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technology | IST

Mukesh Ambani bullish on blockchain technology, says it is vital for equitable society

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RIL Chairman and Managing Director Mukesh Ambani, in an interview at the Infinity Forum, has said that he believes in blockchain technology as it can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction.

Reliance Industries Chairman and Managing Director Mukesh Ambani said that he was a big believer in blockchain technology.
"I believe in blockchain technology and this is different from cryptocurrency,” Ambani said, adding, “Blockchain is very important for a trust-based, equitable society.”
He mentioned this in an interview at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA), virtually from the GIFT City.
A bill for regulating cryptocurrency is in the works, and RBI Governor Shaktikanta Das is among those who feel that the blockchain technology underpinning cryptocurrencies could exist on its own, even without the currency.
“Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” Ambani said.
“I think that smart token is making sure that you are creating transactions that can never be changed. It is a very important framework for trust-based transactions and trust-based society, which is a prerequisite for all of us,” he said.
“So, I think that the convergence of real-time, the convergence of the distributed ledger and blockchain technologies, smart tokens, the convergence of physical and digital through IoT will enable and will redefine the decentralized financial sector in a way that we have never imagined.
I think this is happening in the coming 10 years and, again, this will be a prerequisite to great economic growth, because this is how and we have just seen it now, in terms of saying that how we could never imagine that India would have startups, that would be funded,” he said.
Ambani believes it could also help come up with innovative solutions to take care of the working capital needs of lakhs of merchants while managing their credit scores in real time.
He believed blockchain could also be used to invent an innovative model for data privacy where customer data is owned and controlled through technology by the people themselves.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.