Major Indian multinational company Reliance Industries has disclosed its plans to digitize key documents used to transport its products by launching a blockchain network along with other initiatives to increase automation and assist in the company’s decision-making process.

Digitizing with Decentralized Technology

According to Tokenpost, Reliance Industries Chairman and Managing Director Mukesh Ambani first made an announcement about the firm’s plans to utilize blockchain technology in August 2019, when he said Reliance will introduce “one of the largest blockchain networks in the world” in India “with tens of thousands of nodes operational on day one.”

Meanwhile, the company laid out in latest annual report plans for several projects to digitize its operations, including bringing in decentralized technology to keep track of documents relating to Bill of Lading and Letter of Credit transactions.

The company also said it will be developing a “blockchain platform integrated with electronic Bill of Lading (eBL) to issue and manage eBL” as well as a “blockchain-enabled LC transaction through a consortium led by HSBC.”

Enabling Smart Contracts with Blockchain 

Reliance Industries also made a statement indicating its adoption of blockchain in its digital transformation.

“Blockchain as a technology is currently being explored to enter into smart contracts with customers and vendors for instant matching and settlement processing on blockchain connected platform, eliminating intermediaries,” the company stated.

Moreover, in the past year, the firm has filed for 35 patents with 12 being granted.

“Patents cover areas of cutting-edge technology including video bots, blockchain, NFV (Network Function Virtualisation) and eMBMS (Evolved Multimedia Broadcast Multicast Services),” according to a company report.

Source: https://tokenpost.com

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