Billionaire Mukesh Ambani calls for convergence of Blockchain, Distributed Ledger and Smart Tokens
- ByTejika Bajaj | December 6, 2021
Billionaire Mukesh Ambani recently backed the new cryptocurrency and data privacy bill put forth in the parliament for discussion in the winter session, saying that India is putting in place the most forward-looking policies and regulations.
Calling data the ‘new oil’, Mukesh Ambani marked his stance towards cryptocurrency by stating he is a firm believer of blockchains. He further added that blockchain is very important for a trust-based, equitable society.
Talking about the importance of data and the need for blockchains in India, the business tycoon, Mukesh Ambani said, “Data is indeed the ‘new oil’. But the new oil is fundamentally different from the traditional oil. Traditional oil was extracted only at select places – thus, it created wealth only for some countries. In contrast, the new oil – that is Data – can be generated and consumed everywhere and by everybody. It has the potential to create value equitably, across sectors, across geographies, across economic classes. Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” Mr Ambani said. “It can be used to modernize our supply chains that form the lifeblood of our economies.”
Talking about the aspect of digital privacy, the Reliance chairman said that the government already has a satisfactory digital identity framework by the way of Aadhar to control transactions. The industrialist also reiterates the fact that finance is the heart of any business and real time technologies will help settle trades in real time thus making smart contracts a reality.
“Convergence of real-time technologies, distributed ledger, blockchain, smart tokens etc with physical infrastructure using IoT will redefine the decentralized financing sector in a way that we have never imagined,” he added.
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