HYDERABAD: The State government has decided to develop the eco-system required for the usage of Blockchain technology in Hyderabad. As a prelude to this, an International Blockchain Congress will be held in Hyderabad.
"The tentative dates for the meeting are August 3 and 4. The Congress will be held at Hyderabad International Convention Centre (HICC). Around 2,500 delegates from more than 100 companies will participate. There will be around 40 sessions in two days," official sources in IT Department told Express on Thursday.
"The idea is to develop the eco-system that is required for using the Blockchain technology, which is secure and safe," the officials stated. Officials said in the traditional database, the information could be tampered. "In Blockchain technology, the tampering of the data cannot be done. Even if the data is tampered, it can be known," sources said.
Initially, the State government is trying to use the Blockchain technology in keeping the land records, which are purified recently. "We will create an atmosphere in Hyderabad that is required for Blockchain technology, so that the start-ups, other private players use it," an official who is actively working in the preparations for the Congress.
Though, the State IT department will confine to Blockchain technology, they are expecting that some persons interested in Bitcoin may also participate in the International Blockchain Congress, sources said.
The officials are also recalled that Union Finance Minister Arun Jaitley in his budget speech stated that the Union government would explore the use of Blockchain technology to add muscle to the digital economy.
WHAT IS BLOCKCHAIN?
* The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value
* International Blockchain Congress to be held in Hyderabad on August 3 and 4
* Around 2,500 delegates from 100+ companies will take part in 40+ sessions