A bill to regulate bitcoin is being drafted, and RBI Governor Shaktikanta Das is one of those who believes that the blockchain technology that underpins cryptocurrencies might operate independently of the currency.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, stated that he believes in blockchain technology.
“I believe in blockchain technology, which is distinct from cryptocurrencies,” Ambani explained, adding, “Blockchain is critical for a trust-based, equal society.”
He said this in a virtual interview from the GIFT City at the Infinity Forum, held by the International Financial Services Centres Authority (IFSCA).
A bill to regulate bitcoin is being drafted, and RBI Governor Shaktikanta Das is one of those who believes that the blockchain technology that underpins cryptocurrencies might operate independently of the currency.
“We can provide unprecedented security, trust, automation, and efficiency to nearly any form of transaction using blockchain,” Ambani added.
He explained, “It can be utilised to update our supply lines, which are the lifeblood of our industries.”
He claimed that the technology offered the tremendous potential for financial innovation at the next level.
“Blockchain has given birth to the concept of Non-Fungible Tokens” (NFTs). Real-time transactions and payments, as well as an authentic digital recording of all transactions — digitisation of ownership of land, property, gold, and other assets – are all possible with this technology. “We will require creative solutions in the e-commerce market to take care of lakhs of merchants’ working capital needs while maintaining their credit scores in real-time,” Ambani added.
He felt that blockchain might be utilised to create an innovative data privacy model in which customers’ data is owned and controlled by them through technology.
That was Ambani’s take on blockchain technology and how he thinks it to be essential for a just society.