He further said Reliance aspires to get into Internet of Things (IoT) and Blockchain technology to disrupt the global market under various sectors. The person, however, said all of this was "in proposal stage".
A source familiar with the matter told that Reliance has multiple applications of blockchain and the team will work on different projects.
In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016. Akash will be leading a young team of around 50 professionals to work on the next-gen technologies including blockchain and crypto. Well, as per a new report by Livemint, Indian telecom operator Reliance Jio wants to step into the world of cryptocurrency by introducing its own digital currency called JioCoin.
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A blockchain is a digitised, decentralised, public ledger of all cryptocurrency transactions. In straightforward terms, blockchain decentralizes data without it being duplicated.
Reliance JioInfocomm Ltd is planning to bring its own cryptocurrency JioCoin soon. This information is shared on the blockchain through the database, which can be accessed on real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India.
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"One (application) is cryptocurrency".
The company could deploy smart contracts and use it in supply chain management logistics. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender. It claimed that the recent price surge of cryptocurrencies such as bitcoin is being driven only by speculation and underscored the risk of an investment bubble.
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Subsequently, UIDAI temporarily barred Airtel and its payments bank service from using Aadhaar to verify users. This, UIDAI hopes, will ensure that no one, except the holder, can access the person's Aadhaar number .
A survey conducted by the Income Tax Department has revealed that there are six lakh active traders of cryptocurrencies such as Bitcoin in nine digital currency exchanges across India, while 25 lakh people are registered to trade.
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