Copy link
Increase text size
Decrease text size
Link copied

India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions

Photo by P.V. Sivakumar/The Hindu

Fri, 18 Oct 2019, 08:47 am UTC

Reliance Industries, an Indian multinational conglomerate, plans to digitize two important documents involved in the exchange and transport of goods using blockchain technology.

In August, Reliance chairman and managing director Mukesh Ambani announced the company’s ambitious blockchain plans, saying that it will deploy “one of the largest blockchain networks in the world” in India over the next 12 months “with tens of thousands of nodes operational on day one.”

In its annual report 2018-19, the company has detailed various initiatives that aim to facilitate process automation and enhanced decision making. Among these is included its plan to bring blockchain technology to Bill of Lading and Letter of Credit transactions.

Reliance revealed its plans to develop “Block chain platform integrated with electronic Bill of Lading (eBL) to issue and manage eBL” and “Blockchain enabled LC transaction through a consortium led by HSBC.”

“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 said.

The company also said that it filed for 35 patents in FY 2018-19 and was granted 12. “Jio’s patents cover areas of cutting-edge technology including video bots, blockchain, NFV (Network Function Virtualisation) and eMBMS (Evolved Multimedia Broadcast Multicast Services),” the report said.

Meanwhile, Reliance Industries has become the first Indian company to surpass ₹9 trillion (~$127 billion) market capitalization after its shares jumped nearly 2% in Friday trading session to hit ₹1,423, Livemint reported.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,329.69 (-2.80%)
  • Ethereum (ETH) $159.66 (-2.98%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $311.71 (-7.88%)
  • Bitcoin SV (BSV) $257.79 (-9.06%)
  • Bitcoin (BTC) $8,329.69 (-2.80%)
Jan 24, 2020 (Friday)
Agribusiness blockchain initiative Covantis selects ConsenSys as technology partner
Crypto exchange Binance invests in blockchain startup Numbers
Crypto Technicals: ETH/USD holds above 21-EMA and cloud support, further weakness on charts
Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT
Crypto Technicals: BTC/USD extends weakness, eyes next major support at 110-EMA (8134)
Jan 23, 2020 (Thursday)
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
World Economic Forum creates framework to help central banks design and deploy CBDC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Four Belgian banks including BNP Paribas, ING to share corporate KYC data using blockchain
Crypto Technicals: XRP/USD dives over 4%, more weakness on break below 21-EMA support (0.2231)
Dubai's government-owned utility company and Siemens organize blockchain lectures and seminars
SportsCastr to reward viewers with own cryptocurrency 'FanChain'
Hacker Noon deploys first blockchain feature after leaving Medium
Hyperledger launches community group to leverage blockchain to meet climate goals
Crypto Technicals: ETH/USD extends weakness below 200H MA, eyes 110-EMA support at 159.52
Deloitte sees Facebook's Libra as “bold new proposition” to create global financial infrastructure
Square receives U.S. patent for cryptocurrency payment network
Crypto Market - Asian Session Wrap - 23rd January 2020
Kik technical advisor to appear for deposition in ongoing Kin ICO case with SEC
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.