Published: Fri, January 12, 2018
Business | By Tara Barton

A 'JioCoin' could see Reliance taking its disruption drive beyond telecom

A 'JioCoin' could see Reliance taking its disruption drive beyond telecom

"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. It is still studying the issue.

Jio's services now include Jio Money, Jio Cinema, Jio TV, Jio News, Jio Mags and Jio Cloud. It can be used in supply chain management logistics. The company is said to launch the JioCoin very soon. However, unlike Jio, JioMoney could not score in the already saturated market of digital payments wallets. Thus, cryptocurrency JioCoin might be just the tip of the big project.

While the JioCoin plan is still in initial stage, the official did tell the business daily as to how Reliance Jio could use the new technology.

Jio has the network and the devices; JioCoin would provide the infrastructure to connect them and IoT would be the enabler. Back home, the finance ministry, Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin users on the risks such cryptocurrencies carry.

A JioCoin would also help the company bridge the services gap by reaching the unbanked masses, given that it is already providing connectivity in rural areas and offering a low-priced device in the form of its JioPhone. There are multiple applications of blockchain (for the company).

Reliance Industries owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too. Here, it is pertinent to mention that blockchain technology is the base of all cryptocurrencies.

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Reliance Jio, the wireless telephony and data services unit of Mukesh Ambani.

"Reliance Jio also aspires to get into Internet of Things (IoT)".

After taking the telecom industry by a storm, Mukesh Ambani led Jio Infocomm is set to venture into yet another disruptive trend.

On one hand, the investment in cryptocurrencies is coming under the radar of Indian government, India's largest corporate conglomerate is planning to launch its own cryptocurrency named JioCoin in the near future.

Earlier the RIL chairman predicted that India will be ahead of the USA in terms of data infrastructure by 2019.

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