Reliance Jio, which recently became the largest private telecom company in India and the world, has announced the launch of a proprietary blockchain solution built to improve customer data privacy. In the report by ET Telecom, August 12, 2019, Reliance executive chairman Mukesh Ambani, spoke of the imminent transformation of Jio into a technology company as they build solutions based on the blockchain, edge computing, and mixed reality.
Blockchain for the People – A First in India
Reliance Jio’s data management solution that aims to enhance customer security will be the first consumer-facing blockchain solution from a major company in the country. It is likely that Reliance has gained confidence from the Indian government’s recent stance, strongly promoting blockchain while aiming to ban cryptocurrencies.
Jio notes that they have been funding internal technological development that can change the way data is viewed and managed by users. With a team of over 6,000 software engineers, Jio has fervently joined the enterprise blockchain brigade.
Ambani claims Jio has been using the blockchain for a while now, harnessing its capabilities to deliver security and efficiency. His comments showcase him as a strong proponent of blockchain as he discussed the potential to disrupt the agricultural and supply chain industries in the country.
The company has announced that on launch date there will already be tens of thousands of functional nodes on the network to participate in consensus and verification.
Notably, Reliance is partnering with Microsoft for “digital transformation of India”, wherein the telecoms giant will tap Microsoft’s Azure cloud platform and launch cloud data centers accrossIndia. This new service will be free for Indian startups.
India has been relatively poor in terms of data management and privacy compared to its counterparts with similar economic growth. However, Ambani has come forth with a vision where Indian consumer data is owned and controlled by the people through distributed technology.
Indian Blockchain Spurt?
Regulation is by far the most important factor when it comes to the success of blockchain and cryptocurrency in any given nation, especially in India; up until now, companies have been careful to walk on eggshells around regulators.
With global authorities finally coming to the realization that this technology is revolutionary and not going anywhere, regulators have finally stepped into the game to issue circulars and decide how this technology is to be regulated.
India has been unambiguous with their approach; from the get-go, they wanted to drive cryptocurrencies away but mobilize the potential of blockchain. Now that Indian regulators have made their intent and views crystal clear, it is very likely that more companies will launch proprietary chains to streamline their operations and give customers a better experience.