JioCoin: Reliance Jio to launch its own cryptocurrency

New Delhi : After giving telecom sector impressive offers and tariff rates, Reliance Jio is now planning to launch its own cryptocurrency, JioCoin.

Mukesh Ambani's elder son Akash Ambani will be leading the project that will be managed by a 50-member team of young professionals to work on blockchain technology.

“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 blockchain products,” a person familiar with the development told Hindustan Times on condition of anonymity.

“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 person cited above said, adding that all of this was “in proposal stage”.

“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.

While the project may sound ambitious for Reliance Jio, the bitcoin and its usage is being questioned everywhere in the world; Indian government has even warned people of using it at their own risk.

It would be interesting to see how efficient JioCoin will turnout in future.