Akash Ambani, Son of India’s Richest Man, is Pro-Blockchain

2017 was the year of the cryptocurrency boom, with digital currencies getting exposure among the general public and the media and moving ahead of its largely geeky user base. A lot of people have spoken about the pros and cons of cryptocurrencies along with the underlying blockchain technology. In a public event recently, Akash Ambani, the son of India’s richest tycoon Mukesh Ambani, spoke about blockchain and how he feels that it would change the world.

He states,

“Beyond cryptocurrency Blockchain at its core, provides an open source platform for enabling transaction secured with a distributed ledger system. Jio is committed to contributing and using open source technologies to improve consumer experience”.

According to Ambani, the Blockchain provides a vast platform for integrating other stuff to it in addition to cryptocurrencies. He believes that the open source distributed ledger system can find great usability in the fields of fintech, healthcare, real estate, education IoT and network communications, among others. Akash, who is also the head of the Indian telecom behemoth Jio Infocomm Limited, also said that his company is committed to contributing to the cause of open-source systems in order to provide better customer service as well as nourish the community.

Akash Ambani also spoke about other pioneering technologies including Artificial Intelligence and OpenStack. His appearance comes in the midst of Jio declaring a quarterly profit of ₹504 crore in less than 18 months of its creation.

The Indian public cloud market is expected to rise by more than 50 percent and reach a total value of $4 billion by 2020.

Ambani also talked about the Open Network Automation Platform (ONAP), an open source standard for network automation. Stressing on the importance of open sourced systems and its role for fostering innovation, Ambani said that the future lies in AI powered by open-sourced systems. He also spoke at length about how Cloud and Broadband is helping people to get digital and indirectly fostering the growth of AI.

The company also plans to implement OpenStack technology to power its own data centers and servers. He also claims that the technology is already being used to power over 60 data centres in the public and private spheres. Ambani concluded by emphasizing about the relevance of Virtual Reality(VR) and Augmented Reality (AR) and how he believes VR and AR would change content consumption in the next 5 years.

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