Reliance Jio to develop its own cryptocurrency

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Reliance JioInfocomm Ltd is planning to bring its own cryptocurrency JioCoin soon.

Turning its focus toward cryptocurrency, Reliance Jio backed by the richest man in India, Mukesh Ambani may be looking to launch its very own - JioCoin.

Mukesh Ambani's older son Akash Ambani will lead the JioCoin project, and a 50-member team of young professionals will work on the blockchain technology required for the currency, the report said.

"The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead".

Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio.

Blockchain is a digital ledger that stores data such as financial transactions. The Information that is Held on the Block-Chain that through an Shared Database which Can be Accessed on a Real-time Basis. This database is not stored on the physical server, but it is stored on the cloud.

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"One (application) is cryptocurrency".

In recent times Reliance Jio has revolutionised Indian telecom space with affordable pricing, often at the cost of displeasure from rivals, gaining over 14.5% of market share with a user based close 140 million.

The company could deploy smart contracts and use it in supply chain management logistics. The unidentified official said the team will build the blockchain technology for JioCoin. It can also be used for supply chain management. "Loyalty points could altogether be based on JioCoin", the person said, adding that it was now in the proposal stage. 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.

There is real risk of investment bubble of the type in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard earned money. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender.

The Reserve Bank of India has issued several warnings against the use of Bitcoins and other virtual currencies, saying they are not authorized by any central bank or monetary authority.

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