Blockchain Technology experts and cryptocurrency fanatics across India are imprinted with a new hope, as India’s largest corporate and business firm, Reliance Industries plans to launch their own cryptocurrency called JioCoin.

Even though not confirmed by Reliance or Jio as of now, but the report has sent shock wave across India, and worldwide.

Will 2018 witness a new era of blockchain and cryptocurrency in India?

As per initial reports, Reliance Jio is drawing up plans to make its own cryptocurrency, Jio Coin. A young team of 50 blockchain specialists and cryptocurrency veterans would be created & Mukesh Ambani’s son Akash Ambani will lead the JioCoin project under Reliance Jio.

This progress is interesting as blockchains, the backbone of cryptocurrencies such as bitcoin, ripple etc. have stepped into some of the most crucial operations in India.

All major banks have assured to use blockchain for reforming their operations; Insurance firms have also pledged to use blockchain and even the Govt. is using it for e-Governance.

Reliance Jio’s entry into the blockchain technology and creating their cryptocurrency can actually move the equilibrium spurring a new wave of growth.

3 reasons why this development is important:

Legal Status for Cryptocurrency

When Reliance Industries put their hands into a business, then they disrupt it making it even more sensible. The legal status of cryptocurrencies in India is still not clear, as Reserve Bank of India and Ministry of Finance have been issuing warnings against cryptocurrency usage since long. According to the experts if Jio creates their own cryptocurrency, then nobody can stop it from getting a legal status in India.

Power Boost for Blockchain technology

As per the initial report, the purpose behind JioCoin is to form a platform which is supported by blockchain & can do a lot of business operations without any hassles.

JioCoin can work for smart contracts, logistics, inventory management and a lot more. When banks and insurance firms are using blockchain for their major operations, just imagine possibilities for Reliance industries and what all they can do with it.

A Fresh start for IoT Application

It is a well-known fact that Reliance Jio has been looking for a breakthrough in IoT applications since long & has already launched a smart card device, using IoT.

JioCoin, as their own cryptocurrency, which would be based on blockchain technology can be a major catalyst for their IoT application initiatives. Reliance Jio has the devices & the network; JioCoin would provide the platform to connect them and IoT would be the enabler. The map looks perfect.

Author's Bio: 

Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.