Science

Mukesh Ambani-led Reliance Jio planning cryptocurrency 'JioCoin' say reports

Mukesh Ambani-led Reliance Jio planning cryptocurrency 'JioCoin' say reports”

The unidentified official said the team will build the blockchain technology for JioCoin. "These sectors will be an ideal ground for the company to test use cases of blockchain applications for the future", Pavel Naiya, senior research analyst with Counterpoint Research, told VCCircle. It is possible the move might have been triggered by the incredible rise in the value of Bitcoin over the past few weeks, where the cryptocurrency touched a high of around $17,000, before falling down to the $12,000-odd range recently.

Mukesh Ambani's elder son Akash Ambani will be leading the project that will be managed by a 50-member team of young professionals to work on blockchain technology.

Blockchain experts and cryptocurrency enthusiasts across India are excited and instilled with a new hope, because Reliance Industries, India's largest corporate and business conglomerate plans to launch their own cryptocurrency called JioCoin. Even in a more developed economy like South Korea, where there is practically a craze among the common public to buy Bitcoins, the justice department is out to ban local cryptocurrency exchanges. Out of those options, one application is cryptocurrency.

The company could deploy smart contracts and use it in supply chain management logistics.

Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance. In other words, all wallet or payment app offerings we see today from Paytm, Mobikwik, Google Tez can be bundled into Jio Wallet using JioCoin.

With Jio 4G network available across the country and over 160 Mn user base, the company is also experimenting with IoT and AI to determine how these technologies can help boost the entire Reliance offerings.

In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016.

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. The report further reveals that the JioCoin project will be lead by Akash Ambani, and around 50 employees will be initially hired to work on this project.

Earlier the RIL chairman predicted that India will be ahead of the USA in terms of data infrastructure by 2019.



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