Tech Mahindra in collaboration with the Telangana Government, a state in south India, will be establishing a Blockchain district. It is exclusively for blockchain startups in Hyderabad, the capital city of the state. A MoU (memorandum of understanding) between Tech Mahindra and the Electronics and Communication Department as well as the Telangana State Information Technology has been signed. This is with reference to the institution of ‘India’s first Blockchain District’. Tech Mahindra is a very reputed international IT services giant.
The Economic Times’ Reports
Based on a report by the Economic Times, the Blockchain District will have twin functions. One it will function as a hub of excellence for blockchain in the nation. Secondly, it will promote the development of home blockchain start-ups plus companies to formulate decentralized technologies’ real-world applications.
The state government will render both policy and regulatory support to companies and startups in the sector. This will help in integrating blockchain technology both domestically and beyond. The Telangana IT Minister alleged that, “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.”
Tech Mahindra, since it is a co-founder of the Blockchain district, undertakes in the provision of a platform and technology support. This will be applicable to all the brooders in the Blockchain District.
Tech Mahindra also has plans to institute a most important blockchain venture in the district. The project’s name is Eleven01 Protocol. Tech Mahindra said thus:
“The protocol will power an entire ecosystem of services for Indian blockchain startups, ranging from advisories, incubators, a center for excellence (COEs) and venture funds… With this, early stage blockchain startups will get every kind of support required from a single, cohesive entity,” remarked India’s Eleven01 Foundation chief, Rama Iyer.
‘District’ Physical Presence To Be In Hyderabad
Hyderabad, the capital of Telangana, will have the physical building of the ‘district’. This indigenous platform comes as an add-on to the already growing list of initiatives taken by Telangana
In order to further blockchain technology in the state, this native platform is a tag-on to the by now rising list of enterprises taken by Telangana. Of late, the officials in the state of Telangana, applied blockchain technology to alleviate scam within the government bodies.
Comments (No)