Mukesh Ambani, chairman and managing director of Reliance Industries, said that he is a great believer in blockchain technology.
“I believe in blockchain technology and this is different from cryptocurrency“Blockchain is very important for a faith-based, equitable society,” Ambani said.
He mentioned this in an interview at the Infinity Forum organized by the International Financial Services Center Authority (IFSCA), virtually from GIFT City.
A bill to regulate cryptocurrencies is in the works, and RBI governor Shaktikanta Das is among those who feel that the blockchain technology that underpins cryptocurrencies can even exist without currency.
“By using blockchain, we can provide unprecedented security, trust, automation and efficiency for almost any type of transaction,” Ambani said.
“I think smart tokens are making sure that you are doing transactions that can never be changed. It is a very important framework for trust-based transactions and a trust-based society, for all of us. There is a condition,” he said.
“So, I think the convergence of real-time, distributed ledger and blockchain technologies, smart tokens, will enable the convergence of physical and digital through IoT and thus redefine the decentralized financial sector as we have done. Have never imagined.
I think it’s going to happen in the coming 10 years and, again, it will be a prerequisite for great economic growth, because that’s how we’ve seen it now, in terms of saying how we can’t imagine it. Can India There will be startups, which will be funded,” he said.
Ambani believes that it can also help in coming up with innovative solutions to meet the working capital needs of millions of merchants while managing their credit scores in real time.
He believed that blockchain could also be used to invent an innovative model for data privacy, where customer data is owned and controlled by the people themselves through technology.
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