Reliance Jio planning its own cryptocurrency called JioCoin

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Mumbai: Reliance Jio Infocomm Ltd is planning to introduce its own cryptocurrency by name JioCoin.

If the report is anything to go by, Reliance Jio plans to build a 50-member team of young professionals, led by Mukesh Ambani's elder son Akash Ambani, to work on the complex blockchain technology under the JioCoin project to mine the cryptocurrency.

The Reliance Industries is Going to Hire 50 young Professionals For this JioCoin Project that with an average age of 25 Years for the Akash Ambani to Lead this Project. 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 server, but it is stored on the cloud.

The most popular application of technology has been cryptocurrency.

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

Within 15 months of its launch, Reliance Jio claims to have reached 160 Mn subscribers. It can also be used for supply chain management. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too. The loyalty points paired with different Jio services could be eventually based on JioCoin. 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.

In the wake of the significant spurt in the valuation of many virtual currencies, Reserve Bank of India (RBI) warned public that it has not given any licence to anyone to operate such virtual currencies.

Finance Ministry Arun Jaitley underlined that the virtual currencies including Bitcoin don't have any intrinsic value and are not backed by any kind of assets.

"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", Jaitley said, adding that according to the government, cryptocurrencies are not legal tender. Constantly growing as "completed" blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping.

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