Even though India has been driving technological innovation for many years, they have somehow ended up far behind when it comes to blockchain technology. One of the main reasons for this is the Indian government’s reluctance to legalize and regulate the cryptocurrency market.
However, the government is now leaning more towards a potential embrace of cryptocurrencies and blockchains, and many see this as a huge opportunity. In fact, one company claims that it will have the world’s largest blockchain network within the next 12 months.
Jio’s blockchain plans
Only a few weeks ago, Shri Mukesh Ambani – the CEO and Chairman of India’s biggest mobile networks, Jio – announced that the company had plans to dominate the blockchain industry.
At first, it might seem crazy to try and launch the biggest blockchain network in the world in a country where blockchains are still a rather new concept. Although, if we look at the unparalleled growth of Jio, a company that since 2016 has grown from a startup to the biggest mobile network company in India and the third biggest in the world, the plans don’t seem so far fetched.
If there is one company in the world with the potential of launching and running the biggest blockchain network in the world, it has to be Jio.
The goal of the blockchain is to help the Indian population with data protection and to give the Indian people control of their own data again.
The goal is, in other words, not to create another tradable cryptocurrency or crypto brokers, like it was done in the UK, but to connect Indian using blockchain.
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This is what Ambani said when announcing the company’s blockchain plans:
“…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.”
There has also been some talk about Indian’s first large cryptocurrency that could offer new and unique trading and investment opportunities as well as a potentially brand new payment system for the biggest democracy in the world.
The blockchain is already being developed, and according to the currency time frame, it could be launched as soon as late spring or early summer 2020.
Any reasons for doubt?
As with most things in life, not everyone is sure that Jio’s intentions are clear in this situation.
Some claim that Jio, with over 300 million active customers, could be planning to use the blockchain for other purposes than data protection.
Some experts claim that this is an easy way to hide an effort to control and monitor the Indian population while others say that Ambani is acting on orders from the government. Others are convinced that this will create a financial regulatory meltdown in the region and that it will be nearly impossible to launch.
That being said, at this point we can only speculate and not until the blockchain has been launched will Ambani and Jio’s true intentions be clear. All we can say for certain is that India and Jio are about to leapfrog ahead of the rest of us with the largest blockchain in the world.
Final words
Due to strict regulation and a really close-minded government, India has fallen behind when it comes to cryptocurrencies and blockchain development. Up until recently, it was virtually impossible to do anything crypto-related in the country, but luckily that is all about to change.
Thanks to an ambitious plan from Indian tech-guru and de facto founder of Jio, Ambani, India could become the host of the world’s biggest blockchain already by 2020. Exactly how this is going to pan out is still unclear, but like any tech-interested Indian person, we will follow the development closely.
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Also, despite the fact that the blockchain is said to be used to connect the Indian population, we will give it a critical evaluation to ensure that it’s not used to exploit or control the population.
Only time will tell, and, as mentioned, at this point we can only speculate but we promise to keep you updated on this highly ambitious project as it unfolds in the next couple of months.
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