In an attempt to position Telangana as India’s blockchain capital, the state govt released a draft blockchain proposal to provide legislative and strategy aid to Hyderabad-based blockchain startups. “This one of its kind initiatives will aim to put all blockchain companies based out of Hyderabad at a strategically advantageous position globally,” the strategy observed.
In August 2018, the government of Telangana introduced its blockchain zone in cooperation with Tech Mahindra, a leading IT firm. Blockchain businesses will be offered land at a substantial discount under the state’s industrial framework company, according to the latest draft plan of the state.
In addition, the state has decided to offer 25% yearly grant on lease rentals, subject to a maximum of INR 5 Lakh (~$8,000), for the initial three years of company’s operations. Office rooms will also be given at deeply discounted prices for all blockchain start-ups, coworking and incubation rooms.
For blockchain firms, the government laws for ICT businesses such as annual income, investment and job creation will also be partly lifted. The strategy also intends to encourage financing in blockchain technology through the establishment of academic councils in different universities and financing researchers.
In addition, a global liaison center is planned to draw international investments and the exchange of worldwide expertise between the district of blockchain and global blockchain related firms.
Blockchain at its center enables information storage and handling through its network employees, otherwise known as nodes, in a distributed form.
The main idea is that no central body has unique influence over information or content, and therefore cannot be edited or wiped off. The World Economic Forum anticipates that by 2025, blockchain could compensate for as much as 10% of worldwide GDP.
That explains the reason for rising interest of Indian states in blockchain technology. Karnataka, Andhra Pradesh, Rajasthan, Maharashtra and Kerala are among other states that have already released a whitepaper or in the process of preparing the PPP design for egovernance in blockchain initiatives and other endeavors.
Kerala State Development and Innovation Strategic Council (K-DISC) introduced the Accelerated Blockchain Competency Development (ABCD) program in 2018. Major IT companies such as IBS Software Services, Suntech, UST Global, and Ernst & Young hired the program graduates. Andhra Pradesh introduced its landmark blockchain project— Fintech Valley Vizag — earlier to this in 2016.
