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World's Largest Blockchain Network to be set up by Indian Enterprise

in palnet •  11 days ago  (edited)

Mukesh Ambani.jpg

Representative image of Mukesh Ambani from Wikimedia

One of the country's largest business house Reliance Industries Limited (RIL) today announced in its Annual General Meeting (AGM) that Reliance Jio is all set to install one of the largest blockchain network in the world in next 12 months period. This blockchain network will have tens of thousands of nodes operational from the day one!

In this 42nd AGM, RIL chairman Mr. Mukesh Ambani mentioned:

Using Blockchain, we can deliver unprecedented security, trust, automation, and efficiency to almost any type of transaction. 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.

On this occasion, RIL also announced a new partnership with Microsoft to accelerate the digital transformation of the country by launching new cloud data centers and offer Office 365 and Azure Cognitive Services in the country. With this partnership, RIL aims to launch a network of large world class data centers powered by Azure's cloud platform.

Microsoft head Satya Nadella also addressed the gathering through a video call. In a joint statement, the companies said:

Jio and Microsoft aim to enhance the adoption of leading technologies like data analytics, AI, cognitive services, blockchain, Internet of Things, and edge computing among small and medium enterprises

The news to launch one of the world's largest blockchain comes amidst the recent submission of a draft bill report on banning cryptocurrencies in India. It should be noted that the proposed draft bill speaks about banning of cryptocurrencies but is positive on adoption of blockchain technology in India.

Earlier RIL had said of launching a blockchain based cryptocurrency project called Jio coin. But now it speaks only of providing solutions through blockchain technology to Indian industries.

But it also says,

"...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"

To me. this implies that ordinary people will have control over their data and probably would be able to participate in running of nodes. This could be centralized or partially decentralized model. But it would be interesting to watch how people will get paid without the existence of any cryptocurrency. I believe they will share a part of the revenue earned from industries availing services on this blockchain. But this are just my casual anticipations.

Industrialists like Mukesh Ambani have been known to have a strong influence over Government and can perhaps lobby with key government officials to come up with a favourable blockchain policy.

When giants like Facebook and Walmart are coming up with their own cryptocurrencies, Indian corporate behemoth needs to come up with their own plan to make themselves competitive on a global scale.

Overall, it's a very positive development in the Indian blockchain scenario. Let's see how things unfurl in future.

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