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JioCoin: Reliance plans its cryptocurrency

JioCoin Reliance plans its cryptocurrency

Reliance Jio Infocomm Limited is planning its own crypto currency, named JioCoin. A 50-member team of young professionals will work on this project. Mukesh Ambani’s elder son Akash Ambani will lead the team.

In this project, blockchain technology will be used to develop the applications for supply chain management logistics and smart contracts. Blockchain decentralises information without it being copied. A Reliance Jio Infocomm spokesperson said: “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.” Blockchain uses a shared database to hold the information which can be accessed on a real-time basis.

Instead of physical servers, the database is stored in the cloud. Due to the cloud-based storage used by this technology, it easy to store unlimited data. Speaking of the applications, the spokesperson added, “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.”

Reliance Jio Infocomm Limited aspires to get into the Internet of Things by the use of Blockchain technology. Internet of Things deals with the devices such as smartphones, home appliances, wearable devices, and vehicles. It enables the listed objects to connect and exchange data.

Finance Minister Arun Jaitley said that the cabinet is studying this issue. He added: “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.”