The company also plans to develop blockchain applications such as smart contracts and supply chain management logistics. It can also be used for supply chain management. On Thursday, Bitcoin dropped as much as 12% to $12,801, its most reduced since Christmas day, as South Korea's equity serve repeated his proposition to boycott nearby digital currency trades, Bloomberg revealed. Blockchain technology has many benefits. Its popularity has grown in the past year and the value of Bitcoin - the most popular cryptocurrency - had surged to over $16,000 apiece in December.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering.
Meanwhile, India government is cracking down on cryptocurrencies, as Income Tax (I-T) Department in December conducted survey operations at major Bitcoin exchanges across the country. Thus, cryptocurrency JioCoin might be just the tip of the big project.
Bitcoin witnessed a decline of 12 per cent, reaching Dollars 12,801, while Ripple and Ethereum slumped down to 14 per cent and 4 per cent respectively.
Reliance Industries owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.
Tie-ups with other stakeholders could see services such as insurance premiums, grocery shopping, electricity recharges also coming into play.
"Jio's Own Cryptocurrency JioCoin May Be Launched Soon - 3 Reasons Why It's Important!", 5 out of 5 based on 3 ratings.
In terms of loyalty points, Jio can ensure traction for its other apps by crediting users with currencies that they can spend on the Jio platform. The developed blockchain technology would have applications in cryptocurrency as well as in the Internet of Things (IoT). Blockchain technology is a decentralised digital ledger in which transactions made in cryptocurrencies are recorded chronologically and publicly.
"With deep pockets and existing business expertise, Reliance will likely get first-mover advantage in India", Naiya said.
After taking the telecom industry by a storm, Mukesh Ambani led Jio Infocomm is set to venture into yet another disruptive trend.
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