Reliance announces foray into blockchain technology

India’s leading company Reliance announced plans to launch a blockchain network. RIL Chairman and Managing Director Mukesh Ambani made this announcement during the Reliance AGM today.

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.

Mukesh Ambani

This is great news for the Indian crypto community as the entry of a large player like Reliance means that the government cannot ignore the technology anymore. While there was no announcement of a token around the blockchain, Reliance’s entry into the space marks the mainstreaming of the technology in India. The announcement during the AGM also indicates that the company sees blockchain technology playing a critical role in its future growth plans.

Incidentally, news of Reliance’s entry into the space has been doing the rounds since January 2018. There was wide speculation around the company launching a new token called JioCoin.

(Image Credit: Amit Agarwal | Flickr)