Reliance Jio Infocomm Limited, more comonly known as Jio, has announced start of developement of one of the biggest blockchain networks yet, Cointelegraph reports on August 12th.
The Indian telecom provider is allegedly looking at blockchain technology as one of the three main means of expansion. The company's chairman and managing director Shri Mukesh D. Ambani commented “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 [...] 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.”
With the recent news out of India, the status of cryptocurrencies in the country is quite threatened by what is obviously a movement trying to prevent the use of cryptocurrencies in India, calling for an outright ban. In that climate, declaring a development of blockchain technology as the way forward could provide a different angle for a lot of Indians. If the project turns out to be successful and paves a way towards the adoption of the technology, maybe their government's stand on cryptocurrencies could change as well. It remains to be seen how these interesting times in India pan out.