Led By Akash Ambani, Reliance To Create Own Cryptocurrency 'JioCoin'

Led By Akash Ambani, Reliance To Create Own Cryptocurrency 'JioCoin'

Led By Akash Ambani, Reliance To Create Own Cryptocurrency 'JioCoin'

Reliance Jio is Planning Their Own Crypto-Currency Named JioCoin:- New Delhi: Reliance Industries is planning to Launch their Own Cryptocurrency as in the way of to Made JioCoin from their Company.

Chennai: Mukesh Ambani's Reliance Jio Infocomm Ltd is planning to venture into the cryptocurrency market by launching its own JioCoin, said a media report.

Akash Ambani, the elder son of Mukesh Ambani is leading a 50-member team, working on blockchain technology for the JioCoin project, reports Livemint.

"The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead". There are Multiple Applications of the Block-Chain team that would work on the Various Block-Chain Products a person Familiar with the Development this Said by the Conditions of anonymity.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. As it stores the information on a cloud and not on physical servers, it can be shared and accessed in real time. The developed blockchain technology would have applications in cryptocurrency as well as in the Internet of Things (IoT).

With Jio 4G network available across the country and over 160 Mn user base, the company is also experimenting with IoT and AI to determine how these technologies can help boost the entire Reliance offerings. It can be used in supply chain management logistics. The person, however, said all of this was "in proposal stage". "Loyalty points could altogether be based on JioCoin", the person said, adding that it was now in the proposal stage.

The recent surge in prices of various cryptocurrencies has made a lot of Indian individuals interested in investing in the trading, however, the government has been skeptical about allowing a legal route to trade. Speaking in the Rajya Sabha, Jaitley reiterated the government's stance that such digital currencies are not legal tender, and people dealing in them will not get any legal protection. It has features of cryptocurrencies like bitcoins, ripple etc. On Thursday, Bitcoin dropped as much as 12% to $12,801, its most reduced since Christmas day, as South Korea's equity serve repeated his proposition to boycott nearby digital currency trades, Bloomberg revealed.

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