The craze and popularity of currencies has gone so far in India, now Reliance Jio is planning to launch their own cryptocurrency – jiocoin. Mukesh Ambani’s son Akash Ambani is leading the jiocoin project.
According to a report from Live Mint hints that Akash Ambani is planning to set up a team of 50 block chain professionals for the research towards the jio’s cryptocurrency project. As per an anonymous person who is related with the development, has mentioned jio would on a block chain platform with smart contacts and as well as would be developing their own jiocoin cryptocurrency.
The anonymous person said,“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 block chain products.”
While the jiocin is in an early stage as cryptocurrecncies have not been given a legal tender in India yet for its decentralized payment system. Cryptocurrency transactions are made through block chain which makes the transaction information non-traceable, secret and stored on a cloud database. The unknown person said that’s why jiocoin is still in just a proposal stage as of now.
Furthermore Reliance jio is planning to move into the IOT (Internet of Things) which is network of devices such as smartphones, wearable gadgets, vehicles connected with the internet that enables them to connect and transfer data. While reliance jio hasn’t commented after asking about jio coin cryptocurrency. It’ll be quite interesting how reliance jio introduces their cryptocurrencey jioin.