India's richest man may be planning a cryptocurrency

India's richest man may be planning a cryptocurrency

It would be interesting to see how efficient JioCoin will turnout in future.

After Burger King, Kodak, Telegram, and Bank of England, India's fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin.

Reliance Jio, which quickly established its presence in the industry by offering free internet, is now planning to build a 50-member team of young professionals to work on blockchain technology.

"The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead".

A source familiar with the matter told that Reliance has multiple applications of blockchain and the team will work on different projects.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. The Information that is Held on the Block-Chain that through an 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. At the same time, Reliance Jio is also planning to make JioCoin its own version.

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"One application is cryptocurrency", the source said.

Reliance Jio has not responded to Mint's email about the development yet.

The company could deploy smart contracts and use it in supply chain management logistics. 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. "Loyalty points could altogether be based on JioCoin", said the same person quoted to the publication.

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. Even in a more developed economy like South Korea, where there is practically a craze among the common public to buy Bitcoins, the justice department is out to ban local cryptocurrency exchanges.

Millions of people started investing in cryptocurrency and making money in it.

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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