"The team would work on various blockchain products", a person familiar with the development said on condition of anonymity. Right after the Disrupting the Telecome Sector that along with its Free Offers and Hyper-Competitive Tariffs Reliance Industries and the Reliance Jio Infocomm Limited to Create its Own Cryptocurrecy Names as JioCoin.
Blockchain is a digital ledger that stores data such as financial transactions. In simple terms, blockchain decentralizes information without it being copied. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data.
An email sent to Reliance Jio seeking a response remained unanswered till press time.
"One application is cryptocurrency", the source said. We can deploy smart contracts.
While the technology has mostly been used for cryptocurrencies so far, Reliance Jio plans to use it for supply chain management logistics, the official told Mint, adding that the whole project is "in the proposal stage".
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With Jio 4G network available across the country and over 160 Mn user base, the company is also experimenting with IoT and AI to determine how these technologies can help boost the entire Reliance offerings. The unidentified official said the team will build the blockchain technology for JioCoin.
IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information.
Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance.
"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", Jaitley said, adding that according to the government, cryptocurrencies are not legal tender. However, on Thursday, the value of Bitcoin came down to $12,801 after Justice Minister of South Korea reiterated his suggestion to ban local exchanges of cryptocurrency. As per the reports, Arun Jaitley warned people for using cryptocurrencies such as Bitcoins and Ripple.