Indian telecom company Reliance Jio Infocomm Limited has announced its plan to create one of the world’s largest blockchain networks, according to a report by Cointelegraph.
The company has been one of the biggest mobile networks in India since its establishment in 2015, boasting over 330 million users.
Reliance Jio’s chairman and managing director, Shri Mukesh D. Ambani, told attendees at the company’s 42nd annual general meeting held on August 12th that the distributed ledger technology contributed to one of the three main pillars for Jio’s business expansion.
Although the company is currently serving millions of clients, Ambani promised that “Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world, with tens of thousands of nodes operational on day one.”
Ambani focused on the role of blockchain improving the quality of services for his customers, stating:
“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 by the Indian people and not by corporates, especially global corporations.”
As previously reported, the central bank of India has issued official warnings to the local crypto industry and impose jail penalties for crypto-related activities. This move has infuriated industry stakeholders in India and forced crypto exchanges to shut down.
However, India’s government has generously supported the development of blockchain-powered projects at the state level, employing the cutting-edge technologies to facilitate and enhance government procedures.
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