Indian telecoms provider Reliance Jio Infocomm Limited (known as Jio) has promised to build what it describes as one of the world’s largest blockchain networks.
The chairman and managing director of the company Shri Mukesh D. Ambani made the promises at the company’s 42nd AGM (1.01) on Aug. 12, saying that blockchain technology formed one of three main areas of expansion for Jio.
“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,” Ambani promised.
His comments came as India faces a backlash over its plan to ban cryptocurrency while championing blockchain technology at state level.
The event which was streamed live on Facebook has however call the attention of various users who have been calling on the firm with a current user base of over 330 million people to improve its service especially in rural areas of the country.
The exact nature of Jio’s blockchain installation remains unclear, with Ambani not going into specifics about how users could potentially engage with or monitor their data.
Beyond India, estimates have put the potential value of the global blockchain telecoms industry as reaching $1 billion by 2023.