Akash Ambani Bats For Blockchain Technology That Runs Cryptocurrencies

The year gone by was the year of Blockchain and digital currency, highlighted by the buzz surrounding Bitcoin. Akash Ambani, in an apparent defence of the peer-to-peer technology, said, “Beyond cryptocurrency Blockchain at its core, provides an open source platform for enabling transaction secured with a distributed ledger system.” Besides Bitcoin, the technology also finds utility in banks/fintech, healthcare, real estate, education, 5G and IOT and agriculture, reported PTI on Friday.

“Jio is committed to contributing and using open source technologies to improve consumer experience,” said Akash, director of Reliance Jio Infocomm.

Making his first solo appearance at a public event, Akash, the eldest son of Mukesh Ambani, spoke about open source, artifical intelligence, blockchain and OpenStack. On Friday, Jio Infomm, which was launched by Akash Ambani, along with his twin sister Isha, posted first ever quarterly profit of Rs. 504 crore in less than 18 months of its launch.

India’s public cloud market is likely to rise by more than 53 per cent to $4 billion by 2020 as the world’s fastest growing economy becomes more digitised, said Akash Ambani. “India’s public cloud market is estimated to be $2.6 billion in 2018 and over $4 billion by 2020,” he said at the India Digital Open Summit.

Ambani also spoke about the Open Network Automation Platform (ONAP), which is an open source networking automation standard. Stating that the Open Source community helps drive the technology progression for areas of interest globally, Akash Ambani said the AI is becoming mainstream for all. AI projects have leveraged Open Source to enable continuous innovation, he said, adding that along with broadband, one of the key technology enabling infrastructures is Cloud.

He said OpenStack – the world’s largest fully open source cloud project, is being leveraged for more and more projects/ enterprises – powering over 60 data centers public and private clouds around the world – including Reliance Jio. “In India, AR/VR is still in the initial stages of adoption, but market will register a compounded annual growth rate of more than 50 per cent in the next five years,” Ambani said.

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