There are plenty of trends in the technology sector that will fade over time. Blockchain does not appear to be one of them, however. Just as more countries are warming up to cryptocurrency—New Zealand just gave the go-ahead for employers to pay staff in digital currencies—more and more countries are starting to use this innovative technology. India is the latest. Here’s what we know.
India Moves into Blockchain Technology
At the start of this week, news came out that Reliance Jio Infocomm, a massive telecommunications provider in India, has decided to develop a blockchain network. The Chairman of the company, Mukesh Ambani, announced the network. According to the report, Reliance Jio Infocomm will use the technology for several reasons. First, it will be used for internal uses, like increased automation. But the Indian telecommunications provider will also make the technology available to millions. “Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one,” the report said.
Why is This Big News?
This news is making headlines for several reasons. For starters, it means yet another country is adopting blockchain technology, indicating the success of it as a whole. Secondly, India has not always been overly supportive of the technology or the cryptocurrency industry. In April, the Supreme Court of India even recommended the ban of crypto assets.
If India develops a massive blockchain network, and blockchain is set to only become more popular in the next couple of years, then the country could very well become a hub for the technology.