The cryptocurrency boom is seemingly on an all-time high. Ever-since the Bitcoin breached the $19,000 mark last year investors and speculators are scurrying up to pour fiat money into the crypto world. Currently, the Cryptocurrencies(along with technology and adoption) are still at a budding stage and the regulatory authorities are already fighting to keep the same at bay. After revolutionising the wireless internet in India Jio is now all set to enter the blockchain world with the JioCoin. Yes, Reliance is once again betting on an upcoming technology.
Mukesh Ambani’s elder son Akash Ambani is speculated to lead the JioCoin project and is planning to build a 50-member team of blockchain experts. As of now, we are not sure on which aspect of Blockchain the JioCoin will emphasise on. However, I personally feel that Jio will make use of the smart contracts and other subsets of the blockchain technology.
This is what a person familiar with Reliance’s Plan had to say, “The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products.”
On a related note, Reliance Jio is also investing on the Internet of Things and this along with the Blockchain leverage is expected to give the company a head-start. In all likelihood, the blockchain can be used to shield against data tampering in the IoT ecosystem.
Leaning towards the Crypto hype?
A lot of companies are cashing in on the Crypto craze but in reality, many of them lack the fundamentals. The very word “Crypto” is causing the stocks to go shoot up. In the recent past, companies have pivoted to anything crypto and are trying to rewrite their fate with a dash of the future.
Long Iceland Iced Tea Corp did a “pivot” and changed its name to Long Blockchain Corp and achieved a staggering $35 million value for 10 days in a row (only to scrape the blockchain idea later). Kodak, a company that is struggling to stay relevant introduced a Bitcoin Mining machine with a lease scheme at the CES. As far as JioCoin is concerned not much can be said at this juncture. On the brighter side if Reliance Jio successfully imbibes and implements the blockchain technology it will open the floodgates for blockchain related technologies in India.