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

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.

“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.