One of India’s leading industrialists Mukesh Ambani, the chairman of Reliance Industries Limited, dropped huge news about incorporating blockchain. Today, Ambani was addressing the Annual General Meeting (AGM) of RIL where he stated the company is investing in scaling-up advanced technologies in India, even ahead of the rest of the world.
He said, “Over the next 12 months, Reliance Jio will install one of the largest blockchain networks in the world in India, with tens of thousands of nodes operational on day one. Reliance Jio is setting up a pan-India Edge Computing and Content Distribution network starting with tens of thousands of nodes.”
This wasn’t the first time, Reliance talked about blockchain and adoption. In January last year, Akash Ambani, the elder son of Mukesh Ambani, at Reliance Jio in collaboration with CISCO organized India Digital Open Summit, had said, “Open source is very important for Jio, being both, a contributor and utilizing it for our business needs.” He had added that 2017 was truly the year of blockchain and digital currency. Blockchain provides a distributed ledger system for enabling secure transactions. One of the fundamental features was bitcoin but it can be used in other fields such as banking, education IoT, real estate, etc.
Not only that, in January this year, some top organizations such as Hindustan Unilever Ltd (HUL), Mukesh Ambani-led Reliance Industries Ltd (RIL), HDFC Bank and ABG Shipyard, among others, have launched blockchain and crypto based projects for internal treasury management, record keeping, payments, trade and finance functions and more functions.
A source who was familiar with developments had said, “The cryptocurrency would only be used by the companies and banks internally. It will mainly be effective as a working capital management tool, where rather than actually transferring money, cryptocurrency will be transferred and and accounts shall be reconciled at a later date.”
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