Turning its focus toward cryptocurrency, Reliance Jio backed by the richest man in India, Mukesh Ambani may be looking to launch its very own – JioCoin. Jio maybe planning to build a 50-member team to work on blockchain technology.

“The company plans to hire 50 young professionals with 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,” sources were cited in a report by Live Mint. Blockchain is a growing list of records, called blocks, which are linked and secured using cryptography.

They store data related to financial transactions among others. The application of this technology is used in cryptocurrency like Bitcoin.

Bitcoin is a cryptocurrency and worldwide payment system which is decentralised from a country’s official currency. “One (application) is cryptocurrency. Read more from zeebiz.com…

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