One of the top Indian telecoms provider Reliance Jio has announced to build the world’s largest blockchain networks.
During the company’s 42nd AGM on Aug. 12, chairman and managing director Mukesh D. Ambani said blockchain technology formed one of three main areas of expansion for Jio.
Mukesh Ambani claims that :
Reliance Jio would launch one of the largest blockchain networks in the world over the next 12 months. The network will have tens of thousands of nodes operational on day one
The Announcement brought a pleasant surprise for Indian crypto enthusiasts who are currently threatened by a crypto-ban sentiment of the existing government authorities. Reliance moves to create one of the largest blockchain networks in the world.
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“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,”
Moreover, the company has also announced its ambitious goal to set up a complimentary GigaFiber service that will be connected via nodes positioned across the country.
Previously, in the year 2018, according to a few sources, the company was planning to launch its own cryptocurrency – JioCoin. But no official statement was given by the company on the subject. Moreover, in the recent AGM, there was no such discussion on whether Reliance will launch the cryptocurrency, or if this blockchain network has any association with it.
However, it is worth noting that, in the past days, Reliance platform also participated in a few blockchain-related projects. In December 2018, HSBC Holdings Plc completed a trade finance transaction for an export by Reliance to US-based Tricon Energy on the blockchain. In November 2018, Reliance made an investment in a UK-based blockchain startup VAKT Holdings Ltd (VHL).