Will Reliance Jio launch JioCoin? Here's what you need to know

Will Reliance Jio launch JioCoin? Here's what you need to know

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.

After Burger King, Kodak, Telegram, and Bank of England, India's fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin.

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. Akash will be leading a young team of around 50 professionals to work on the next-gen technologies including blockchain and crypto.

The blockchain product on which young professional will work is a digital ledger for storing data which also includes financial transactions. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. Firstly, the information shared on it can be accessed anywhere as the data is stored in a cloud. It is the most popular application of the technology that will be used as a cryptocurrency.

While the technology has mostly been used for cryptocurrencies so far, Reliance Jio plans to use it for supply chain management logistics, the official told Mint, adding that the whole project is "in the proposal stage". Along with this, loyalty points can also be fully based on JioCoin.

More news: Palestine is not for sale: PLO on Trump's threat to cut aid
More news: Great Britain set record medal target for Winter Olympics at Pyeongchang 2018
More news: This Is The Fashion Advice That Kate Middleton Has Given Meghan Markle

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.

A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India.

"A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken", Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender. Last month, the Ministry of Finance warned investors to become aware of the risk surrounding cryptocurrency investments.

The Reserve Bank of India has issued several warnings against the use of Bitcoins and other virtual currencies, saying they are not authorized by any central bank or monetary authority.

Related Articles

  • Gameday: Klay Returns, Steph Sits to Start Warriors' Five-game Road Trip

    This invites trouble against the Bucks , who are sixth percentage of forced turnovers and eighth in converting them into points. In two meetings against Antetokounmpo last season, Green helped hold him to a combined 14-for-37 (37.8 percent) shooting.
    Oil prices climb on falling inventories

    Oil prices climb on falling inventories

    Domestic demand was also higher: USA product supplied for crude oil and petroleum products was at the highest level since 2007. Nevertheless, despite the Opec-led output cuts, the goal of rebalancing supply and demand in the oil market remained elusive.
    Tamil Nadu bus strike ends after 9 days, normalcy restored

    Tamil Nadu bus strike ends after 9 days, normalcy restored

    The unions had called for a 2.57 percent hike, to which the government offered only 2.44 percent, leading to a stalemate. The Tamil Nadu government had hired temporary drivers to run buses over the last eight days.
  • Mohamed Salah Reacts To Insane Real Madrid Transfer Rumour

    Mohamed Salah Reacts To Insane Real Madrid Transfer Rumour

    Salah tweeted in Arabic, which translates to: 'There is a lot of rumours that are false recently, and there will be no comment on them'.
    Bears rent Chiefs offensive coordinator as new coach

    Bears rent Chiefs offensive coordinator as new coach

    Helfrich becomes the second coordinator to be hired after the Bears named Chris Tabor as special teams coordinator on Wednesday. According to ESPN's Adam Schefter , the Bears will hire former University of OR head coach as their new offensive coordinator.
    United States  issues fresh travel advisory to its citizens

    United States issues fresh travel advisory to its citizens

    Several European countries that are popular with American tourists were put at the Tier 2 level due to risks related to terrorism. Slovakia is a safe country and people travelling there need only take normal precautions.
  • India Beat Pakistan By 7 Wickets In Thrilling Contest

    India Beat Pakistan By 7 Wickets In Thrilling Contest

    For the Men in Green, the top scorer of the inning was Md Jail who added 90 runs at a healthy strike rate of nearly a run a ball. After 1988 they didn't hold the tournament for 10 years, so I've no exposure of playing and being part of this tournament.
    Tesla Model 3 Going on Display at Palo Alto Showroom

    Tesla Model 3 Going on Display at Palo Alto Showroom

    Tesla has stated that it began manufacturing Solar Roof tiles last month at its gigafactory in Buffalo, New York. It produced only 260 Model 3s out of the projected 1,500 in the third quarter of 2017.

    Nancy Pelosi: 'Five White Guys' Are Working on Immigration Reform

    Pelosi is scheduled to be the keynote speaker at a Harris County Democratic Party's annual fundraising dinner on February 18. Millions of workers will be instantly better off, and they're not going to think that's crumb-y.
  • Will there ever be a 'Game Of Thrones' revival?

    Will there ever be a 'Game Of Thrones' revival?

    It also sounds as if all of the proposed shows are still in early stages, meaning they still have to be finalized, cast, and shot. Just like with season eight, we're willing to wait, but we don't like it.
    Diet Coke gets biggest makeover ever in bid to restore cachet

    Diet Coke gets biggest makeover ever in bid to restore cachet

    Almost a year ago Coca-Cola revealed a new "one brand" marketing approach to counteract the brand's diluted presence on shelf. In spite of these new changes, Coca-Cola says that the recipe for its classic Diet Coke has not been reformulated.
    Queen gives rare personal account of her coronation in BBC documentary

    Queen gives rare personal account of her coronation in BBC documentary

    The crown was made for the coronation of her father, King George VI , in 1937 and worn by the Queen for her own coronation and at state openings of parliament .