The Chairman and Managing director of Reliance India Mukesh Ambani announced the Reliance Jio blockchain for India.
This blockchain has literally thousands of nodes in India making it one of the largest blockchain networks across the globe.
Announcing the future plans for Reliance Jio Mukesh Ambani stated that reliance is now investing to scale up the advanced technologies in India to stay ahead of the world. Ambani further reveals his plans for Reliance Jio blockchain in India:
Let me describe our plans for a few of these. First, blockchain technology all over India, using blockchain we can provide 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 agriculture produce and other goods which form the lifeblood of our economy and using blockchain we also have the opportunity to invent a brand new model for data privacy.
Data privacy has become a major reason for concerns over the years. Facebook Libra was rejected by the world and is accused of being negligent with data. Ambani explains that,
Where the India data especially customer data is owned and controlled by the Indian people and not by corporates especially global corporations. Data is wealth and Indian wealth must remain in India.
Putting things in perspectives and practical action for the world to see Ambani made the announcement about Reliance Jio blockchain deployment in India. He revealed that,
In the next 12 months, Jio will install, across India, one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one.
On the other hand, the Indian government continues to struggle with cryptocurrency regulations in the country and the uncertain legal status is deadly for the growth of cryptocurrency sphere in India.