Reliance Group is betting big on emerging technologies like AI, Machine Learning and Blockchain. Recently Reliance Industries has acquired 5.56% equity stake in a UK based technology Startup Vakt Holdings, Ltd, commonly known as VHL for Rs. 35 Crore ($5 Million USD).
VHAL being a member of Enterprise Ethereum Alliance is primarily a consortium of leading global energy majors like BP, Shell and Statoil; traders like Gunvor, Trade Supply & Trading, Mercuria and banks like ABN Amro, ING and Societe Generale with a vision to digitize the global commodities trading industry with the help of Blockchain.
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| Reliance Industries' Jamnagar Plant |
Last month, VHL had launched a secure real time block chain based digital platform with the help of software major Thoughtworks and JP Morgan's private distributed ledger, Quorum. The platform enables the user to manage physical energy transactions from entry in the books till the final settlement which eliminates a lot of paper based processes and ensures a secure and trusted transaction. It had earlier announced that it would float this platform as a separate startup entity.
The platform's intent is to move away from traditional, cumbersome and operation intensive paper contracts and documentations towards a smart electronic contracts which can be transferred securely and electronically.
Reliance's investment in this entity takes it a step forward in its digital journey where in it would apply emerging and evolving blockchain enabled technology solutions in energy market in order to improve efficiency, reduce operation costs and enable them to delivery faster to their clients.
Reliance has been investing big on technology in the recent couple of years. Earlier a couple of months ago, speculations surrounded that Reliance Jio would launch its own crypto-currency using Blockchain. Though that news has not taken any firm shape yet, but Reliance group is keep towards embracing latest technologies in the area of Artifical Intelligenc, Machine Learning and Blockchain, both in order to capture new markets and to improve existing business operations efficiency.