Telecoms company Jio wants to build the blockchain system over the next 12 months, its managing director has revealed.
Chairman: Nodes to be active from day one
Speaking at the company’s 42nd AGM (1.01) on Aug. 12, chairman and managing director Shri Mukesh D. Ambani said blockchain technology formed one of three main areas of expansion for Jio.
Since debuting in 2015, the company has become one of India’s major mobile networks, with a current user base of over 330 million people.
“Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world, with tens of thousands of nodes operational on day one,” Ambani promised.
His comments came as India faces a backlash over its plan to ban cryptocurrency while championing blockchain technology at state level.
As Cointelegraph reported, outside commentators have joined the anger coming from the local crypto industry amid warnings from the central bank it could criminalize interaction with unsanctioned tokens such as Bitcoin (BTC) in future.
Customer data owned and controlled by the Indian people
Staying away from the topic, meanwhile, Ambani focused on blockchain’s role in empowering Indian consumers.
“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 by the Indian people and not by corporates — especially global corporations,” he said.
The exact nature of Jio’s blockchain installation remains unclear, with Ambani not going into specifics about how users could potentially engage with or monitor their data.
Beyond India, estimates have put the potential value of the global blockchain telecoms industry as reaching $1 billion by 2023.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.