Altcoin News: The Richest Man in Asia Intends to Create “One of World’s Largest Blockchain Network”

August 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Indian mobile operator Reliance Jio Infocomm Limited, also known as Jio, “will install one of world’s largest blockchain network”.

Chairman and Managing Director Mukesh Ambani Jio — the richest man in Asia, according to Forbes magazine — on Monday at the annual meeting of Reliance Industries Ambani announced that blockchain is one of the three main directions of development of the company.

“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.”

Ambani refused to describe the plan for the deployment of the blockchain network, as well as explain how users can interact with their data.

“Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction. This is a vital capability for India, especially for modernising our supply chains for agricultural produce and other goods which form the lifeblood of our economy,” Ambani said at the meeting, adding: “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.”

In July, it became known that a working group under the Government of India recommended banning cryptocurrencies in the framework of the legislation being developed.

Author: Marko Vidrih