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Reliance Jio Planning for a own cryptocurrency called ” Jiocoin ” – The project lead by Akash Ambani

USI TECH

Reliance Jio is planning to create a cryptocurrency of its own called ‘JioCoin’, and will put together a young team of 50 professionals under Akash Ambani to kickstart the project, a Livemint report claims. The Ambani scion is reportedly interested in developing blockchain technology to aid the development of smart contacts and cryptocurrency payment-enabled supply chains.

The most popular application of the technology has undoubtedly been cryptocurrency, and Reliance Jio also plans to create its own version called JioCoin.

“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”.

 An email sent to Reliance Jio seeking a response remained unanswered till press time.

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

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. 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.

Significantly, there is lots of rumors in india at present like bitcoin and its exchange ban, trade by own risk, Bitcoins or cryptocurrencies are not a legal tender in the country and are not recognised as a medium of exchange, Arun Jaitley has clarified in Lok Sabha.  “Bitcoin does not have a legal tender in India. However, it has presence in both in the public domain and in the unorganised markets,” Jaitley said in a written reply to the Lok Sabha. Defining Bitcoin, Jaitley said it is a type of unregulated digital money that is issued and normally controlled by its developers and used and accepted among the members of the virtual community.

He said that there are number of trading platforms for Bitcoins in India, but since its is not regulated, there is no credible source of information with respect to the investment products and volume of transaction.

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