India’s Second Largest Company, Reliance Industries, to Incorporate Blockchain All Across the Country
During the 42nd Annual General Meeting of Reliance Jio Infocomm Limited, an Indian mobile network operator fully owned by Reliance Industries, Founder, Shri Mukesh D. Ambani has shared how the firm will be investing in three next generation technologies’, among which includes focus depicted in blockchain technology, edge computing and virtual and mixed reality content and cloud infrastructure.
The conference went live on Facebook on Sunday, August 11, 2019.
Shri Mukesh D. Ambani addressing shareholders at 42nd Annual General Meeting of #RIL
Posted by Jio on Sunday, August 11, 2019
Speaking of blockchain uses, Ambani praised the technology for its ability to support data privacy along with plans that the company has in store for the country.
Here’s why he believes blockchain has potential in contributing towards the Indian economy:
“Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction. This is a vital capability for India, especially for modernizing our supply chains, agriculture produce and other goods, which produces the life form for our economy.”
He further argued that the blockchain uses will go as far as promoting innovation in coming up with newer models that support data privacy. Ambani shared that the overall aim is to ensure control of one’s data belongs to said rightful owners and “not by corporates”.
This is an issue that he seems to be passionate about as he went to highlight that Indian data should not leave the country because it is the country’s “wealth”.
That said, the Founder shared Jio Infocomm’s future efforts over the course of 12 months. In particular, the firm plans to install “one of the largest blockchain networks” across India entailing tens of thousands of nodes in operation.