Mukesh Ambani Supports Blockchain In India; Says Blockchain Brings Trust, Equality In Society

Mukesh Ambani said that he was a big believer in blockchain technology!

Most of you might be aware of blockchain technology!

In simple terms, Blockchain technology is a distributed ledger that uses decentralisation and cryptographic hashing to make the history of any digital asset unalterable and transparent.

“I believe in blockchain technology and this is different from cryptocurrency,” Ambani said, adding, “Blockchain is very important for a trust-based, equitable society.”

Reliance Industries Chairman and Managing Director Mukesh Ambani mentioned this in an interview at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA), virtually from the GIFT City.

A bill for regulating cryptocurrency is in the works, and RBI Governor Shaktikanta Das is among those who feel that the blockchain technology underpinning cryptocurrencies could exist on its own, even without the currency.

What Mukesh Ambani Has To Say Regarding Blockchain Technology?

Mukesh Ambani said in an interview at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA), virtually from the GIFT City.

 “Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,”

Ambani said.

“It can be used to modernize our supply chains that form the lifeblood of our economies,” he said.

“I think that smart token is making sure that you are creating transactions that can never be changed. It is a very important framework for trust-based transactions and trust-based society, which is a prerequisite for all of us,” he said.

“So, I think that the convergence of real-time, the convergence of the distributed ledger and blockchain technologies, smart tokens, the convergence of physical and digital through IoT will enable and will redefine the decentralized financial sector in a way that we have never imagined.

Blockchain Innovative Model For Data Privacy 

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, believes that blockchain might be utilised to create an innovative data privacy paradigm.

“Blockchain has today created a whole new concept of Non-Fungible Tokens (NFTs). The technology can enable real-time transactions and settlements, authentic digital recording of all transactions – digitalisation ownership of land, property, gold and other kinds of assets. In the e-commerce space, we will need innovative solutions to take care of working capital needs of lakhs of merchants, while managing their credit scores real-time,”

“I think this is happening in the coming 10 years and, again, this will be a prerequisite to great economic growth, because this is how and we have just seen it now, in terms of saying that how we could never imagine that India would have startups, that would be funded,” he said.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries