Will 2018 witness a new era of blockchain and cryptocurrency in India?

After disrupting Telecom Sector of India, Reliance Jio Infocomm Ltd is expected to creates its Own cyptocurrency called JioCoin.

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Blockchain is a digital ledger for storing data. Blockchain decentralizes information without it being copied. We have Seen cryptocurrencies platforms such as BitCoin and Ethereum gain prominence in 2017 due to the steep rise in the value of crytocurrencies. Blockchain experts and cryptocurrency enthusiasts across India are excited and instilled with a new hope, because of India's own first cryptocurrency called JioCoin.

Under the leadership of Akash Ambani, Elder Son of Mukesh Ambani, Reliance Jio plans to build a 50-member team of young professionals, to work on the complex blockchain technology. “The company plans to hire 50 young professionals with 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,” a person familiar with the development said on condition of anonymity.

Cryptocurrencies' Legal Status in India is still not clear because RBI and Finance Ministry of India issuing Warning against Usage of it in India. Even bitcoins alone is worth more than $600 billion market Cap. Experts are stating that legal status can get a major boost if Jio creates their own cryptocurrency. Expert also stating that investment and trading into cryptocurrency in India can change forever if JioCoin launch.

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,” the person cited above said, adding that all of this was “in proposal stage”.

Even its not confirmed by Reliance or Jio as of now, but the report has sent shockwaves across India, and globally.



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