Reliance Jio Reportedly Joining Blockchain and Cryptocurrency Rush With 'JioCoin'

While the trading of cryptocurrencies is facing heat from the Indian government, Reliance Jio is said to be moving forrard the evolution of its very own cryptocurrency. Information technology'south been aptly named the "JioCoin," according to a LiveMint report.

The report suggests that Reliance Jio is planning to build out a dedicated l-member team of immature professional, who'll work on exploring blockchain applied science and its potential applications. They're expected to await into various use-cases for the same, like smart contracts, supply chain direction or developing a cryptocurrency in-house. The source with cognition of the developments further add,

"There are multiple applications of blockchain (for the visitor). One is cryptocurrency. We tin can deploy smart contracts. It can exist used in supply chain management logistics."

The telecom behemothic is still in very nascent stages of employing the blockchain technology to develop new products. The creation of its own cryptocurrency, which may be chosen JioCoin, is currently in the proposal phase, meaning information technology could very well go a reality in the coming years. The source suggests that Jio could ultimately end up using JioCoin to provide users with loyalty points, merely now in the form of a cryptocurrency.

jiocoin app

Reliance Jio's blockchain-oriented squad volition be headed by Mukesh Ambani's oldest son Akash Ambani, who's besides the primary strategist of the telecom company. The company has not confirmed the said report, but pointed out its interest in stepping foot into the Net of Things (IoT) infinite. They expect the decentralized blockchain ledger organisation to come in quite handy in that department.

While Reliance Jio has already disrupted the telecom industry of the country, the company is now besides looking to use blockchain technology to introduce more innovative products. Information technology is currently unknown whether the Indian government volition be onboard with the concept of a virtual or cryptocurrency. It has been extremely cautious of other virtual currencies, such every bit Bitcoin or Ethereum, warning users against the trading of the same.

At this stage, I'd treat the possibility of the JioCoin coming to fruition as nix more than the figment of someone's imagination. Information technology'due south most probable that the visitor is exploring blockchain and cryptocurrency has merely been part of the discussion, only like in any talk of blockchains.

Guess, we'll have to expect and see if this becomes a reality. What practice you think the prospects of a real JioCoin cryptocurrency? Let us know your opinions down below.