During Reliance’s 42nd annual general meeting, Asia’s richest man Mukesh Ambani announced some major developments for the company. He announced that they would launch a pan-India blockchain network for industries. He also announced the partnership with Microsoft to distribute cloud services in India.
Reliance CEO, Mukesh Ambani said that the company would install “one of the largest blockchain networks in the world in India. He added that tens of thousands of nodes would be operational on the very first day of launch. He believes with blockchain technology services, they can provide unprecedented security trust to any type of transaction. He added that this would help to modernise supply chains for agricultural produce and other goods which form the lifeblood of the country’s economy.
Ambani further mentioned that with blockchain, they could develop a brand-new model for data privacy for the Indian consumers, where they can control their data and not corporate companies.
On occasion, the company also announced its plans for Jio fibre, the company claimed that so far they have received 15,000 registrations for Jio fiber from 1600 towns. The company will start its Jio fiber broadband services from 5th September. Mukesh Ambani also mentioned the launch of Jio Giga Fiber which will be available to people from mid 2020.
This is a massive announcement from the country’s biggest company. One other major announcement was that the company is selling 20% of its refining stakes to a Saudi company Aramco for 15 billion dollars. Ambani claimed that this is among the largest foreign investments ever in India.
With this announcement, Reliance has entered in one of the most advanced technological businesses. This is positive news for the Indian people and as well as the Indian economy. Previously Reliance Jio famously changed how data providers work in the country by entering in the field and yielding high profits. As the third anniversary of Jio approaches, the company has announced its highly ambitious plans.