Mukesh Ambani’s big partnership with… to bring revolution in India of… for 450 million users

Jio Platforms Ltd has partnered with Polygon Labs, the developer arm of Polygon Protocols, for its debut in Web3 technology in India.

Reliance Jio Platforms, the digital arm of Reliance Industries (RIL) and India’s largest telecom operator, has teamed up with Polygon Labs, a blockchain technology firm, to integrate Web3 capabilities into Jio’s existing applications and services. This collaboration is set to expand Web3 applications beyond cryptocurrency, leveraging Polygon’s blockchain infrastructure to enhance offerings for Jio’s massive customer base of over 450 million users.

Jio Leveraging On Blockchain

Under the partnership, Jio Platforms plans to add Web3 capabilities to some of its existing applications and services, owned and operated by the Reliance Group firm, for its over 450 million customers.

“Joining forces with Polygon Labs marks a significant milestone in Jio’s journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users,” JPL CEO Kiran Thomas said.

Emerging Use Cases In India

AI and Blockchain Integration: Combining artificial intelligence with blockchain to create agent-based frameworks.

Community Building: Facilitating decentralized communities on blockchain networks.

Payments: Addressing the challenges of financial infrastructure in the Web3 space.

NFT Marketplaces: Developing platforms where users can trade vouchers or other assets in the form of non-fungible tokens (NFTs).

About Polygon Labs

Polygon Labs, originally founded in 2017 as Matic Network, was rebranded to Polygon in 2021. It focuses on creating scalable, efficient blockchain solutions for various industries. In 2022, the company raised $450 million through a private sale of its native MATIC token, showcasing its robust growth and market confidence.

What Is Web3?

Web3 represents the next evolution of the internet, built on blockchain technology. Unlike the centralized Web2 model, Web3 focuses on decentralization, giving users more control over their data and interactions. Key use cases include cryptocurrencies, NFTs, decentralized finance (DeFi), and more, with the aim of enabling a user-centric internet ecosystem.

By joining forces with Polygon Labs, Reliance Jio is poised to revolutionize Web3 adoption in India. This collaboration not only positions Jio at the forefront of blockchain innovation but also introduces millions of Indian users to decentralized technologies in a seamless and accessible manner.

With applications ranging from payment systems to digital assets and community platforms, this partnership underscores the transformative potential of Web3 in shaping the future of digital experiences for Jio’s vast user base. Polygon is known for developing a blockchain layer to scale up the cryptocurrency platform Ethereum.

“This is a significant step forward for web3 adoption in India. We look forward to working with Jio as they introduce Web3 to their millions of customers,” Polygon’s co-founder Sandeep Nailwal said.

(With inputs from PTI)