Reliance JioInfocomm Ltd is planning to bring its own cryptocurrency JioCoin soon. This database isn't put away on physical servers yet on the cloud, which makes it simple to store unlimited information.The most well known use of the innovation has without a doubt been cryptocurrency, and Reliance Jio also plans to make its own particular adaptation called JioCoin.
To mine the new digital currency, the company has chosen young Akash Ambani, the elder son of Mukesh to lead the project with a team of 50 professionals working under him to build the blockchain and create the stock of the currency.
The Reliance Industries is Going to Hire 50 young Professionals For this JioCoin Project that with an average age of 25 Years for the Akash Ambani to Lead this Project.
A source familiar with the matter told that Reliance has multiple applications of blockchain and the team will work on different projects. This information is shared on the blockchain through the database, which can be accessed on real-time basis. He further said Reliance aspires to get into Internet of Things (IoT) and Blockchain technology to disrupt the global market under various sectors.
"One application is cryptocurrency", the source said. We can deploy smart contracts.
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. It can be used in supply chain management logistics. "Loyalty points could altogether be based on JioCoin", said the same person quoted to the publication. IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.
Finance Ministry Arun Jaitley underlined that the virtual currencies including Bitcoin don't have any intrinsic value and are not backed by any kind of assets. Millions of people started investing in cryptocurrency and making money in it. Union finance minister Arun Jaitley has also added at times that the cryptocurrencies are not a legal tender yet in the country.