Altcoin News – India’s Biggest Conglomerate to Launch its Own Cryptocurrency

Altcoin News – India’s Biggest Conglomerate to Launch its Own Cryptocurrency

Reliance Industries, India's largest and most valuable conglomerate, is immersed in blockchain development, which will also see the company create its own cryptocurrency, JioCoin, through its subsidiary Reliance Infocomm Jio.

According to a regional report by LiveMint, Indian telecommunications giant Jio Infocomm is establishing an initiative called "JioCoin Project" which will see a team of 50 members of professionals working on blockchain technology to develop applications for management logistics supply chain as well as intelligent construction contracts. The team reportedly headed by Akash Ambani, the eldest son of Mukesh Ambani, who is the managing director of Reliance Industries. One of the world's richest men, Mukesh Ambani is valued at $ 40.1 billion with a 44.7% stake in the conglomerate.

The blockchain development team - to consist of professionals with an average age of 25 - will be working on developing also own ICTs called Jiocoin Cryptocurrency.

Speaking at the publication, an anonymous insider aware of the developments of use Outlined possible cases of technology, Declarant:

"One (application) is cryptocurrency. We can deploy smart contracts. It can be used in Supply Chain Management Logistics. Loyalty Points In total, we could JioCoin rest. "

Although details are rare, it's easy to spot reasons for Reliance Jio's foray into cryptocurrency. The company has an extensive network of entertainment offerings including Jio Phones, JioTV, JioNet WiFi, Jio Cinema, Jio Music and notably, Jio Money. With Jio Money, Reliance Jio has developed its own payment gateway and wallet that brings a wide range of discounts on purchases in food, travel, apparel and more. With its own cryptocurrency, Reliance Jio could eventually issue loyalty points that can be cryptocurrency used for purchases throughout the Jio ecosystem.

While India's highly competitive mobile phone market already sees some of the world's lowest rates, Reliance Jio recently launched - with a 4G network covering the entire country - has severely disrupted the industry with usage rates significantly reduced and free data to become the fourth largest telecommunications operator in the country. A little over a year since its launch in December 2016, Reliance JIO now has more than 160 million subscribers in the world's second largest mobile subscriber market (about 1.1 billion users), after China.

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