Reliance Jio Rumoured to Create its Own Cryptocurrency Called JioCoin

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Telecom operator Reliance Jio is rumoured to step into the cryptocurrency game with its own digital currency called JioCoin. A new report says that the Mukesh Ambani-led telco will launch JioCoin very soon. It is also noted that Akash Ambani will be leading the JioCoin project, and the telco is planning to hire 50 employees to work on this project initially.

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As per a report from Livemint, Reliance Jio is planning to build a 50-member team of young professionals to work in this JioCoin project. Also, this team will be working on blockchain technology which can also be used to develop other applications such as supply management logistics and smart contracts.

“The company plans to hire 50 young professionals with an 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,” a person familiar with the company's plans said to Livemint.

Cryptocurrencies have become a lot popular in 2017, and we have just entered 2018, but already there's a lot of buzz going on the web about new cryptocurrencies coming into play this year. And Reliance Jio seems to be interested in steeping its foot into the cryptocurrency game.

One of the most popular applications of Blockchain technology is cryptocurrency. A blockchain facilitates secure online transactions, and it's a distributed digital leader to record transactions across many computers so that the particular record cannot be changed from the past without any change of all subsequent blocks and the collusion of the network. And the information shared on the blockchain can be accessed anywhere because the data is shared in the cloud.

“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the same person quoted to the publication. He even stated that the info is still in the proposal stage.

Reliance Jio also aspires to get into the Internet of Things (IoT). Blockchain technology would come in handy there,” the person said. We approached Jio on the same, but the company is yet to respond.

The popular cryptocurrency of 2017 everyone is aware of is Bitcoin. At a rapid growth, Bitcoin was the talk of the world, and in the process, it even attracted normal citizens to become investors on the same. Bitcoin value even touched $19,000 before Christmas Day, but currently, it's hovering around $13,500.

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Chakri is a go-to guy for your next smartphone recommendation. Back in his engineering days, he used to play with smartphones by installing custom ROMs and that passion got him into the tech industry. He still goes nuts about a smartphone knocking his door for review. Currently managing everything at Telecom Talk, Chakri is trying to master PUBG Mobile in his free time.

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