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Reliance Jio Infocomm Limited is planning its own cryptocurrency: JioCoin. Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India.

Mukesh Ambani's son Akash Ambani will lead the team of JioCoin project. A source familiar with the Reliance Jios plan stated that “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.”

The blockchain is a digital ledger for storing data, It decentralizes information without being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.

Reliance Jio is also planning to get into the IoT (Internet of Things). With IoT, the Blockchain technology will become handy. The Internet of Things is a network of physical devices such as smartphones, vehicles, appliances which enables these object to exchange and connect data.

Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. As Bitcoin and other cryptocurrencies have come under the scanner of governments across the world because of their soaring prices attracted speculators and unsophisticated retail investors in droves. 

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