After successful implementation of revolutionary 4G VOLTE services in India Reliance Jio is planning to introduce its own cryptocurrency [JioCoin]. Those who are not familiar with cryptocurrency let me tell you that cyptocurrecy is a decentralized currency where no government is involved. It can be called as digital currency that can be used as a medium of exchange. Many of you must have heard about Bitcoin now a days. Bitcoin was created in 2009 which is the first cryptocurrency in the world. After that many cryptocurrencies have been created such as litecoin,ripple, etherium and many more. Cryptocurrency investment is the latest trend going on now. Most people have started investing on cryptocurrencies now a days and it has a huge future in the upcoming years.
Reliance Jio’s own Cryptocurrency – JioCoin
By following this trend Reliance Jio Chief Mukesh Ambani is now planning to develop its own crypto currency which will be called as JioCoin. Well a group of 50 people will be working on the Jio’s Blockchain Technology project and one of the projects of Blockchain team is to create Jio’s cryptocurrency , the JioCoin.
“The company plans to hire 50 young professionals with 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 member associated with the development said on condition of anonymity.
A Blockchain is database which store transaction information. Blockchain are linked and secured by the use of cryptocurrency. It is basically on a distributed network system where transaction data is stored securely and can be accessed in real time. The transaction history between two parties is more efficiently verifiable using Blockchain technology. Blockchain stores data on cloud servers which can be accessible in real time. Cryptocurrency is one of the popular applications of Blockchain Technology. So undoubtedly Relaince Jio’s Blockchain Project team also in the direction of developing a new cryptocurrency in near future.
“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,”a Jio official said, adding that all of this was “in proposal stage”.
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