India's richest man backs blockchain technology

Mukesh Ambani, the chairman of Reliance Industries (RIL) and India's richest man, told the shareholders that they are going to be adopting the blockchain technology. Back in December, RIL used a blockchain-enabled letter of credit to export shipment between itself and one of its US-based clients. Ambani's comments echo the fact that while the country's government is against cryptocurrencies, they are pretty bullish on the underlying blockchain technology. Ambani said during RIL's 42nd annual general meeting (AGM):

"Over the next 12 months, Jio [Reliance Jio Infocomm] will install across India one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one." 

Ambani believes that "data is wealth" and Indian wealth must remain in India. He stated:

"On the back of Jio's [engineering] talent we are now investing in scaling-up advanced technologies in our country even ahead of the rest of the world...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." 

Ambani also informed the shareholders about a new partnership between Reliance and Microsoft. The partnership will facilitate tech-in-business across the country:

"Jio and Microsoft have entered into a long-term alliance to accelerate the digital transformation of India to launch new cloud data centres, ensuring more organizations can access the tools and platforms they need to build their own digital capability." 

He also revealed that as a part of this partnership, Jio will set up a network of large data centers around India, which will be powered by Microsoft's Azure. The companies said in a joint statement:

"In combining efforts, Jio and Microsoft aim to enhance the adoption of leading technologies like data analytics, AI, cognitive services, blockchain, Internet of Things, and edge computing among small and medium enterprises to make them ready to compete and grow, while helping accelerate technology-led GDP growth in India and driving adoption of next-gen technology solutions at scale."

Ambani also revealed that RIL will use blockchain, IOT, AI and other new technologies to remove "inefficiencies and value destruction in today's market ecosystem, New Commerce will transfer significant new value to consumers, producers and merchants."