Reliance Jio is planning to launch its cryptocurrency called JioCoin. The company is going to do this after revolutionizing the telecom sector in the country. Reliance Jio is going to do this due to great achievement of cryptocurrencies in 2017. Many cryptocurrencies have touched all-time high values with Bitcoin at the top. Ethereum, Ripple, and LiteCoin follow after it. And now, there are reports that Reliance Jio is going to launch its own cryptocurrency JioCoin. The report also indicates that Reliance Jio is planning to hire about 50 young professionals to work as a team. The elder son of Mukesh Ambani would manage the team.
The company intends to hire young professionals of about 25 years of age. The team would work hard to carve out various uses of blockchain technology. Here, it is pertinent to mention that blockchain technology is the base of all cryptocurrencies. It is a set of records that includes financial transactions stored in digital ledgers. Reliance Jio also wants to use this technology in supply chain management. The users can access that information on a real-time basis.
The report also says that Reliance Jio also wants to get into the Internet of Things (IoT). This is because blockchain technology can prove a lot helpful in this line of business. IoT offers faster internet connectivity and Reliance Jio wants to earn a good name in it too. The industrial analysts also suggest that blockchain is a lot suitable for the Internet of Things.
Here, it is necessary to mention that the Indian Government does not like cryptocurrencies. This is because there are no assets at its back. Moreover, there are also risks of money laundering. Thus, the countries all across the world are bringing regulations to control these currencies.