Reliance Jio planning its own cryptocurrency: Report

After disrupting the Indian telecom market, Reliance Jio is expected to delve into the world of blockchain technology and cryptocurrencies.

2017 has seen cryptocurrencies platforms such as BitCoin and Ethereum gain prominence due to the steep rise in the value of crytocurrencies.

A recent report states that Reliance Jio is planning to create its own cryptocurrency called ‘JioCoin’.

If the report is anything to go by, Reliance Jio plans to build a 50-member team of young professionals, led by Mukesh Ambani’s elder son Akash Ambani, to work on the complex blockchain technology under the JioCoin project to mine the cryptocurrency.

For understanding, Blockchain is a list of records, including financial transactions, which are linked and secured using cryptography.

To simplify, it decentralizes information without it being copied and is managed by a peer-to-peer network. The information held on blockchain can be accessed on a real-time basis.

The biggest and most popular use case of the technology has been cryptocurrency, such as the Bitcoin.

Although Bitcoin is yet to be universally adopted and legalized, many industries and leaders are in favor of making it an official for its extremely high valuation.

Last year, Bitcoin reached one of its highest valuation of over $20,000 per unit.


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