Skip to main content

Reliance Jio planning own cryptocurrency called JioCoin

Reliance Jio planning own cryptocurrency called JioCoin

Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology for JioCoin, its own cryptocurrency

: After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin.
With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“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 person familiar with the development said on condition of anonymity.
Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. In simple terms, blockchain decentralizes information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
The most popular application of the technology has undoubtedly been cryptocurrency, and Reliance Jio also plans to create its own version called JioCoin.
“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," the person cited above said, adding that all of this was “in proposal stage".
An email sent to Reliance Jio seeking a response remained unanswered till press time.
“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there," the person said.
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. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue.
“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," Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.

Comments

Post a Comment

Popular posts from this blog

South Africa vs Sri Lanka: South Africa dent Sri Lanka World Cup hopes A fine bowling display by the South African pacers gave their team a comprehensive 9-wicket win over Sri Lanka at Chester-le-Street on Friday. While it was a consolation victory for the Pro teas as they have already been ousted from the tournament, the loss will severely hamper Sri Lanka’s chances of making the knockouts. They have to win both their matches now to have a chance of making the top 4. India had registered a smashing 125-run win over West Indies at Manchester on the June 27 (Thursday) and with it all but secured a place in the semi-finals. India, with 11 points from 6 matches, moved to second position on the points table only behind Australia (12 points). Courtesy the margin of the win they overtook New Zealand, also on 11 points, with a better net run rate. A terrific all-round performance by Pakistan at Outboasting saw them register a convincing six-wicket win over New Zeala...
Post a Comment
Read more

I represent inclusive India: Nusrat Jahan slams trolls for sindoor remarks

I represent inclusive India: Nusrat Jahan slams trolls for sindoor remarks Nusrat Jahan, newly elected Trinamool Congress MP, on Saturday, slammed those who trolled her for wearing sindoor (vermilion) at her oath-taking ceremony in Parliament on June 25. In a tweet, Nusrat Jahan said that she represents and "inclusive India" and would not pay heed to the comments made by "hardliners as it only breeds hatred and violence". Nusrat Jahan was trolled for sporting sindoor (worn by Hindu women) at her oath-taking ceremony as an MP on Tuesday (June 25). She married Kolkata-based entrepreneur Nikhil Jain in Turkey on June 19. Reacting to those who trolled her for sporting sindoor and wearing a saree, Nusrat Jahan said, "I represent an inclusive India which is beyond the barriers of caste, creed and religion." Nusrat Jahan further said that she respects all the religions and "still remain a Muslim". "None should comment on w...
Post a Comment
Read more

Pakistan win by three wickets, but the game went down to the final few deliveries.

Pakistan win by three wickets, but the game went down to the final few deliveries . H ow Eoin Morgan will wish Afghanistan’s players had shown quite as much fight as some of their fans. The World Cup underdogs came agonisingly close to causing the upset of the tournament here, but this nervy three-wicket Pakistan victory amid a backdrop of shocking brawls in the stands leaves the England captain in no doubt about the scale of his task now: lose against India on Sunday and his team’s fate will no longer be in their control. For the first time since the start of the month, England do not occupy a semi-final spot. Instead, it is Pakistan who sit fourth, continuing their resurgence after scraping over the line against the worst side in the competition. With only Bangladesh to face, it is now they who look most likely to reach the knockouts unless England can pull off victories against India and New Zealand. It is a scenario that had seemed hugely improbable when Pakistan began th...
Post a Comment
Read more