Mukesh Ambani, who according to Forbes is the richest man in Asia, plans to launch “one of the world’s largest blockchain networks” within the next year. This was announced by the Indian billionaire at the annual general meeting of his group Reliance Industries. In the future, the network should, among other things, help the domestic agricultural industry and secure the supply chains in the country.
In this country Mukesh Ambani is a little known name. In his home country of India, however, the richest man in Asia is not only known sports club owner, but is also considered a significant advocate of domestic industry.
In the upswing to become a globally competitive economic power, Ambani wants to help India now with the blockchain technology. Under the auspices of his mobile phone company Jio, “one of the largest blockchain networks in the world […] with tens of thousands of nodes” is to be created, connecting the domestic industry.
The billionaire announced plans on Monday, August 12, at the annual general meeting of its petrochemical group Reliance Industries, the parent company of Jio, to shareholders. Already within the next twelve months, the official starting signal for the mammoth project will fall.
In the future, the network will help the agricultural industry in particular to secure their supply chains, said Ambani in Mumbai.
Blockchain allows us to breathe unprecedented security, confidence, automation and efficiency into virtually every transaction. This is crucial for India, especially with regard to modernizing our supply chains for agricultural products and other goods that are the lifeblood of our economy,
said the 62-year-old about the benefits of technology. But even in the private sector, the blockchain network should be an enrichment for India. For example, Ambani wants to use technology to give Indian citizens power over their personal information.
Blockchain also gives us the opportunity to invent a brand-new privacy model that includes and controls Indian data, especially customer data, for the Indian people and not for [private] companies, especially global corporations,
Ambani confidently surrenders to US data giants like Facebook. How this Herculean task is to succeed, he sometimes left open. However, the Group can rely on initial experience. Already last year, Reliance Industries, together with the banks ING and HSBC, took the first steps and implemented blockchain technology in trade finance.
India: Emerging economic power with growing pains
As one of the most important emerging economies, India has been recording impressive growth rates for years. At the same time, the largest democracy, with its currently 1.4 billion inhabitants, is behind China the second most populated state in the world. This has some growing pains for the country.
It is true that Prime Minister Modi, as part of his Made-in-India initiative, is focusing his efforts on industrializing the country. However, the majority of the Indian population still lives directly on the less lucrative agriculture. Despite constant reforms and the Indian economic miracle of past years, the development in the country lags behind.
While the government in New Delhi and the 29 states meanwhile wants to fight decisively against poverty, unemployment and educational problems, the economy is groaning under corruption and money laundering.
In the fight against tax evasion and kickback payments, the state of these days, however, tightened his actions – to the chagrin of the crypto community. By the end of the year, Parliament wants to decide on a bill to ban Bitcoin & Co. Observers fear billions in losses for the Indian economy.
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