According to the reports from Livemint, Reliance Jio Infocomm is planning to launch its own cryptocurrency which is dubbed as JioCoin. The entire JioCoin project is being led by Mukesh Ambani’s elder son Akash Ambani.
Reliance Jio Planning To Launch Its Own Cryptocurrency
We have heard a lot about Indian Telecom operator Reliance Jio. Well, after dominating the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd is now planning to create its own cryptocurrency which is dubbed as JioCoin.
According to the reports from Livemint, Reliance Jio Infocomm is planning to launch its own cryptocurrency known as JioCoin. The entire JioCoin project is being led by Mukesh Ambani’s elder son Akash Ambani. The company right now have plans for building a strong team of young employees to work on the blockchain technology.
One of the reliable sources claimed that the company has various applications of blockchain and the entire team will work on different projects and one of those many options, one application is cryptocurrency.
“The company plans to hire 50 young professionals with the 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,”
Reliance Jio Infocomm will practice smart contracts to use it in supply chain management logistics. The loyalty points paired with different Reliance Jio services could be based on JioCoin. Not only these, the company also have plans to get into IoT to make home automation more accessible in India.
The reliable source says “Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data.”
However, in India, investments in cryptocurrencies is coming under the radar of government and there’s no clarity from the government front. But, all major banks have pledged to integrate blockchain into their operating.
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