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A digitally driven world will be a people driven world: Mukesh Ambani

“Blockchain is a technology I believe in and it’s different from crypto. I believe in real time and expect everything to adjust in real time. Smart contracts will also become real, ”Reliance Industries President Mukesh Ambani said on Friday.

Speaking virtually during a session at the InFinity Forum, co-hosted by Gift City regulator IFSCA and Bloomberg, Ambani said that “the next digital revolution will first make our world and make India more prosperous than we are. can imagine it now. I can say with absolute confidence that the digital world will be a more equal world without the traditional and unacceptable disparities and deprivations that we see in our societies today. The digitally driven world will be a people driven world. No one will be last and no human being will be left behind.

Convergence zones

Ambani said he strongly believes in the concept of “real-time” transaction settlement. He gave the example of the stock exchange where previously trades were settled once a week, which gradually reduced to two days and the situation today, if regulatory clearance is given, can even be resolved. in real time.

Ambani said convergence is happening in four different aspects: real-time convergence, the convergence of distributed ledger and blockchain technology, third, smart tokens, and fourth, the meeting of the physical and the digital via Internet of Things (IoT). “These would enable and redefine the decentralized financial sector in ways we never imagined,” Ambani said.

Decentralized financing

He said that this is the scale of developments expected over the next ten years and that moving in this direction is the prerequisite for economic growth. “Today, the situation is that large companies have financing and small ones do not. This situation would change. Ambani was talking about the contours of economic growth in India.

“We are in the early stages of the sporadic digitization (of financial transactions). Opportunities in technologies are emerging where we can adopt a decentralized finance model. We have evolved over the last hundred years on a centralized model and I believe that in the days to come there will be a path towards decentralized finance where finance will be accessible to everyone. I think there will always be a need for a government and a central bank (even if a decentralized model is adopted), ”Ambani said.

Financial empowerment

The Fintech industry has received another boost, with Prime Minister Narendra Modi pushing for a ‘revolution’ in the industry virtually ushering in the two-day InFinity Forum, he said: “Now is the time to convert these Fintech initiatives into a FinTech revolution. A revolution that contributes to the financial empowerment of every citizen of the country.

The Prime Minister pointed out that technology is making a big change in finances. He said mobile payments last year topped ATM cash withdrawals for the first time. “Fully digital banks, without physical branches, are already a reality and could become mainstream in less than a decade,” Modi said.

“India has proven to the world that it is second to none when it comes to adopting technology or innovating around it,” Modi said.

Safety is the key

Noting that the Common Indian has shown immense trust in the fintech ecosystem by embracing digital payments and these technologies, Modi stressed that this trust is a responsibility. “Trust means you have to make sure the interests of the people are protected. Fintech innovation will be incomplete without innovation in fintech security, ”he said.

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