Reliance Jio to Launch Its Own Cryptocurrency Called JioCoin

Reliance Jio to Launch Its Own Cryptocurrency Called JioCoin

The source further said that Reliance Industries chairman, Mukesh Ambani's elder son Akash Ambani will be leading the project.

According to livemint "The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead". "The team would work on various blockchain products". It is the most popular application of the technology that will be used as a cryptocurrency.

The company could deploy smart contracts and use it in supply chain management logistics. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. "Loyalty points could altogether be based on JioCoin", the source said, adding that all of this was "in proposal stage". At the same time, Reliance Jio is also planning to make JioCoin its own version. The company is planning to build a 50-member team of young employees to work on the blockchain technology.

Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users' consumability on Jio offerings.

2017 was US's costliest weather year on record
In 2017, the disasters led to losses worth over $90 billion (Rs 5.71 lakh crore) more than the last costliest year, 2005. According to those figures, 2017 was the warmest year on record without the influence of the El Niño weather phenomenon.

In India, Finance Minister Arun Jaitley has warned that Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.

Reliance Jio, the wireless telephony and data services unit of Mukesh Ambani.

Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. Nowadays, the cryptocurrency (invisible currency) gets hyped in India. Most governments do not recognize these digital currency, though there are transactions being carried online, particularly in the dark web, where these currencies are used to buy all kinds of stuff. Even in a more developed economy like South Korea, where there is practically a craze among the common public to buy Bitcoins, the justice department is out to ban local cryptocurrency exchanges. In this product of Reliance Jio, all the banks will be asked to use blockchain for streamlining the operation. "Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data".

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