Blockchain technology continues to increase in popularity due to its applications in different sectors and this could soon be applicable in the Indian telecommunication industry.
One of the top telecommunication firms in the country Jio Infocomm Limited popularly known as Jio has revealed its plans to build a blockchain network.
The group chairman and managing director of Jio Shri Mukesh Ambani revealed in the company’s AGM on August 12 that blockchain technology is one of the three areas the firm is looking to expand its operations.
10,000 Nodes in 12 months
According to Ambani, Jio has already formulated its blockchain roadmap and will install 10,000 nodes across India in the next 12 months.
“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.”
This would bring about one of the largest blockchain networks in the world when operational. Jio is regarded as one of the major telecommunication provider in India since entering the market in 2015 and currently boasts a user base of over 330 million people.
It is expected that this new initiative would bring about a new model for brand privacy within the industry.
The announcement by Jio comes on the backdrop of serious regulatory issues regarding cryptocurrencies in the country.
Continued Disapproval Towards Crypto
Despite, acknowledging the potentials of blockchain technology as a means to provide solutions in different sectors. The Indian government has continually shown its disapproval towards the use of cryptocurrencies as a financial vehicle.
A controversial bill has been introduced in the legislative arm of government to criminalize transactions involving cryptocurrencies. This has caused a backlash within the crypto community in the country.
It remains to be seen whether initiatives such as that of Jio can change the approach of the government towards digital currencies.
It is estimated that by 2024 the blockchain telecoms industry would be worth over $1 billion.