Moneycontrol PRO
UPCOMING EVENT:Are you 45+? Planning for retirement? We have just the right webinar for you - Planning for Retirement with Life Insurance on 27-Jan, 3pm. Register now!

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

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.

December 03, 2021 / 02:29 PM IST
Mukesh Ambani, Chairman, Reliance Industries

Mukesh Ambani, Chairman, Reliance Industries

Reliance Industries Chairman and Managing Director Mukesh Ambani said that he was a big believer in the 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.

Close

“It can be used to modernize our supply chains that form the lifeblood of our economies,” he said.

He said the technology provided great opportunities for the next level of financial innovation.

“Blockchain has today created a whole new concept of Non-Fungible Tokens (NFTs). The technology can enable real-time transactions and settlements, authentic digital recording of all transactions – digitalisation ownership of land, property, gold and other kinds of assets. In the e-commerce space, we will need innovative solutions to take care of working capital needs of lakhs of merchants, while managing their credit scores real-time,” Ambani said.

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.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
CNBC-TV18
first published: Dec 3, 2021 02:29 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark