On 12 August 2019, Mukesh Ambani, chairman and managing director of Reliance Jio, at the company’s 42nd Annual General Meeting (AGM), announced the launch of one of the largest blockchain networks in the world, amid the strategy to build an effective content distribution network and to scale-up next-generation technologies. Ambani said that on the first day of the network’s launch, tens of thousands of nodes are expected to be operational.
The company also revealed its GigaFiber broadband service and announced a partnership with Microsoft Azure to distribute cloud services in India. Blockchain technology will be leveraged to establish consumer trust for secure transactions, and to enhance supply chain for agricultural produce and other commodities which form the “lifeblood of economy”.
“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 by the Indian people and not by corporates — especially global corporations. Data is wealth and Indian wealth must remain in India.”
The Jio customer base stands at a whopping 340 million and with the focus on cutting-edge technologies such as blockchain and IoT, the company is perhaps not far behind its goal to achieve a 500 million user-base.
This announcement comes as a recoil to the country’s plans to ban cryptocurrency, perhaps raising questions if the ban scheme will really put a halt to the industry or backfire to catapult the effort to champion cryptocurrencies and blockchain in the country.
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