Jio is ready to enter the cryptocurrency market as the media reports suggest and Mukesh Ambani’s Son Akash Ambani is believed to be heading the group of developers, who will create solutions based on the blockchain technology.
So, Do we another Market disruption in the making. Well, the growth of cryptocurrency has surprised everyone in the world. More than 700 Billion dollars in the market capitalization and counting, we are in the world of digital currency and are ready to begin an entirely new era of transaction capability. The Indian government has been largely a bystander to the crypto growth in the world. Blockchain technology is the biggest disruptor in the market, which aims to decentralize the entire world of information and data.
We have been seeing its most famous application as the cryptocurrency. The launch of thousands of crypto coins for a variety of purposes is the proof that we are going to see next revolution in the coming decade. It is yet to be seen how the different industries adapt to the technology.
But, Jio is planning the include the technology of smart contracts and blockchain technology to create an innovative application, which would create an entirely different market for the decentralized apps. We might see in the future every other company entering the market as the stability and growth occur in the cryptocurrency.
Reliance Jio has planned to hire 50 individuals who will be working to create different blockchain products as reported in the media. Another thing to look for is the leader of the project, Mr Akash Ambani, he has been taking over key responsibility in the reliance especially in the latest technology sector. We hope to see more of good products based on technology from Reliance. Jio has other plans to enter into other industries such Internet of Things, where it aims to build a smart home and smart products for the needs of the next generation.
The Growth Of Jio With The Technology
Technology adoption by the company is one of the fastest ways to achieve cost saving and growth in the rapidly changing market. And, Jio is trying all the way possible to capture new markets as possible. It should not come as a surprise if tomorrow it enters into the space business.
The Indian government has been quite cautious about the cryptocurrency and its growth. Nothing concrete has come out of it except that they do not wish to regulate the bitcoin market as of now. Blockchain technology is a great opportunity for companies to improve their way of working.
Recent news includes when banks became the major roadblock in the working of the Indian cryptocurrency exchanges. Steps like these discourage people to adopt the latest technology.
With Jio planning to enter the market, it may bring some fresh air of credibility and trust in the blockchain technology into the minds of skeptics, who fear everything. It is still not yet announced by the company but we hope for the best as the technology is the future for the company.