Jio Platforms Limited (JPL), the digital arm of Reliance Industries (RIL) and the largest telecom operator in India, has partnered with Polygon Labs, a blockchain technology company, to facilitate the rollout of its Web3 and blockchain solutions in India. The partnership will also enable the integration of Web3 capabilities into some of JPL's existing applications and services by leveraging Polygon's blockchain solutions, according to multiple media reports. This development coincides with the impending announcement of RIL's quarterly results.
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Web3 Integration into Jio’s Ecosystem
"JPL has entered a strategic partnership with Polygon Labs, the developer arm of Polygon Protocols for its Web3 and blockchain debut in India," the reports quoted a media statement released on Thursday, January 16, 2025.
This partnership would enable Jio to leverage Polygon's blockchain solutions for its user base of over 450 million customers, according to reports. JPL, a subsidiary of Reliance Industries Limited, established in October 2019, houses Reliance Jio Infocomm and other digital properties and investments of the Reliance group.
"Reliance leverages the infrastructure that Polygon has in order for them to go out and enable their users to use the stack. They can go out and build an application running on Polygon as a backend allowing users to leverage the technology," a Business Standard report cited Aishwary Gupta, global head of Payments at Polygon Labs, as saying.
Potential Use Cases of Blockchain Technology
Gupta did not disclose details about the Web3 products the companies are collaborating on due to confidentiality.
However, he noted the potential for blockchain technology to be utilised beyond cryptocurrency and trading associated with virtual digital assets (VDAs) in the country, the report said.
"AI and crypto can collide with each other to create agentic frameworks, one can create communities on top of blockchains, and payments is another area where the technology can be used since financial infrastructure is not ready to take care of the Web3 side of things," Gupta reportedly explained while discussing emerging use cases of the technology in India.
"We have done everything which was Web3 while working with 60 brands. Users do not know that they're interacting with Polygon since it is in the backend," he further added, according to the report.
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Web3 Adoption in India
As per McKinsey, Web3 will usher in a new era of the internet where use and access are governed by "community-run networks," as opposed to the current centralised model dominated by a handful of corporations in the Web2 space, according to an ET report.
"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," the report quoted Kiran Thomas, CEO of Jio Platforms Limited, as saying.
Polygon co-founder Sandeep Nailwal reportedly commented, "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."
Web3 refers to the next generation of the internet that extends use cases on a blockchain-based web including cryptocurrencies, NFTs, decentralised finance, and more. The technology provides users with greater control due to its decentralised structure.
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Jio Platforms Limited
According to Jio's website, "Jio Platforms' 5G solutions enable operators to evolve to new 5G capabilities. Its end-to-end 5G portfolio spans radio, core, automation, OSS/BSS, and AI/ML platforms along with network services. The 5G stack is also uniquely positioned to implement innovative 5G use cases for enterprises and private networks, with deployment options at the edge as well in the public/private cloud. In addition, JPL is engaged in active research at its in-house Jio Labs facility to make 6G a reality."
