India’s Telangana State Launches Country’s First Blockchain District
The administration of the Telangana, a southern Indian state, is joining forces with a noteworthy IT firm to setup an exclusive district for blockchain companies in the state’s capital city.
The Telangana State Information Technology, Electronics and Communication Department (ITE & C) has signed a memorandum of understanding (MoU) with multinational IT goliath Tech Mahindra to set up what is being referred to as ‘India’s first Blockchain District’.
As revealed by financial news daily Economic Times, the Blockchain District will foster local blockchain businesses and organizations to build DApps using decentralized ledger technology for real-world use. In particular, the administration sponsored offices of the ‘district’ will be located in Hyderabad, the state’s capital city known for its forward looking outlook during the most of the recent decade.
“Telangana government is glad to pioneer the first of its kind Blockchain District in India,” the state’s IT Minister KT Rama Rao was cited as expressing.
The senior government official further said:
“With help from Tech Mahindra, we imagine to set a worldwide benchmark in giving cutting-edge Blockchain technology solutions and platforms across industries.”
Strikingly, the state government has promised to give both administrative and strategy assistance for organizations and new companies in the blockchain sector to advance the incorporation of blockchain innovation locally and globally.
The announcement also coincided with the launch of Tech Mahindra’s own noteworthy blockchain venture in the zone. Named the Eleven01 Protocol, the project plans to deliver a regulatory compliant platform for startup firms to create DApps that can execute more than 10,000 transactions every second, per the declaration by Tech Mahindra.
Rama Iyer, Eleven01 Foundation’s India boss, said
“The protocol will power an entire ecosystem of services for Indian blockchain startups, ranging from advisories, incubators, center for excellences (COEs) and venture funds. “With this, early stage blockchain startups will get every kind of support required from a single, cohesive entity.”
The blockchain district and the homegrown platform joins an increasing list of measures taken by Telangana to promote blockchain innovation. A year ago, Telangana and the neighboring province of Andhra Pradesh started creating pilots to record property registries on a blockchain. As of late, state authorities in Telangana have grasped blockchain innovation to bring straightforwardness and prevent fraud within government organizations.
The Andhra Pradesh government is additionally a member of the Enterprise Ethereum Alliance (EEA) created by a group of organizations, which hope to use open-source Ethereum innovation for business applications. Vishakapatnam (Vizag), the coastal city of Andhra Pradesh, is additionally known for being an epicenter for startup industries. The center is part of Andhra government sponsored ‘FinTech Valley’ activity.