After hijacking the telecommunications market by launching Jio and giving away free bounties to customers, now Reliance is eyeing a big project in cryptocurrency and this project by Reliance is being led by none other than Mukesh Ambani’s son, Akash Ambani. The project has been named as ‘Jiocoin’
Reliance under the leadership of Akash Ambani plans to build a 50 membered team of young and dynamic professionals. This team will be given the onus of working on the block chain technology. The team would also look into the development of various applications like Smart Contracts and Supply Chain Management Logistics.
What is a block chain ?
Block chain is more like an online ledger meant to store data. The block chain can store data but it is not just limited to financial transactions. In very easy and simple terms the block chain just decentralises the information without it being actually copied.
The data in the block chain is not sorted on physical servers but rather a cloud. This makes the storage of unlimited data easy and convenient. The information is held on the block chain through a shared database.
Cryptocurrency By Reliance
Cryptocurrency has been the most popular application of the block chain and now Reliance plans to create its own version of it. As stated earlier, this project has been named Jiocoin.