The richest man in Asia and chairman of Indian multinational Reliance Industries, Mukesh Ambani, declared setting one of the largest blockchain networks worldwide in India.
At Reliance’s 42nd Annual General Meeting (AGM), Ambani announced his intends to roll out the blockchain above the next year, among other announcements.
Reliance is often a technological innovator in India, having introduced the Jio Network, making cheap telecommunications and internet designed for a major a natural part of India’s 1.3 billion population. In accordance with Ambani, Jio itself employs over 6,000 software engineers and its attracting technological talent from in the united states and the world.
He thus wishes to use and produce that talent by purchasing advanced technology designed to keep India on par with, or earlier than, the rest of the world. Interestingly, Jio needs to use blockchain rolling around in its transaction processes, and improve security, trust and efficiencies over the network. One more reason for harnessing expertise to generate is to modernise Indian supply chains.
A major focus in this update rested on data privacy. Reliance wishes for Indians to acquire greater handling of their data through blockchain technology, in place of for their data to be in the hands of corporates, especially international ones. He stated:
“Information is wealth and Indian wealth must continue in India.”
In relation to its harnessing today’s technology, Jio also intends on deploying cloud technology across India, who they want to be “cutting-edge and affordable”.
Indian Crypto Ban
While this will be good news for that cryptocurrency community in India, it is merely one beacon among a slew of negative news. The govt of India has officially recommended a blanket ban on cryptocurrencies in India for its highly unregulated nature with a range of cryptocurrency-related financial and civil disputes.
Perhaps Reliance, that’s major lobbying power and impact on the economy, can be an unlikely campaigner for the cryptocurrency movement.