ibusinesslines.com March 23, 2018

JioCoin, Reliance Jio's cryptocurrency to be launched soon

13 January 2018, 03:51 | Kelvin Horton

Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

JioCoin Reliance Jio's cryptocurrency to be launched soon

The company also plans to use blockchain technology in Internet of Technology (IOT).

Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio.

In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016.

As per a report from Livemint, the JioCoin project is being led by Mukesh Ambani's elder son Akash Ambani.

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

It is a digital ledger for storing data including, but not limited to, financial transactions. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. The information held on blockchain can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.

"One application is cryptocurrency", the source said.

On one hand, the investment in cryptocurrencies is coming under the radar of Indian government, India's largest corporate conglomerate is planning to launch its own cryptocurrency named JioCoin in the near future. 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.

IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information.

The Indian government cautioned against cryptocurrencies, saying that virtual currencies were not backed by assets and posed risks such as money laundering.

Significantly, Union finance minister Arun Jaitley recently stated in Rajya Sabha that Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk.

Governments all over the world are keeping a close eye on these cryptocurrencies after their prices rose rapidly. 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.

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