Reliance may create cryptocurrency 'JioCoin' under Akash Ambani

12 January, 2018, 19:02 | Author: Regina Silva
  • Mukesh Ambani’s elder son Akash Ambani is expected to lead Reliance Jio’s Jio Coin project

Mukesh Ambani led Jio Infocomm is planning to launch JioCoin to power its blockchain projects in the coming months.

The company intends to hire young professionals of about 25 years of age.

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 team would work on various blockchain products", sources say.

"One application is cryptocurrency", the source said.

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

Blockchain technology can also be used to develop applications like supply-chain management logistics. "Loyalty points could altogether be based on JioCoin", said the same person quoted to the publication. He further said Reliance aspires to get into Internet of Things (IoT) and Blockchain technology to disrupt the global market under various sectors.

While the project may sound ambitious for Reliance Jio, the bitcoin and its usage is being questioned everywhere in the world; Indian government has even warned people of using it at their own risk.

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Now, Reliance Jio is planning to launch own cryptocurrency "JioCoin".

The recent surge in prices of various cryptocurrencies has made a lot of Indian individuals interested in investing in the trading, however, the government has been skeptical about allowing a legal route to trade.

Cryptocurrencies are digital or virtual currencies that use cryptography to secure and verify transactions.

Reliance Jio, the wireless telephony and data services unit of Mukesh Ambani.

According to a survey carried out by the Income Tax department, there are six lakh active cryptocurrency traders in India. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue. After facing several ups and downs, the Bitcoin has become most usable cryptocurrency in 2017. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.

Despite the unclarity from the government front, all major banks have pledged to integrate blockchain in their operations; some government agencies have also hinted at its future use in e-Governance schemes.

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