Reliance eyeing cryptocurrency may launch JIO coin just like Bitcoin

Hi 

After predatory pricing in telecom market in India Reliance owned JIO disrupted Indian telecom market and after doing so Reliance group is eyeing to enter into cryptocurrency market. Cryptocurrency as we all know is the currency of future and Bitcoin was very much in limelight in 2017. Of course there are merits and demerits of new technology but that's not the topic of discussion. It has been in news that Reliance JIO is in consideration of launching its own Bit coin like rival called JIO coin. 

                                                Image source public domain pictures

It has been found from the sources that, Mukesh Ambani's elder son Akash Ambani headed 50-member team of young professionals to work on blockchain technology will be formed, 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 the said project. There are multiple uses of blockchain for company's own uses initially and whether it will be open to mine like Bitcoin or not is not clear at this point of time . The team would work on various blockchain products,” a person familiar with the development said on condition of uncertainty.

Just to brief you about Blockchain is that it is a digital ledger for storing data, not limited to, financial transactions. In simple terms, blockchain decentralizes 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 and hence the scalabelity is unlimited too. 

Cryptocurrencies all across the world have made waves and its also under tight watch of Governments all across the globe due to huge spur, unexpected bounce and soaring values of cryptocurrencies. Indian government is also very cautious as said earlier that this currency does not have trail and it not controlled by governments and hence could lead to anti national activities like funding of militancy and money laundering. Also Government of India is studying the entire melodrama around the crypto currency and time will say how well the crypto currency foray of Reliance JIO goes and will it be a hit like telecom venture or not. 

One more thing to caution you guys that some fake websites carrying similar to Reliance JIO kind of fonts and branding have started luring people into their scamming  intentions and they have been fooling people in lieu to give them the JIO coins. So be aware of any kind of such fraudsters and as of now there is not official communication of Reliance JIO about its launch and will it be public or for internal circulation only and above all will they get a go from Indian Government considering the potential threats of crypto currencies. Hope you have enjoyed reading this happening new tech news.We will set our eyes on any further move and will update you as soon as we have some thing to tell you.