India’s first ‘Blockchain District’ launched by Tech Mahindra and Telangana Govt
The Government of Telangana, a southern Indian state is collaborating with Tech Mahindra to establish a Blockchain district. The district will be exclusive to blockchain startups in the state’s capital city – Hyderabad. A memorandum of understanding (MoU) has been signed between multinational IT services giant Tech Mahindra and The Telangana State Information Technology, Electronics and Communication Department (ITE&C) to establish what is being coined as ‘India’s first Blockchain District’.
As per a report by the Economic Times, the Blockchain District will operate as a center of excellence for Blockchain in the country and foster the growth of domestic blockchain start-ups and companies to develop real-world applications of the decentralized technology. To promote the integration of blockchain technology domestically and beyond, the state government pledges to provide both regulatory and policy support for companies and startups in the sector. K T Rama Rao, the Telangana IT minister, added:
“Telangana government is proud to pioneer Blockchain District in India. With support from Tech Mahindra, we envision to set a benchmark in providing Blockchain technology solutions and platforms across industries.”
“The protocol will power an entire ecosystem of services for Indian blockchain startups, ranging from advisories, incubators, center for excellences (COEs) and venture funds,”Rama Iyer, Eleven01 Foundation’s chief in India said. “With this, early stage blockchain startups will get every kind of support required from a single, cohesive entity.”
The physical premises of the ‘district’ will be situated in the state’s capital city, Hyderabad. This indigenous platform comes as an add-on to the already growing list of initiatives taken by Telangana to further blockchain technology. Recently, the state officials in Telangana employed blockchain technology to mitigate fraud within government bodies. Just a year ago, Telangana joined hands with the neighboring state of Andhra Pradesh and began to develop early pilots to record their land registries on a blockchain.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
