Bobos & Wojaks

Get rich or die tryin

Mukesh Ambani, Asia’s Richest Man, Says He ‘Believes’ In Blockchain Technology.

Mukesh Ambani, Asia’s richest man, stated that he sees the potential of blockchain technology and anticipates that India will soon have one of the world’s most advanced digital infrastructures – a tool that can promote fair prosperity across society.

“Blockchain is the technology I believe in and it is different from crypto,” Ambani, the chairman of Reliance Industries Ltd, made the remarks during a seminar held by India’s International Financial Services Centres Authority and Bloomberg on Friday. He went on to say that digital technology will reshape industries ranging from finance to manufacturing, agriculture to education and health care, making them more inexpensive and accessible to all Indians.

“I believe that digital technology is a wonderful leveller, a great democratizer,” he remarked, adding that data was the new oil, but with a crucial difference. “Data, the new oil, can be generated and consumed everywhere and by anyone.” It has the capacity to generate value in a manner that is equitable across sectors, regions, and economic classes.”

Under Ambani’s leadership, the US$210 billion retail-to-refining conglomerates has been turning toward digital services as it seeks to be a technological titan and minimise reliance on its fossil fuel-based operations. Last year, Reliance’s digital sector raised US$27 billion through stock sales to prominent global firms such as Google and Meta Platforms Inc.

The tycoon highlighted two factors that will help the country’s digital revolution: its large population of young people and the deep penetration of the digital pipeline into all Indian cities and nearly all 600,000 villages.

Ambani stated that “India would make enormous achievements in fintech, education technology, health technology, and industry” through digital services.