Mukesh Ambani, Asia's richest man, said he saw the benefits of blockchain technology. He expects India to soon have one of the most advanced digital infrastructures in the world, which he says can be a tool to generate equitable prosperity for the entire society.
“Blockchain is a technology I believe in, and it is different from crypto,” Ambani was quoted as saying by Bloomberg.
According to him, digital technology will reinvent sectors from financial services to manufacturing, agriculture, to education and healthcare, making them more affordable and more accessible to all Indians.
"Digital technology, I believe, is a great counterweight, a great maker of democracy. Mining 'new oil', namely data, can be generated and consumed anywhere and by everyone. It has the potential to create equitable value across sectors, geography, and economy class," he continued.
Under Ambani's leadership, his USD 210 billion retail to refining business has turned to digital services as it aspires to become a tech giant and reduce dependence on fossil fuel-based businesses.
Last year, his digital business unit Reliance raised $27 billion through share sales to global companies including Google and Meta Platforms Inc. Ambani also sold Tech Dream for USD 27 billion.
The tycoon highlighted two things that will drive the digital revolution that is taking place in his country. First, its large youth population, second is the penetration of digital access network which is extended to all cities in India and almost 600 thousand villages.
"India will make great strides in the areas of fintech, educational technology, healthcare technology and industry through digital services," said Ambani.