The team of 50 young professionals in the JioCoin project will work on blockchain technology, which is a digital and decentralized ledger that records all transactions.
"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead", Mint quoted a person familiar with the development at Reliance Jio as saying. There are multiple applications of blockchain (for the company). This information is shared on the blockchain through the database, which can be accessed on real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
Reliance Jio is hoping to use the work by the new team to get into the IoT (Internet of Things) space.
"One (application) is cryptocurrency".
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The virtual currencies which are being encrypted are built on the Blockchain technology, that decentralises information without it being copied. We can deploy smart contracts.
Within 15 months of its launch, Reliance Jio claims to have reached 160 Mn subscribers. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. Bitcoin is a cryptocurrency and worldwide payment system which is decentralised from a country's official currency.
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. However, the legal status of cryptocurrency has not had a clear vision in India as the RBI and Finance Minister Arun Jaitley had issued warnings against the cryptocurrency use.
"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 the government does not consider cryptocurrencies to be legal tender.
There is real risk of investment bubble of the type in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard earned money.