Led By Akash Ambani, Reliance To Create Own Cryptocurrency 'JioCoin'

Reliance Jio to enter blockchain-world with Jio Coin cryptocurrency

The unidentified official said the team will build the blockchain technology for JioCoin. Right after the Disrupting the Telecome Sector that along with its Free Offers and Hyper-Competitive Tariffs Reliance Industries and the Reliance Jio Infocomm Limited to Create its Own Cryptocurrecy Names as JioCoin. The new bet, a Mint report claims, is the mandate of a 50-member team working on blockchain technology, which is being helmed by Ambani's elder son Akash.

"One application is cryptocurrency", the source said.

The blockchain product on which young professional will work is a digital ledger for storing data which also includes financial transactions.

The company could deploy smart contracts and use it in supply chain management logistics. In straightforward terms, blockchain decentralizes data without it being duplicated. It can also be used for supply chain management. "Loyalty points could altogether be based on JioCoin", the source told the business daily.

The Most Popular Application of the Technology that has Undoubtedly been Croptocurrency and the Reliance Jio also Plans to Create its own Version Called JioCoin. The information held on blockchain can be accessed on a real-time basis.

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IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information.

A survey conducted by the Income Tax Department has revealed that there are six lakh active traders of cryptocurrencies such as Bitcoin in nine digital currency exchanges across India, while 25 lakh people are registered to trade.

Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender.

Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves.

The Reserve Bank of India has issued several warnings against the use of Bitcoins and other virtual currencies, saying they are not authorized by any central bank or monetary authority.

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