What would certainly come in as a major push for Blockchain in the country, Reliance Industries, the Mukesh-Ambani owned $140Bn+ conglomerate, has acquired a 5.5 percent stake in UK-based blockchain startup VAKT Holdings for $5 million (approximately Rs. 35
The strategic investment accelerates Reliance’s digital journey, through active participation in an emerging and evolving, yet promising, block chain enabled technology solution for energy markets.Reliance said in a regulatory filing
VAKT says that it is establishing a digital ecosystem for physical post-trade processing using blockchain technologies. It is a consortium of leading global energy majors, commodity traders and banks with a vision to digitize the global commodities trading industry, creating a secure, trusted ecosystem, powered by blockchain.
The company says that its technologies will help become the “single source of truth for the trade lifecycle.” Further, the company adds that “it will eliminate reconciliation and paper-based processes, enhance efficiency and create new trade finance opportunities.” Unlike other solutions focused on a narrow piece of the deal life-cycle, VAKT aims to transform the full trade life-cycle.
This isn’t the first time Reliance in entering the blockchain market. The company had earlier considered launching its cryptocurrency called Jio Coin. However, the report came out in January this year at the peak of the cryptocurrency boom, but cryptocurrencies, in general, have had a hard time since then.
Reliance started off in trading business, and then graduated to being an energy company — both of which are areas that VAKT operates in. While the company has now expanded into several other fields, it seems that the company wants to make sure it still keeps abreast with the latest technologies.
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.