Internet of Things Current Affairs

JioCoin: Reliance Jio planning to launch its own cryptocurrency

Reliance Jio Infocomm Ltd is planning to create its own cyptocurrency, JioCoin. The Jiocoin project is being led by Mukesh Ambani’s elder son Akash Ambani.

Under it, Reliance Jio is planning to build a 50-member team of young professionals to work on blockchain technology, which can also be used for multiple applications and develop various blockchain products. Reliance Jio is also aspiring to get into Internet of Things (IoT) and blockchain technology will come in handy there.

Blockchain Technology

Blockchain is decentralized incorruptible digital ledger for storing data across a peer-to-peer network. It decentralizes information without it being copied. Information is held on blockchain through shared database which can be accessed on real-time basis. This database is not stored on physical servers but on cloud, which makes it easy to store unlimited data.

Blockchain technology is not controlled by any single entity and has no single point of failure. It is transparent and incorruptible. It is kind of self-auditing ecosystem of digital value and blockchain network automatically checks every transaction that happens in it.

The most popular application of technology so far has been cryptocurrency. But it is not limited to, financial transactions and can be also used in smart contracts, supply chain management logistics, sharing economy, crowdfunding, governance, file storage and date management and IoT.

Internet of Things (IoT)

IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to internet, which enables these objects to connect and exchange data. Blockchain technology has potential to address security risks to IoT as it provides a shield against data tampering by labelling each block of data.

Tags:

Bengaluru hosts first edition of IoT India Congress

The first edition of ‘IoT (Internet of Things) India Congress, 2016’ began in Bengaluru, Karnataka.

The three-day event was inaugurated by Union Information Technology (IT) and Electronics Minister Ravi Shankar Prasad and JS Deepak, Secretary, Ministry of Telecommunications.

Key Facts

  • The congress aims to bring together key stakeholders across the value chain and verticals to collaborate, ideate and share a common roadmap for IoT implementation.
  • It will bring the IoT practitioners (hardware-devices, portables, sensors, software, business) and IoT enablers (regulatory, training, investors in IoT, end users) to work together.
  • It seeks to create an IoT platform that is industry efficient as well as robust. For this purpose it has brought top executives from multinational companies and tech start-ups on one platform.
  • The event will also host the “IoT Start-Up Awards 2016” and “IoT Thought Leadership Awards 2016”.

What is Internet of Things (IoT)?

  • IoT is a system of interrelated computing devices, mechanical and digital machines, objects, or people that are provided with unique identifiers.
  • Thus it can be said that it is an internetworking of physical devices, vehicles, buildings and other items—embedded with electronics, software, sensors and network connectivity.
  • The internetworking has ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
  • IoT is also dubbed as the infrastructure of the information society. It allows objects to be sensed and controlled remotely across existing network infrastructure.
  • Thus it creates opportunities for more direct integration of physical world into computer-based systems, and resulting in improved accuracy, efficiency and economic benefits.

Tags: