Bitcoin and altcoins has been the talk of the Town for almost past one whole year. The main technology introduced by the cryptocurrency world is blockchain. A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as "completed" blocks (the most recent transactions) are recorded and added to it in chronological order. It allows market participants to keep track of digital currency transactions without central recordkeeping.
India is yet to embrace the cryptocurrency world unlike the other countries. The Government has been setting up committees to discuss the action forward. Yet our Finance Minister calls Bitcoin Ponzi Scheme. Such a shame.
According to a recent news report, Reliance Jio Infocomm Ltd plans to create its own cryptocurrency, JioCoin. “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.”
If this news turns out to be true it will be a breakthrough for India into the cryptocurrency world. Hopefully then the government will open up towards cryptocurrency as Reliance is one of the biggest companies in India. Let's wait and watch.
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