After creating a storm in the telecom sector with its hyper-competitive tariffs and free offers which caused several second-tier service providers to pull down their shutters and even the biggies to seek out merging synergies, Reliance Jio Infocomm Ltd is planning to take over cryptocurrency world with its exclusive JIO COINS.
Akash Ambani, the elder son of Billionaire Mukesh Ambani shall be leading the JioCoin project which shall operate with a team of 50 young professionals working on blockchain technology. This will aid the Indian giant in developing applications such as supply chain management logistics and smart contracts. A person familiar with the development but seeking anonymity revealed that:
“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.”
The digital ledger of Blockchain is used for storing data such as those pertaining to financial transactions. Blockchain can decentralize information without having to copy the same. The same information is stored in blockchain using a shared database having real-time access. This database having cloud storage makes it possible to store unlimited quantum of data. Cryptocurrency has evolved as the technology’s most popular application and Reliance Jio wishes to unleash its optimum potential with the introduction of 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 pointed out before adding that all of this was still “in proposal stage”.
“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” said the person. IoT comprises of a network of devices like that of home appliances, wearable devices, vehicles and smartphones all having an in-built internet connection making it possible for these objects to establish a connectivity in between themselves and also exchange data for mutual benefits. Experts have also agreed to the fact that security parameters of IoT could be further strengthened by the blockchain technology which will aid it to shield against data corruption by classifying every data block.
The government of India has taken up a stern stand in dealing with cryptocurrencies by cautioning everyone against it. The inherent risks of money laundering and the fact that cryptocurrencies are not backed by any asset have given the Indian government a substantial cause of concern. Arun Jaitley, the finance minister of India revealed during a Rajya Sabha session dated 2nd January that the issue was being studied in detail by the government. (Watch Video)
Jaitley pointed out that, “a committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” adding that cryptocurrencies have not yet been recognised as a legal tender by the government.
The unprecedented price rise of Bitcoin and other cryptocurrencies in 2017 lured in a large array of unsophisticated retail investors and speculators all of whom wanted a share of this sumptuous cookie. This provided inertia to government intervention to ensure that malpractices do not creep in to the system defrauding the investors of their hard-earned money.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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