After achieving success in Indian telecom market, Reliance Jio is planning to do the same in cryptocurrency segment by launching it own cryptocurrency called JioCoin. Last few months have been great for all the virtual currencies as their prices are increasing like never before. Indians are becoming aware about cryptocurrencies and its features.
Akash Ambani, Mukesh Ambani’s elder son is expected to lead the cryptocurrency project of Reliance along with 50 other professionals who have been researching on blockchain technology for long.
Blockchain technology is expected to be the next big thing as it promotes complete transparency in terms of money and data. The date in blockchain is not stored in any physical device. Cloud computing is used in blockchain technology which makes it store unlimited data on the real-time basis.
“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” a spokesperson from Reliance Jio revealed.
Along with cryptocurrency, Jio is also focussing to make the use of Internet of Things (IoT) in the Indian market. IoT is a technology that enables devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet to exchange data. One benefit which IoT has over blockchain is that it is more secure.
Indian government is warning investors about cryptocurrency but the interest of people is increasing with each passing day. 2018 will play a very big role in deciding the future of virtual money in India but if big names like Jio are putting their money in this we can judge what will happen in future.
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