Reliance Jio is planning to Launch their own Cryptocurrency called Jio Coin
January 13, 2018 8:00 am
Mr. Mukesh Ambani’s elder son Akash Ambani will be leading the JioCoin project, Reliance Jio has planned to build a 50-member team of young professionals to work on the blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
Reports say that a person familiar with the development has told:
“The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products.”
The blockchain is a digital record for storing data including, unlimited too, financial transactions. In simple words, blockchain decentralizes information without it being copied. 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 physical servers but on the cloud, which makes it easy to store unlimited data.
The most famous application of the technology has surely been cryptocurrency, and Reliance Jio also has planned to create its own version called JioCoin.
The same person included:
“One (application) is cryptocurrency. We can expand smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin.”
Through mentioning that all of this was “in proposal stage”.
We have also sent an email to Reliance Jio inquiring a response which has remained unanswered till now.
The person told:
“Reliance Jio also aspires to get into the Internet of Things (IoT). Blockchain technology would come in handy there.”
IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, which will be connected to the internet, which enables these objects to connect and exchange data. Experts have also named out that the blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data.
However, the Indian government has warned against cryptocurrencies, saying that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue, adding that the government does not consider cryptocurrencies to be legal tender.
“A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken.”
Bitcoin and other cryptocurrencies have come under investigations and regulations of governments across the world because of their soaring prices attracted speculators and unsophisticated retail investors in crowds. On Thursday, Bitcoin dropped as much as 12% to $12,801, according to Coindelite’s Price Chart. South Korea’s justice minister repeated his proposal to ban local cryptocurrency exchanges.