Jio Platforms Partners With Polygon Labs To Debut in Web3 Technology

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

Under the partnership, Jio Platforms plans to add Web3 capabilities to some of its existing applications and services, owned and operated by the RIL 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.

The Web3 technology is built on blockchain technology that enables seamless access and control of a technology platform from multiple points without any compromise on security and experience. It also gives users control over their data.

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. 

What is Web3 Technology?

Web3 Technology is the internet's next iteration, built on blockchain technology. Further, it is controlled communally by its users. According to a McKinsey report, Web3 is the idea of a decentralised internet that is built on blockchains that are distributed ledgers controlled communally by participants.

Which Technologies support Web3?

According to the McKinsey report, Web3 Technology mainly depends on three technologies, Blockchains, Smart Contracts, and Digital Assets and Tokens.

• Blockchain Technology: A blockchain is a decentralised ledger, that is digitally distributed and exists across a computer network and it facilitates the recording of the transactions. When new data is added to a network, a new block is created and added permanently to the chain.
• Smart Contracts: These are software programs, which are executed automatically when specified conditions are met, like a buyer and seller agree on the terms. These are made in code on a blockchain, which can’t be altered.
• Digital Assets and Tokens: These items of value exist only digitally. They can consist of central bank digital currencies, stablecoins, cryptocurrencies, and NFTs. 

(with PTI inputs)