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.
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