Jio Financial expresses interest in blockchain, CBDC. Here’s what crypto players have to say
Reliance Industries chairman Mukesh Ambani made many announcements at the company’s 46th announcement on Monday. One of them being that the conglomerate's financial services division Jio Financial Services (JFS) is keen to introduce blockchain-related products as well as digital rupee.
«JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times,» Ambani told shareholders at the company's AGM.
Blockchain rose to prominence as the underlying technology for Bitcoin. Blockchain solutions is a distributed database that maintains a continuously growing list of ordered records called blocks and is deemed to be very transparent as all the stakeholders can view progress in real-time. Distributed ledger technologies (DLTs) allow the recording, sharing and transfer of data or value without the need for a central record keeping as in the case of a traditional ledger. Such records are immutable and non-repudiable.
«Jio Financial Services is uniquely positioned to disrupt India's financial sector. By leveraging open-source blockchain technology, JFS can build apps and smart contracts on top of India's Aadhaar stack. This opens up a host of opportunities, from microfinance to SME lending to serve a diverse range of financial needs,» said Rajagopal Menon, Vice-President at WazirX.
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