Reliance Industries Plan To Launch Largest Blockchain Network

Leading Indian company Reliance announced their plans to expand their footprint in digital space. The company plans to do so by investing in 3 next-generation technologies which include Blockchain technology. The other two areas are – Edge computing and cloud infrastructure.

Reliance is one of the largest publicly-traded company in India by market capitalization. It owns businesses across India engaged in petrochemicals, energy, textiles, natural resources, retail, and telecommunications.

Source:
Mukesh Ambani, Chairman of Reliance Industries announced this in 42nd Annual stakeholder meeting. The video recording available here (check video clip from 1:02:20 to 1:04:10)

The company intends to launch one of the largest blockchain networks with tens of thousands of nodes across India.

The chairman of reliance industries, Mukesh Ambani mentioned in his presentation that

“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 modernizing our supply chains for agricultural produce and other goods which form the life-blood of our economy”.

“And using blockchain, we also have the 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.”

The chairman did not go into specifics of ‘new data model’ but given their other plans to set-up internet-of-things network which will connect 1 Billion devices by 2020 in India, it hints towards using blockchain to secure users data collected from IoT devices allowing customers to own their data and possibly monetize it.