India has warmed up to blockchain technology with many companies, governmental organizations, and startups spearheading experimentation and development in the space. The latest to join this group of blockchain-friendly entities is none other than the Fortune 500 company Reliance with its plans of creating “one of the largest blockchain networks in the world”.
Reliance MD Announces Big Plans for Blockchain in India
At Reliance’s Annual General Meeting on Monday, Reliance MD and Chairman Mukesh Ambani announced that Reliance Industries-owned Reliance Jio will work on developing “one of the largest blockchain networks in the world” that will have “tens of thousands of nodes” operating from the first day of their installation.
“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” said Ambani.
According to the Indian newspaper Hindustan times, the company is planning to begin its blockchain network development plans by deploying a blockchain network of Edge Computing and Content Distribution across India. Reportedly, the company’s blockchain network is aimed at not just powering industries, but offering data privacy to users as well.
In January 2018, unconfirmed reports of Reliance planning to launch its own cryptocurrency, JioCoin, had been doing the rounds, but no official statement was given by the company on the subject. In the recent AGM, there was no news on whether Reliance will launch the cryptocurrency, or if this blockchain network has any association with it.
Reliance has also been in the news for its participation in blockchain-related projects previously. 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). The company bought a 5.56 percent stake in the startup for $5M.
Other Indian companies turning to blockchain
In India, IT companies are developing blockchain solutions for major Indian organizations. IBM has developed a blockchain solution for for the Telecom Regulatory Authority of India (TRAI) and Bharti Airtel to help check spam calls.
Recently, US-based BlockApps also announced a partnership with India-based company Tech Mahindra to leverage Tech Mahindra’s experience in integrating data from existing systems with blockchain-based systems. The partnership will enable BlockApps to help its 935 corporate global customers integrate the BlockApps STRATO platform seamlessly using Tech Mahindra’s assistance.