JioCoin Cryptocurrency: Jio planning to develop its own cryptocurrency called JioCoin

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Highlights
  • Reliance Jio Infocomm Ltd plans to create its own cryptocurrency, JioCoin
  • Mukesh Ambani finds his elder son Akash Ambani capable enough to handle his upcoming project named ‘Jiocoin’
  • The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead

Reliance Jio is not just a telecom industry which has given unlimited offers for their users and in less than three years has reached the peak of popularity. But they have multiple industries in India and as a businessman, Mukesh Ambani wants to be successful in every field with his unbeatable ideas.

Mukesh Ambani finds his elder son Akash Ambani capable enough to handle his upcoming project named ‘Jiocoin’. He has a plan to create a 50 member team who will be going to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.

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Youngsters are the future of our country and they can do anything if they want. They are full of courage and desire and Mukesh Ambani truly believe in it. That’s way “The company plans to hire 50 young professionals with an 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,” a person familiar with the development said on condition of anonymity.

What is blockchain?

Many of us associate blockchain with Bitcoin but imagine blockchain as a universe and Bitcoin as earth. Bitcoin is just a part of blockchain just like earth.

The blockchain is the platform that enables Bitcoin and other cryptocurrencies to be exchanged. In its elemental form, Blockchain is a decentralized database system. Ledgers that store transaction data are distributed across many nodes.

“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the person cited above said, adding that all of this was “in proposal stage”.

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Although, Mukesh Ambani has decided to start a project on the basis of cryptocurrencies if you are aware of Bitcoin you must know the fact that the Indian government has announced these cryptocurrencies illegal.

The government is totally against this virtual currency in which your transaction will be not based on any money and states that there is a risk of money laundering. On 2 January, finance minister Arun Jaitley told in Rajya Sabha that the government was still studying the issue.

“Reliance Jio also aspires to get into the Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.

From which device you can connect?

The users of any electronic gadgets which enable internet connection such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. But these cryptocurrencies are quite risky as addressed by experts IoT as it provides a shield against data tampering by labelling each block of data.

“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 the government does not consider cryptocurrencies to be legal tender.

On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.

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