Firm owned by Asia’s richest man to install blockchain network with ‘tens of thousands’ of nodes

Indian mobile network operator firm Reliance Jio Infocomm - owned by Asia’s richest person, Mukesh Ambani - is turning to blockchain technology.

Reliance Jio will launch “one of the largest blockchain networks in the world over the next 12 months,” Ambani announced at an annual general meeting of Reliance Industries on Monday, adding: “The network will have tens of thousands of nodes operational on day one.”

The blockchain network will focus on powering industries as well as offering data privacy to users.

“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."

Back in November, Reliance Jio’s parent company Reliance Industries, an oil and gas conglomerate, also used blockchain technology to conduct its first trade finance transaction, in an association with HSBC India and ING Bank Brussels.