Reliance Industries to use Blockchain for Bill of Lading and Line of Credit

Reliance Industries, an Indian multinational company, announced its blockchain initiatives to securely record transactional data.

Reliance's integrated annual report 2018-2019, detailed its plans under digital initiatives and platforms. Under the section of process automation and enhanced decision making, the company listed its Blockchain platform integrated with the electronic Bill of Lading (eBL) to issue and manage eBL.

The report also suggested the Blockchain-enabled LC (Line of Credit) transactions through a consortium led by HSBC.

Executive Opinion

While commenting on the usages of smart contracts for manufacturing, Reliance's annual report said, "Blockchain as a technology is currently being explored to enter into smart contracts with customers and vendors for instant matching and settlement processing on blockchain connected platform, eliminating intermediaries."

Reliance's investment in Emerging Trends

In August, Reliance chairman, and Managing Director Mukesh Ambani revealed the company's ambitious blockchain plans, saying that it will deploy one of the largest blockchain networks in the world in India in the coming 12 months, with tens of thousands of nodes operational on day ones.

The company also revealed that it has filed for 35 patents in the FY 2018-2019 and was granted 12. Jio patents cover areas of cutting edge technology, which includes the blockchain, video bots, and eMBMS(Evolved Multimedia Broadcast Multicast Services), said the announcement.

Apart from that, Reliance Industries has also become the first Indian company to surpass the INR 9 trillion market capitalization, after its shares jumped nearly 2% in Friday trading session to hit INR 1423, says the announcement.

Just a few days back, Jio has also revealed an AI-based Video call Assistant at IMC 2019.