Blockchain will redefine financial sector: Mukesh Ambani

Reliance Industries chairman Mukesh Ambani today backed blockchain as a technology, saying that it is "different from crypto".

Speaking at InFinity Forum, a thought leadership forum on FinTech, Ambani said, "I think smart token is making sure that you are creating transactions that can never be changed. It's a very important framework for trust-based transactions. "

The business tycoon also said he was looking forward to the cryptocurrency Bill. The Bill, to be introduced in the Parliament, has raised much hue and cry over its wording, especially over the term 'private cryptocurrencies'. While the government has clarified that it is looking to regulate cryptocurrencies and not 'ban them', the details will emerge later.

Meanwhile, Ambani said that emerging technologies will ensure that we will adopt a decentralised finance model in the future. "I think that the convergence of real time, distributed ledger and blockchain technologies, smart tokens, the convergence of physical and digital through IoT will enable and redefine the decentralised financial sector in a way we have never imagined. I think it is happening in the coming 10 years, and this will be a prerequisite to great economic growth."