India's Largest Company Reliance Industries with market cap of around $95 billion is planning to launch its own ICO - JIO COIN

After Burger King, Kodak, Telegram, and Bank of England, India’s fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin.

After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd is on track to become the largest telecom provider in India

Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users’ consumability on Jio offerings. The possibilities are endless.

With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.

Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would work wonders there. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.

Let's hope the Indian government becomes more crypto-friendly after this news - fingers crossed!