cool hit counter India's largest conglomerate Reliance developing its own cryptocurrency, JioCoin_Intefrankly

India's largest conglomerate Reliance developing its own cryptocurrency, JioCoin


India's largest and highest market cap conglomerate, RelianceIndustries, is delving into blockchain development and will also develop its own cryptocurrency, JioCoin, through its telecom subsidiary, RelianceJioInfocomm.

According to local media outlet LiveMint, Indian telecom giant JioInfocomm is setting up a project called "JioCoin", which will have a team of 50 blockchain technology professionals to develop supply chain management logistics applications and create smart contracts. The team will reportedly be led by AkashAmbani, the eldest son of RelianceIndustries managing director MukeshAmbani. MukeshAmbani is one of the richest people in the world, with a fortune of around $41 billion and a 44.7% stake in RelianceIndustries.

The blockchain development team - made up of professionals with an average age of 25 - will also be working on their own cryptocurrency, JioCoin.

In an interview with the publication, a person with knowledge of the technology, speaking on condition of anonymity, outlined potential use cases for the technology.

"One application is cryptocurrency. We are able to deploy smart contracts that can be used for supply chain management logistics. Points can also be based entirely on JioCoin. "

While details are still scarce, it's easy to spot the reasons why RelianceJio is developing its own cryptocurrency. This company has a vast network of entertainment products including Jio Mobile, JioTV, JioNetWiFi,Jio Camera, Jio Music and the more noteworthy JioMoney. Through JioMoney, RelianceJio has opened up its own payment gateway and wallet, using these products to get discounts on food purchases, travel, accommodation and more. With its own cryptocurrency, it is conceivable that RelianceJio could issue points in the form of cryptocurrency, which could then be used for purchases by across the Jio ecosystem.

While India's competitive mobile phone market has seen some of the lowest tariffs in the world, the newly launched RelianceJio - with an all-India 4G network - has seriously disrupted the industry with huge data usage and free discounts to become the country's fourth largest telecom operator. Since its launch in December 2016, RelianceJio has had 160 million subscribers in just over a year.


Recommended>>
1、AlphGozero Growth Trajectory No 8 New Changes to the China Stream MiniMe
2、This coin managed to go up for 3 days in a row Almost doubled today with the spike
3、Google releases new app to help people with disabilities navigate and identify their surroundings
4、Hechang County strengthens cyber security for big data
5、Big Data and Cloud Computing Technology Weekly Report

    已推荐到看一看 和朋友分享想法
    最多200字,当前共 发送

    已发送

    朋友将在看一看看到

    确定
    分享你的想法...
    取消

    分享想法到看一看

    确定
    最多200字,当前共

    发送中

    网络异常,请稍后重试

    微信扫一扫
    关注该公众号