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Reliance Jio To Launch Its Own Cryptocurrency: After upsetting the Indian telecom section, Reliance Jio is about to put its hands on the world of cryptocurrency. For those who don’t know much about Reliance Jio, it’s an Indian telecom company which is known for providing free 4G internet along with calls & SMS.
The latest reports from Livemint claims that Reliance Jio Infocomm is about to launch its own cryptocurrency which will be known as JioCoin. JioCoin project will be led by Akash Ambani, the son of Mukesh Ambani.
Reliance Jio right now looking to build a strong team of young employees which will work on the blockchain technology. One of the reputable sources claimed that Reliance Jio right now has various applications of blockchain and their team will work on different project and one of those applications is cryptocurrency.
The company will use smart contracts to implement it in supply chain management logistics. Even the loyalty points that we receive by using various Reliance Jio services could be based on the upcoming cryptocurrency. The company also have massive plans to get into the Internet of Things to make home automation more open in India.
“The company plans to hire 50 young professionals with the 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”
“Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data.” – One of the reliable source points out.
It looks like, despite a lack of clarity from the government front, companies are making investments in cryptocurrencies in India. What’s your opinion on this? Discuss with us in the comments.