Jio plans own cryptocurrency, to hire 50 young professionals
NEW DELHI: After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin.
With Mukesh Ambani’s elder son Akash Ambani leading the project, the company plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said on condition of anonymity.
Blockchain is a digital ledger for storing data including but not limited to financial transactions. In simple terms, blockchain decentralises information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
The most popular application of the technology has undoubtedly been cryptocurrency, and Reliance Jio also plans to create its own version called JioCoin.
“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,” the person cited above said, adding that all of this was “in proposal stage”.
An email sent to Jio seeking a response remained unanswered till press time.
“Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.
IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet among others, which enables these objects to connect and exchange data. Experts have also pointed out IoT and blockchain could potentially address security risks as it provides a shield against data tampering by labelling each block of data.
The Centre has cautioned against cryptocurrency, stating that they posed risks like money laundering. On January 2, finance minister Arun Jaitley told the Rajya Sabha that the Centre was still studying the issue.