Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Government of Telangana to establish first Blockchain District in India

The government of Indian state of Telangana signed memorandum of understandings (MOUs) with Tech Mahindra, Nucleus Vision, and Eleven01 Foundation to launch India’s first Blockchain District in the state, according to an IANS report.


They will be the core founding members of the Blockchain District, which will be a Center of Excellence for Blockchain. The initiative will serve as an incubator for technology and process development with innovative infrastructure and facilities to foster the growth of Indian blockchain start-ups and companies.

"Telangana government is proud to pioneer the first of its kind Blockchain District in India. With support from Tech Mahindra, we envision to set a global benchmark in providing cutting-edge Blockchain technology solutions and platforms across industries. It is not just a proud moment for Telangana but India as a global leader in the Digital Era,” IT Minister, K T Rama Rao, said.

In its official release, Tech Mahindra said that it will provide platform and technology assistance to all the incubators in the Blockchain District. It will also empower accelerators to develop and solve market problems across its global customer ecosystem.

The Telangana State Information Technology, Electronics and Communication department (ITE&C) will provide regulatory and policy support to foster blockchain growth both in India and globally.

Recent reports had already suggested that the Telangana government was going to sign MOUs with blockchain players at the International Blockchain Congress, which was held last week.

Rao said that the state is going to implement blockchain technology in land record management system, Telangana Today reported. Telangana is also initiating pilot projects to secure 10th grade and plus two certificates issued to students using blockchain technology.

Other areas where the technology is being implemented include vehicle lifecycle management system, and chit funds (a saving financial instrument).

“We are preparing to seize the new opportunities and we are in the process of building our in-house expertise in emerging technologies, fostering partnerships with industry and collaborating with start-ups to drive of emerging tech-based solutions within the government departments and public-facing projects,” Rao said.

By Shampa Mani
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.