Blockchain experts and cryptocurrency enthusiasts across India are excited and instilled with a new hope, because Reliance Industries, India’s largest corporate and business conglomerate plans to launch their own cryptocurrency called JioCoin.
Although not confirmed by Reliance or Jio as of now, but the report has sent shockwaves across India, and globally.
Will 2018 witness a new era of blockchain and cryptocurrency in India?
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JioCoin: Jio’s Own Cryptocurrency Coming Soon!
As per initial reports, a young team of 50 blockchain experts and cryptocurrency veterans would be created, whose average age shall be 25 years.
A person familiar with the development said,
“The company plans to hire 50 young professionals with an 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.”
This development becomes interesting as blockchains, the driving force behind cryptocurrencies such as bitcoins, ripple etc. have found inroads into some of the most crucial operations inside India.
All major banks have pledged to use blockchain for streamlining their operations; Insurance firms have joined forces to use blockchain and even Govt. is using it for e-Governance.
Reliance Jio’s entry into the blockchain, and creating their own cryptocurrency can actually shift the equilibrium, and incite a new wave of growth.
Here are three reasons why this development is important:
Cryptocurrency Can Get Legal Status
When Reliance Industries attempts to do a business, then it disrupts it. And makes it even more worthwhile. The legal status of cryptocurrency in India is still not clear, as RBI and Ministry of Finance have been issuing warnings against its usage, even as the market cap of bitcoins alone is worth more than $600 billion.
Experts are stating that if Jio creates their own cryptocurrency, then its legal status can get a major boost.
And if that happens, then investment and trading into cryptocurrency in India can change forever.
Blockchain Tech Will Get a Power Boost
The purpose behind JioCoin, as per the initial report, is to form a blockchain supported platform, which can do a lot of business operations without any hassles.
JioCoin can be expected to work for smart contracts, for logistics, for inventory management and a lot more. Just imagine when banks and insurance firms are using blockchain for their major operations, what all can Reliance Industries do with it.
A person who is aware of the developments said
“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,
Overall, the usage of blockchain will get a power boost in India, once Jio enters the niche.
IoT Application Will Get A New Lease On Life
We all know that Reliance Jio has been looking for IoT related breakthroughs since long. They have already launched a smart card device, using IoT, and their plans are big.
JioCoin, their own cryptocurrency, which would be based on blockchain tech, can be a major catalyst for their IoT initiatives as well.
The person said, “Reliance Jio also aspires to get into the Internet of Things (IoT). Blockchain technology would come in handy there,”
Jio has the network and the devices; JioCoin would provide the infrastructure to connect them and IoT would be the enabler. The plan looks perfect.
Do you think that JioCoin can change everything about cryptocurrencies and blockchain in India?
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