Published: Sat, January 13, 2018
Science | By Hubert Green

Reliance Jio may be developing its own cryptocurrency, the JioCoin

Reliance Jio may be developing its own cryptocurrency, the JioCoin

"The team would work on various blockchain products", a person familiar with the development told Hindustan Times on condition of anonymity.

However, Jio's plan to enter blockchain tech was only in proposal stage.

India's richest man Mukesh Ambani has set his eyes on blockchain technology and cryptocurrencies. And after disrupting the telecom sector with the free offers and the competitive tariffs, now the Reliance Jio Infocomm Ltd company is planning to make its own cryptocurrency, JioCoin. The new bet, a Mint report claims, is the mandate of a 50-member team working on blockchain technology, which is being helmed by Ambani's elder son Akash.

Cryptocurrency has boomed in very less time and Bitcoin is one of the fasted growing cryptocurrency and people are also investing in it for high profit but there are some flaws in it.

The Most Popular Application of the Technology that has Undoubtedly been Croptocurrency and the Reliance Jio also Plans to Create its own Version Called JioCoin.

For the uninitiated, blockchain is basically a digital ledger which can store data, usually on the cloud and is a closed chain and as the links keep getting built, those building the chains get rewarded with the digital coins that can be traded or en-cashed by the owner.

The company could deploy smart contracts and use it in supply chain management logistics. To simplify, it decentralizes information without it being copied and is managed by a peer-to-peer network. It can be used in supply chain management logistics. "Loyalty points could altogether be based on JioCoin", the person said, adding that it was now in the proposal stage. The information is held on blockchain through a shared database which can be accessed on a real-time basis. "Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data".

Earlier this month, Union Finance Minister Arun Jaitley said in Rajya Sabha that the government was still studying the issue but clearly stated that it does not consider cryptocurrencies to be legal tender. There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money.

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