems for billions of people around the world".

Experts have previously said that China was moving more into the research and development of hardcore, cutting-edge technologies.

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