Even as the Indian government has cautioned against Bitcoin, a report suggests that Mukesh Ambani's Reliance Jio Infocomm Ltd might create its own cyptocurrency ' JioCoin'. With Mukesh Ambani's senior son Akash Ambani driving the JioCoin venture, Reliance Jio intends to fabricate a 50-part group of youthful experts to take a shot at blockchain innovation, which can likewise be used to create applications, such as, keen contracts and inventory network administration logistics.
"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead", Mint quoted a person familiar with the development at Reliance Jio as saying. There are multiple applications of blockchain (for the company).
Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. The information held on blockchain can be accessed on a real-time basis. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data.
He also told that Reliance Jio wants to enter into the Internet of Things (IoT). The unidentified official said the team will build the blockchain technology for JioCoin.
There has been a phenomenal increase in recent times in the price of virtual currencies (VCs) including bitcoin, in India and globally. While blockchain technology has many aspects, cryptocurrency is one of its most popular applications. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. "Loyalty points could altogether be based on JioCoin", said one of the Jio employees to LiveMint. It has features of cryptocurrencies like bitcoins, ripple etc. However, the legal status of cryptocurrency has not had a clear vision in India as the RBI and Finance Minister Arun Jaitley had issued warnings against the cryptocurrency use.
Recently it was reported that many Indian Bitcoin exchanges have been facing difficulties with INR withdrawals as Indian banks had been blocking payments and withdrawals by bitcoin exchanges.
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