Yet new cryptocurrency to be added in the list– JioCoin will be launched by Reliance. Reliance is the leading telecom service provider in India, and the company is looking forward to widening the business by launching there own cryptocurrency as JioCoin.
Mukesh Ambani’s elder son Akash Ambani will be leading the project. Reliance Jio going to set a team of 50 members for the project. The team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“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.
Blockchain basically decentralizes the information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. The database is stored on Cloud and not on the physical server due to lack of unlimited storage capacity.
“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 the 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.
Source- Hindustan Times