Reliance Jio Infocomm, owned by Asia’s richest person, Mukesh Ambani, claims that it will launch the largest blockchain network for industries. Reliance Jio to build Largest Blockchain Network.
The company has become one of India’s major mobile networks since its debut in 2015. It has a user base of more than 330 million people to date.
Ambani said that within the span of the upcoming 12 months, the company will launch: “one of the largest blockchain networks in the world. Also, the network will have tens of thousands of nodes operational on day one”. He promised this at the annual general meeting (AGM) of Reliance Industries.
Reliance Jio to build Largest Blockchain Network. It is reported that the blockchain network will aim at the content distribution across India. Also, it will boost the industry by providing consumers with data privacy.
“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 for agricultural produce and other goods which form the lifeblood of our economy,” Ambani said.
He further added:
“And using blockchain, we also have an opportunity to invent a brand-new model for data privacy. Where Indian data, especially customer data, is owned and controlled through technology by the Indian people and not by corporates, especially global corporations.”
The company also announced Reliance’s partnership with Microsoft for the “digital transformation of India”.
“In combining efforts, Jio and Microsoft aim to enhance the adoption of leading technologies like data analytics. Also, AI, cognitive services, blockchain, Internet of Things, and edge computing among small and medium enterprises. This is to make them ready to compete and grow, while helping accelerate technology-led GDP growth in India. Also, driving adoption of next-gen technology solutions at scale”, the firm said in its press release.
According to estimates, beyond India, the potential value of the global blockchain telecommunications industry will reach $1 billion by 2023.