Blockchain technology is a digital ledger that records transactions across a network of computers.
Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio.
Reliance Jio has not responded to Mint's email about the development yet.
To mine the new digital currency, the company has chosen young Akash Ambani, the elder son of Mukesh to lead the project with a team of 50 professionals working under him to build the blockchain and create the stock of the currency.
Blockchain is a digital laser, which stores data, includes financial transactions, but it is not limited. In simple terms, blockchain decentralizes information without it being copied. This information is shared on the blockchain through the database, which can be accessed on real-time basis. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data.
Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users' consumability on Jio offerings. Out of those options, one application is cryptocurrency. We can deploy smart contracts. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. "Loyalty points could altogether be based on JioCoin", the person added.
The recent surge in prices of various cryptocurrencies has made a lot of Indian individuals interested in investing in the trading, however, the government has been skeptical about allowing a legal route to trade. As per the reports, Arun Jaitley warned people for using cryptocurrencies such as Bitcoins and Ripple.
Bitcoin and different digital forms of money have gone under the scanner of governments over the world as their taking off costs pulled in theorists and unexperienced retail speculators in huge numbers.