Reliance Industry (RIL) is now aiming to accelerate and transform its digital journey by embracing the use of blockchain technology. The company has acquired a 5.56% equity stake in blockchain startup VAKT Holdings Ltd, UK (VHL) for $5 million or around Rs 35 crore.VAKT is a consortium of nine leading global energy companies and banks committed to embracing blockchain technology and working together to develop solutions to age-old problems faced by industries. According to the firm, it aims to transform full trade life-cycle and through blockchain, it promises to eliminate reconciliation and paper-based processes, enhance efficiency and create new trade finance opportunities.Reliance in a regulatory filing said:“The strategic investment accelerates Reliance’s digital journey, through active participation in an emerging and evolving, yet promising, blockchain enabled technology solution for energy markets.”This is Reliance first investment in a blockchain-based technology firm and is investing heavily in the sector. The company is reportedly planning to build a dedicated team for emerging technology such as Artificial Intelligence, Machine Learning and Blockchain Technology.The company was recently in news for settling India’s first blockchain trade finance transaction with help of HSBC.Join the Discussion on Telegram
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