Reliance took on telecommunication giants in the form of Jio when they took off with very competitive tariffs. Next in the works is JioCoin, and with the high competitive nature of Reliance it won’t be a surprise if it won’t be the top cryptocurrency when releasing.
Mukesh Ambani’s elder son Akash Ambani will be leading the JioCoin project. It will be a team of 50 members who will work towards using Blockchain, smart contracts and the use of cryptocurrencies financial structure to implement ease in terms of monetary and supply chain management.
Blockchain is a decentralized system where a digital ledger stores data. This information is held on a shared database where it can be accessed in real time. This is all based on cloud technology, which makes it more relevant for various purposes with no need of large databases that take up too much of space.
Cryptocurrency, which is one development of Blockchain technology has been the highlight of 2017. Hence Reliance wants to make its own cryptocurrency called JioCoin.
A person close to the development of Reliance said
“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.”
Reliance is developing itself further into technology with Internet of Things (IoT) being one of the developments. IoT is the network of devices such as smartphones, wearable devices, home appliances and even vehicles to the internet.
The future of cryptocurrencies looks bright, however with many governments including the Indian government paying close heed to it regulations are bound to be set in. The volatile nature of Bitcoin has the government fearing the worst, but with Wall Street coming in to the cryptocurrency world it does not seem like a bubble after all.
Reliance Industries has businesses in a variety of businesses such as energy, petrochemicals, textiles, natural resources, retail and telecommunications which can all be utilised by using blockchain technology.