Indian Telecom operator is developing its own cryptocurrency JioCoin

Reliance Industries, the largest technology conglomerate of India, begins to work on the study of the blockchain and developing its own cryptocurrency JioCoin through its subsidiary Telecom company Reliance Jio Infocomm.

According to the LiveMint, Indian telecommunications giant Jio Infocomm is working on a project JioCoin. They will engage a team of 50 professionals working on the technology of the blockchain to develop applications for supply chain management, and for creating smart contracts.

It is reported that the team will be headed by Akash Ambani (Ambani Akash), the eldest son of Mukesh Ambani (Mukesh Ambani), who runs Reliance Industries. The condition of one of the richest people in the world, Mukesh Ambani, is estimated at 40.1 billion, and its share of stock in the conglomerate was equal to 44.7%.

Team for the development of the blockchain, the average age of participants which is 25 years old, will be creating their own cryptocurrency company called Jiocoin. An anonymous source familiar with the process of development, spoke about the potential applications of the technology, noting the following:

«The first option is a cryptocurrency. We can deploy smart contracts. They can be used in the management of the supply chain. Bonus points can be awarded in JioCoin».

Despite the fact that not much information, easy to understand reasons Reliance Jio to develop their own cryptocurrency. The company has a huge network of entertainment apps, including Jio Phones, JioTV, JioNet Wi-Fi, Cinema Jio, Jio Music and, in particular, Jio Money. For Money Reliance Jio Jio has developed its own payment gateway and wallet, which will offer a wide range of discounts on food shopping, travel, clothing and much more. Thanks to its own cryptocurrency Reliance Jio could accrue reward points into digital currency that can be used for purchases in the environment Jio.

While in the competitive market of mobile telephony India has already established some of the lowest tariffs in the world, recently launched Reliance Jio, the 4G network covering the whole country, has made great excitement in the industry, and helped the company become the fourth largest operator in the country. A little over a year since the launch in December 2016 Reliance JIO has attracted more than 160 million customers in the second largest market of mobile phone users in the world (about 1.1 billion) after China.

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