India Inc India Inc: Friday, 12 January 2018 05:54

Reliance Jio planning its own cryptocurrency

Following various 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.

Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. The most popular application of the technology has undoubtedly been cryptocurrency.

Reliance Jio also aspires to get into Internet of Things (IoT), where Blockchain technology will come in handy.

'India Global Business’ has in-depth coverage on related topics.

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