Reliance Jio has taken over the telecom sector when it was launched last year with its highly cheap data and calling rates. Mukesh Ambani owned Reliance is a full grown company with many successful subsidiaries and now continuing to that the company is planning to launch its own cryptocurrency which will be named as JioCoin. A cryptocurrency is a kind of digital asset which is designed to work as a medium of exchange that uses cryptography to secure its transactions which also controls the creation of additional units. This can also be used to verify the transfer of assets.
As per the reports from Livemint, the eldest son of Mukesh Ambani, Akash Ambani, will be leading a 50-member team of young professionals with an average age of 25 years who will be working on blockchain technology for the JioCoin project.
The statement by an employee of Jio reads, “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. 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.”
Though the company did not mention further details about the idea but for the launch of its own cryptocurrency, the team will be working on different blockchain project.
The idea of cryptocurrency is not that much supported by the government. Bitcoin is an existing cryptocurrency but the governments of many nations have issued warning against them as they are not legal renders. It is yet to see the future of Jiocoin in coming days.