Joining the cryptocurrency revolution that is taking the world by storm, Reliance Jio Infocomm Ltd is planning to create its own version, JioCoin.

Mukesh Ambani’s elder son Akash Ambani will be leading the JioCoin project. Reliance Jio is said to be building a 50-member team of young professionals to work on blockchain technology. The team would work on various blockchain products and applications such as smart contracts and supply chain management logistics.

This is however in the proposal stage.

Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. In simple terms, blockchain decentralizes information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data. Cryptocurrency is the most popular application of the technology.

Reliance Jio is also aspiring to get into Internet of Things (IoT) and blockchain technology would come handy there too. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.

However, the subject of cryptocurrency has come under the scanner in India as the Indian government has cautioned against it stating that virtual currencies are not backed by assets and posed risks such as money laundering. Arun Jaitley has earlier in parliament added that the government does not consider cryptocurrencies to be legal tender and that a committee under the chairmanship of secretary, department of economic affairs, is deliberating on all issues related to cryptocurrencies.

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