Energy-telecommunications conglomerate Reliance Industries Limited (RIL) has acquired a 5.56% shareholding in the British startup blockchain Vakt Holdings Ltd for $ 5 million (crore of Rs 35).
In a stock exchange, the conglomerate headed by Mukesh Ambani said that the investment was aimed at accelerating its digital journey through active participation in an emerging and continually evolving technology solution in blocks for the markets of the world. ;power.
Reliance Industries derives most of its revenue from its energy business.
Vakt Holdings is a consortium of leading world leaders in the energy sector, commodity traders and banks, whose vision is to digitize the global commodity trading sector with the help of blockchain technology.
The blockchain platform, which is developed in sync with companies such as BP, Shell and Statoil, the commercial companies Koch Supply & Trading and Mercuria, and the ABN Amro, ING and Société Générale banks, will be used for the oil and gas trade, according to energy portal S & P Platts.
The platform, which should be operational from the beginning of next year, aims to reduce administrative and operational risks and costs of energy trading.
The report also stated that the intent of VHL is to move away from traditional and cumbersome paper contracts and documentation of operations to secure smart contracts and transfers of authenticated electronic documents.
The development comes months after Reliance Jio Infocomm, the telecommunications branch of Reliance Industries, is said to be hiring a team that will deal with artificial intelligence (AI), machine learning and blockchain.
There was also speculation that Reliance Jio could launch its cryptocurrency.
Betting on technology
The conglomerate has made a number of investments in the technological space in the recent past.
In October, Reliance acquired a 12.7% stake in SkyTran Inc., a venture capital funded US technology company that developed car pod transport systems.
A month earlier, he made a subsequent investment of $ 8 million (around Rs 58 crore) in the US artificial intelligence company Netradyne Inc, which focuses on driver and fleet security.
In June, Reliance Industries agreed to acquire Radisys Corporation, an open telecommunications platform solutions provider based in the United States, for $ 75 million (Rs 510 crore) in cash.
In April, he decided to invest 180 million dollars (crore of Rs 1,175) in the Embibe e-tech startup.