Over the past couple of years, cryptocurrencies such as bitcoins have significantly risen in both popularity and value. For those who are not aware, it is a form of digital currency, which can is only created and held electronically. Well, as per a new report by Livemint, Indian telecom operator Reliance Jio wants to step into the world of cryptocurrency by introducing its own digital currency called JioCoin. The company is said to launch the JioCoin very soon. The report further reveals that the JioCoin project will be lead by Akash Ambani, and around 50 employees will be initially hired to work on this project.
The team of 50 young professionals in the JioCoin project will work on blockchain technology, which is a digital and decentralized ledger that records all transactions.
"The company plans to hire 50 young professionals with an 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 matter was quoted as saying to the publication.
Blockchain technology is a digital ledger that records transactions across a network of computers. Blockchain technology has many benefits. Firstly, the information shared on it can be accessed anywhere as the data is stored in a cloud. While blockchain technology has many aspects, cryptocurrency is one of its most popular applications.
"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," said the same person quoted to the publication. However, the project is said to still be in the proposal stage.
"Reliance Jio also aspires to get into the Internet of Things (IoT). Blockchain technology would come in handy there," added the person further.
As mentioned earlier, the value of cryptocurrencies is increasing rapidly. In the beginning of 2017, the aggregate value of all digital currencies combined equaled just $17.7 billion. Fast forward to this year, the combined market capitalization of the nearly 1,400 investable cryptocurrencies is now almost $836 billion. And, it looks like Reliance Jio doesn't want to miss the boat.