Why Does Mukesh Ambani Have Faith in Blockchain?

Blockchain is a durable, transparent, append-only digital ledger that may be used to monitor or record practically any form of asset, including products and services, patents, smart contracts, and more.

Each year, the growth rate of blockchain technology accelerates significantly. Between 2019 and 2025, the worldwide blockchain market is expected to develop at a CAGR of over 69%.

Mukesh Ambani is one of the world's wealthiest individuals, and his journey to billionaire status is the stuff of legends. He is Reliance Industries' (RIL) chairman and managing director.

Mukesh Ambani has previously spoken out about his thoughts on blockchain technology. The billionaire tycoon claimed that he believes in Blockchain technology, which he feels is crucial for a "trust-based, equitable society."

This business tycoon predicted that smart contracts will revolutionize the world of finance, and that blockchain, which he differentiated from cryptocurrency, is a technology that he believes in.

Interest in DeFi

On the 3rd of December, at the Infinity Forum, a global financial technology event, he stated that it can provide exceptional security and confidence, as well as provide automation and efficiency, to practically any type of transaction.

"I believe in blockchain technology, which is distinct from cryptocurrency. "I believe a smart token ensures that you create transactions that can never be altered," he added. "Today, it's still a world where big businesses receive easy financing and small businesses don't, and the same is true for people, and I don't think that will change."

In the next ten years, Ambani predicted that the decentralized finance (DeFi) industry would undergo unavoidable changes.

DeFi is a blockchain-based type of finance that works without the use of brokerages, stock exchanges, or even actual banks, relying instead on tiny programs called smart contracts. He stated

"I believe that the confluence of distributed ledger and blockchain technology, smart tokens, and the convergence of physical and digital through loT (internet of things) will empower and reinvent the decentralized financial industry in ways we have never envisaged," 

Ambani's remarks come at a time when India’s Narendra Modi administration prepares a cryptocurrency bill that would categorize virtual tokens as financial assets while protecting small investors.

When it comes to proposing the data privacy bill and the cryptocurrency bill, the government is on the "right path," according to the billionaire.

JioCoin

Cryptocurrency has been debated for a long time, but it has recently become more popular.

Many businesses have begun to accept payments from it. In a scenario like this, it's crucial to know what India's industrialists, the Reserve Bank, local banks, and the Supreme Court have to say. According to this report, India has invested nearly ten thousand crore rupees in cryptocurrencies.

Reliance Industries Limited is India's largest private-sector firm and a Fortune 500 company.

According to this report, Reliance Jio Infocomm is planning to launch its own cryptocurrency, Jio Coin. According to a Mint publication, the new betting is the responsibility of a 50-member blockchain technology team led by Ambani's eldest son Akash.

With its discount offerings and relatively inexpensive pricing, Reliance Jio has been essential in transforming the face of India's telecommunication business.

The news that Bitcoin would be banned on November 23, 2021, shocked India once more. Will Jiocoin Return to India impose a Ban on All Cryptocurrencies?

In the winter session, the BJP government, led by Prime Minister Modi, chose to introduce a policy banning the use of cryptocurrencies.

Is Mukesh Ambani playing a monopoly game? When every cryptocurrency is prohibited in India, JIOCOIN becomes way more profitable.

Because the seller is the single vendor of products with no close replacement -- a monopoly market has no competition. Prices are established by the vendor. JioCoin will eventually profit due to the lack of alternative digital currencies on the market.

By introducing JioCoin, Mukesh Ambani launched Akash Ambani's career. The initiative was well-marketed, but then the news stopped coming in, and everyone forgot about it. After a four-year absence, all cryptocurrencies have been suddenly banned, and Jiocoin may make a comeback in India.

It is apparent that the future of blockchain technology will be centered on many topics, with the goal of continuously improving value for consumers.

Blockchain technology's future prospects are strongly reliant on innovation and might provide significant value to businesses.

Many live streaming projects are also now using blockchain technology like stream coin, chainFlix, livepeer, etc. Enterprises are looking at new methods to exploit blockchain in the future, in addition to the traditional functionality and applications.