JioCoin: Reliance planning own cryptocurrency, Akash Ambani to lead project

The company aspires to get into the Internet-of-things business and blockchain will help its foray

Reliance Jio is planning to create a cryptocurrency of its own called 'JioCoin', and will put together a young team of 50-odd professionals under Akash Ambani to kickstart the project, a Livemint report claims. The Ambani scion is reportedly interested in developing blockchain technology to aid the development of smart contacts and cryptocurrency payment-enabled supply chains.

Blockchain is a digital ledger that works as a book-keeper for cryptocurrencies.  

'Jio' a leap into Reliance's future?

Reliance Jio has disrupted India's telecom sector in the past year-and-a-half by offering services at hyper-competitive prices, forcing other telcos to follow