March 23, 2018

Reliance Jio to develop its own cryptocurrency 'JioCoin'

13 January 2018, 02:48 | Kevin Scott

Reliance Jio To Create Own Cyptocurrency 'JioCoin'? Report Says Akash Ambani To Lead The Project

Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

It would be interesting to see how efficient JioCoin will turnout in future.

"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead", Mint quoted a person familiar with the development at Reliance Jio as saying.

The most popular application of blockchain technology has been cryptocurrencies, and Reliance Jio plans to create its own version called JioCoin, the daily said.

The blockchain product on which young professional will work is a digital ledger for storing data which also includes financial transactions. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data.

With Jio 4G network available across the country and over 160 Mn user base, the company is also experimenting with IoT and AI to determine how these technologies can help boost the entire Reliance offerings.

"One (application) is cryptocurrency". The person, however, said all of this was "in proposal stage".

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The company could deploy smart contracts and use it in supply chain management logistics.

Mukesh Ambani's elder son Akash Ambani is expected to lead Reliance Jio's JioCoin project.

Blockchain technology can also be used to develop applications like supply-chain management logistics. "Loyalty points could altogether be based on JioCoin", the person said, adding that it was now in the proposal stage.

IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information. Millions of people started investing in cryptocurrency and making money in it.

It may be noted that Government of India had issued warning against using cryptocurrencies.

Earlier this month, Union Finance Minister Arun Jaitley said in Rajya Sabha that the government was still studying the issue but clearly stated that it does not consider cryptocurrencies to be legal tender. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.

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