Reliance India Limited (RIL) chairman Mukesh Ambani has announced that Reliance Jio Infocomm will initiate India’s Blockchain network with an initial network of thousands of node on its first day of commencement. RIL had already started the practice of the Blockchain technology by issuing a Blockchain based Letter of Credit to its US based client. Mukesh Ambani is planning on leveraging the Distributed Ledger technology which got much prominence in business globally.
On the 42nd Annual General Meeting, Mr. Ambani was quoted saying, “Over the next 12 months, Jio [Reliance Jio Infocomm] will install across India one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one.”
Mukesh Ambani also 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,” reinstating his statement ‘data is wealth’ and India’s wealth must be contained in India.