Ambani, chairman and managing director of Reliance Industries Ltd, said he believes in blockchain technology.
At the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA), Mukesh Ambani speaks in favor of the data privacy of the user and cryptocurrency bill.
He addressed the nation's interest and said the country is putting in place the most forward-looking policies and regulations. Mukesh Ambani also said that every nation is in full control giving strategic implementation to protect digital infrastructure.
“Data and digital infrastructure is strategically important for India and every other nation in the world. Every country has the right to build and protect this strategic digital infrastructure,” he said. It is essential to have a uniform global standard that allows every nation to seamlessly perform cross-border transactions, collaborations and partnerships.
“India is putting in place the most forward-looking policies and regulations,” he said. Ambani mentioned that India already has a great framework of digital identity, i.e., Aadhar, digital bank accounts and digital payments. “We are on the verge of introducing data privacy bill, and the cryptocurrency bill. I think we are on the right track,” he said.
“I believe in blockchain technology and this is different from cryptocurrency,” he said, adding, “Blockchain is very important for a trust-based, equitable society.”
“Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” Ambani said. “It can be used to modernize our supply chains that form the lifeblood of our economies.”
Stating that data is the ‘new oil’, every citizen's privacy is one of the primary responsibilities of the Government, and it must be safeguarded.
“Data is indeed the ‘new oil’. But the new oil is fundamentally different from the traditional oil. Traditional oil was extracted only at select places – thus, it created wealth only for some countries. In contrast, the new oil — that is Data — can be generated and consumed everywhere and by everybody. It has the potential to create value equitably, across sectors, across geographies, across economic classes,” he said.
