After completely capturing the telecom sector with its free offers and hyper-competitive tariffs. Reliance Jio Info communication Ltd is planning to release its own to create a crypto currency of its own called Jio Coin.
For this the company is planning to launch JioCoin project with team of 50 young members led by Mukesh Ambani’s elder son Anant Ambani. The team member will work on block chain technology, which will be used to develop genius applications like smart contracts and supply chain management logistics.
What Is Block Chain?
Block chain can be defined as digital ledger which will be used for storing data including, but not only restricted to, financial transactions. In simple language, block chain divides information without it being copied. The information is held on block chain through a shared database which can be accessed on a real-time basis. This database not only designed to store physical servers but but also on the cloud, which makes it easy to store unlimited data.
Crypto currency is without any doubt one of the most popular application of the technology and Reliance Jio is also planning to create its own version called JioCoin.
Reliance Jio has also aspiring to get into Internet of Things (IoT). Block chain technology would come in handy there.
Internet Of Things (IoT)
IoT is a device which is chain of network such as smartphones, wearable devices, home appliances and vehicles which is connected to the internet. It will enables above mentioned things to connect and exchange data with each other. Experts have figured out that block chain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data.
Let’s see if the proposal of Jio coin made by Reliance Jio Info communication Ltd bears same fruit for young generation of young ambanis as Reliance has achieved in the sector of telecommunication.