Yes Reliance is planning to launch its own cryptocurrency named JioCoin, which just reminds us of the very famous or infamous BitCoin. Reliance Jio has announced that it will build a team of 50 young professionals to work on Blockchain technology. But before we discuss any further on this first lets discuss what is Cryptocurrency and BlockchainTechnology :
- Cryptocurrency : It is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies, alternative currencies and virtual currencies.
- Blockchain : Originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previousblock, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.Once recorded the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Block chain technology is used for all cryptocurrency transactions.
We all know about Bitcoin - created in 2009, was the first decentralized cryptocurrency. The rise of Bitcoin has been meteoric over the years, it touched 20,000 dollar mark last year and is said to double in value in 2018. With only 21 million Bitcoins to be ever produced the demand is gone through the roof, and mining for 'Satoshi' the smallest unit of Bitcoin has already started, each Bitcoin can be divided into 100 million Satoshi. Since Bitcoin, many other Cryptocurrencies have been launched or launching, 'PETRO' announced in 2017 is the first centralised cryptocurrency backed by the Venezuela Government. The very infamous prophecy about BitCoin has turned out to be true when people who were under the impression of handling it were not keen where to invest as the world’s leading agencies and invest firms were at their wit’s end about it.
Coming back to JioCoin, after disrupting telecom industry with its free offers and hyper-competitive tariffs, Reliance Jio wants to foray into Blockchain technology and will be headed by Akash Ambani. The company plans to work on various Blockchain products like smart contracts and supply chain management logistics, and JioCoin is one of these applications. The company also plans to get into Internet of Things (IoT) and Blockchain technology will come in handy there as it provides shield against data tempering. Well how much JioCoin can achieve remains to be seen but the possibilities are virtually endless.
For businesses it is time to adapt and embrace these future technologies, make their e-commerce solution compatible with future Cryptocurrencies like Bitcoin and JioCoin. And to help you do that Supertron Infotech Pvt. Ltd. (SIPL) one of the best web development company in Kolkatais here,come meet our team and discuss future possibilities. To know more about Supertron Infotech Pvt. Ltd. and its products and solutions, please visit our website at www.supertroninfotech.in
