Reliance Industries chairman, Mukesh Ambani, is looking to build one of the world’s largest blockchain networks over the next 12 months, according to Coin Geek.
The network will be built by Reliance’s telecom subsidiary, Reliance Jio Infocomm, and will reportedly have “tens of thousands” of operational nodes on day one. Ambani, who shared his plan at a recently held annual general meeting, was a little light on details, but did say this:
“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 modernising our supply chains for agricultural produce and other goods which form the lifeblood of our economy.”
“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.”
This isn’t the first time Reliance dabbled with blockchain: the company – through HSBC – executed India’s first overseas blockchain payment late last year:
In November last year, the company partnered with HSBC bank to execute a letter of credit transaction between Reliance and U.S-based Tricon Energy. Speaking at the time, Reliance CFO Srikanth Venkatachari stated, “The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant seven-ten days to less than a day.”
Photo: World Economic Forum
