Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

Turning its focus toward cryptocurrency, Reliance Jio backed by the richest man in India, Mukesh Ambani may be looking to launch its very own - JioCoin.

The team of 50 young professionals in the JioCoin project will work on blockchain technology, which is a digital and decentralized ledger that records all transactions.

Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio. "The team would work on various blockchain products", a person familiar with the development said on condition of anonymity.

The most popular application of technology has been cryptocurrency. We can deploy smart contracts.

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While the technology has mostly been used for cryptocurrencies so far, Reliance Jio plans to use it for supply chain management logistics, the official told Mint, adding that the whole project is "in the proposal stage". "Loyalty points could altogether be based on JioCoin", said the same person quoted to the publication.

On one hand, the investment in cryptocurrencies is coming under the radar of Indian government, India's largest corporate conglomerate is planning to launch its own cryptocurrency named JioCoin in the near future.

Blockchain is a digital laser, which stores data, includes financial transactions, but it is not limited. However, Reliance Jio did not give any response on this issue. As it stores the information on a cloud and not on physical servers, it can be shared and accessed in real time. IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Millions of people started investing in cryptocurrency and making money in it. On Thursday, Bitcoin dropped as much as 12% to $12,801, its most reduced since Christmas day, as South Korea's equity serve repeated his proposition to boycott nearby digital currency trades, Bloomberg revealed.

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.

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