While the trading of cryptocurrencies is facing heat from the Indian government, Reliance Jio is said to be moving forward the development of its very own cryptocurrency. It’s been aptly named the “JioCoin,” according to a LiveMint report.
The report suggests that Reliance Jio is planning to build out a dedicated 50-member team of young professional, who’ll work on exploring blockchain technology and its potential applications. They’re expected to look into various use-cases for the same, like smart contracts, supply chain management or developing a cryptocurrency in-house. The source with knowledge of the developments further add,
“There are multiple applications of blockchain (for the company). One is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics.”
The telecom giant is still in very nascent stages of employing the blockchain technology to develop new products. The creation of its own cryptocurrency, which may be called JioCoin, is currently in the proposal stage, meaning it could very well become a reality in the coming years. The source suggests that Jio could ultimately end up using JioCoin to provide users with loyalty points, but now in the form of a cryptocurrency.
Reliance Jio’s blockchain-oriented team will be headed by Mukesh Ambani’s oldest son Akash Ambani, who’s also the chief strategist of the telecom company. The company has not confirmed the said report, but pointed out its interest in stepping foot into the Internet of Things (IoT) space. They expect the decentralized blockchain ledger system to come in quite handy in that department.
While Reliance Jio has already disrupted the telecom industry of the country, the company is now also looking to use blockchain technology to introduce more innovative products. It is currently unknown whether the Indian government will be onboard with the concept of a virtual or cryptocurrency. It has been extremely cautious of other virtual currencies, such as Bitcoin or Ethereum, warning users against the trading of the same.
At this stage, I’d treat the possibility of the JioCoin coming to fruition as nothing more than the figment of someone’s imagination. It’s most likely that the company is exploring blockchain and cryptocurrency has just been part of the discussion, just like in any talk of blockchains.
Guess, we’ll have to wait and see if this becomes a reality. What do you think the prospects of a real JioCoin cryptocurrency? Let us know your opinions down below.