Its popularity has grown in the past year and the value of Bitcoin - the most popular cryptocurrency - had surged to over $16,000 apiece in December. For those who are not aware, it is a form of digital currency, which can is only created and held electronically.
Weeks after Finance Minister Arun Jaitley informed the Parliament that cryptocurrency was not a legal tender in India, it has been reported that Mukesh Ambani-led Reliance Jio is planning to launch its own virtual currency- JioCoin. For instance, if you see say 12 hours of Jio content then you get credited with 5 JioCoins that you can spend on the Ajio shopping app.
"The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead", the person was quoted as saying. "These sectors will be an ideal ground for the company to test use cases of blockchain applications for the future", Pavel Naiya, senior research analyst with Counterpoint Research, told VCCircle. Blockchain technology is a decentralised digital ledger in which transactions made in cryptocurrencies are recorded chronologically and publicly. After facing several ups and downs, the Bitcoin has become most usable cryptocurrency in 2017. As it stores the information on a cloud and not on physical servers, it can be shared and accessed in real time. While blockchain technology has many aspects, cryptocurrency is one of its most popular applications.
"One (application) is cryptocurrency".
The company could deploy smart contracts and use it in supply chain management logistics. However, the project is said to still be in the proposal stage.
In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016.
Sandeep Goenka, co-founder of bitcoin exchange ZebPay, told Bitcoin.com recently that users of his app have been increasingly using the cryptocurrency to pay bills and for mobile recharges.
Reliance Jio is hoping to use the work by the new team to get into the IoT (Internet of Things) space.
IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data.