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.
As per a report from Livemint, the JioCoin project is being led by Mukesh Ambani’s elder son Akash Ambani. The company is planning to build a 50-member team of young employees to work on the blockchain technology.
A source familiar with the matter told that Reliance has multiple applications of blockchain and the team will work on different projects. Out of those options, one application is cryptocurrency.
The company could deploy smart contracts and use it in supply chain management logistics. The loyalty points paired with different Jio services could be eventually based on JioCoin.
The company also aspires to get into the Internet of Things to make home automation more popular in India, as per the source. “Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data.”
Despite the unclarity from the government front, all major banks have pledged to integrate blockchain in their operations; some government agencies have also hinted at its future use in e-Governance schemes. However, on a worldwide scale, the crackdown on Bitcoin and other digital currencies continues.
What are your thoughts on the possible applications on blockchain in Indian scenario? Share your views and become a part of the discussion.