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India’s biggest and most valuable conglomerate named Reliance Industries is effectively driving the blockchain development that will also see the company create its own cryptocurrency named JioCoin through its telecom subsidiary Infocomm.

The report comes by LiveMint and says that the Indian telecom giant is already establishing an initiative that is dubbed the ‘JioCoin project’ which will see a 50-member team of professionals working on blockchain technology and developing applications for supply chain management logistics as well as adopting the smart contracts technology.

All eyes are aimed at Akash Ambani which is the eldest son of Mukesh Ambani, the managing director of Reliance Industries. It is believed that Ambani will lead the entire conglomerate entering in the blockchain space. Reports say that Mukesh Ambani is one of the world’s richest men, valued at $40 billion with a 44.7% stake in the entire conglomerate.

This is certainly big news for the blockchain development team – which is consisting of professionals with an average age of 25 years. It seems that this young team will drive the new force of the blockchain and work towards developing their own cryptocurrency called Jiocoin.

An anonymous insider familiar with the developments outlined the potential use cases for the technology. He stated:

“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin.”

Even though there is no clear evidence of the entire thing yet, it is easy to spot the reasons for the development of the cryptocurrency. The company has already established a massive network of entertainment offerings which include JioTV, JioNet WiFi, Jio Cinema, Jio Music and most notably – Jio Money. All of these will be implemented in the new blockchain adoption and are meant to be used for purchases through the Jio ecosystem.