Reliance Jio to launch its own cryptocurrency

The Reliance Jio Infocomm Ltd is planning to launch its own cryptocurrency “JioCoin”. It is expected to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics. The JioCoin project will be headed by Mukesh Ambani’s elder son Akash Ambani. The Blockchain is a digital ledger for storing data. 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.