Reliance Jio partners with Polygon Labs to bring Web3 and blockchain capabilities

Jio Platforms Ltd. (JPL) a multinational technology company and a subsidiary of Reliance Industries Limited, has entered a strategic partnership with Polygon Labs, the developer arm of Polygon Protocols for its Web3 and blockchain debut in India. The partnership would aim to add Web3 capabilities to some of the existing applications and services owned and operated by JPL by leveraging Polygon’s cutting edge blockchain solutions to create innovative Web3 services for Jio’s existing 450+ million customers.

As a result of this collaboration, Jio's users will soon be able to make use of the advantages of Web3 such as enhanced privacy and control over their personal data to access new, innovative, and potentially rewarding services. Polygon Lans will help build and deliver the complex infrastructure behind it.

New technologies such as blockchain, smart contracts, and digital assets and tokens including cryptocurrencies, central bank digital currencies (CBDCs), and non fungible tokens (NFTs), support Web3.

Web3 technologies allow users enhanced privacy as they decentralise data ownership and control on the internet, which also enables more control on their data. Polygon solutions are expected to be used for Jio’s web browser JioSphere.

The partnership is significant as Polygon Labs is a known crypto and blockchain player and the association could enable Jio’s entry to crypto industry. Polygon is known to deliver scalability and speed, and boasts of a blockchain network capable of processing thousands of transactions per second. This efficiency will enhance Jio’s services such as seamless payments and uninterrupted video streaming that require real-time functionality.

"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, said Kiran Thomas, CEO, JPL"

Polygon's founder Sandeep Nailwal expressed enthusiasm about the partnership, stating, "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."

He added, “Polygon Labs will support Jio and work closely to integrate blockchain across its various applications to unlock the potential of blockchain-based solutions.”