HYDERABAD: Buoyed by the success of start-up incubator T Hub, the State government is mulling to set up a blockchain technology district in Hyderabad. The district will be exclusive to start-ups and players across the world, in using blockchain technology in conducting businesses.
The state government on Friday signed MoUs with Tech Mahindra, Nucleus Vision and Eleven01 Foundation to launch India’s first Blockchain District, which will provide a complete ecosystem for the growth of blockchain technology.
“We want to closely work and collaborate with all the stakeholders ( in blockchain technology space) and hence signed several MoUs,” said IT Minister KT Rama Rao, while addressing an International Blockchain Congress held here on Friday.
“The move is to strengthen the blockchain ecosystem in the State that will position Telangana as a leading destination of blockchain hub in the world.”
Explaining further on how the proposed ‘district’ will take shape in the State, CP Gurnani, CEO, Tech Mahindra, said that several companies working in various sectors including pharmacology, retail, fashion retail, and architecture will be players in it.
‘’Blockchain District will be a cluster of buildings, which will bring together all relevant players together.The Telangana government will allocate land and other infrastructure for the cluster, which will provide platform and technology assistance to all the incubators in the blockchain district,” he said. Gurnani said that the business launch would be made in three months adding that the district would be set up in two phases
Eleven 01 and Nucleus Visions, the other two founding companies, will aid in giving support to the incoming partners through mentoring, market reach, and technical insight.
What is Blockchain technology
Blockchain is a new-age technology that helps in record-keeping through the use of cryptography, a secure method of writing digital codes. With blockchain, many people can write entries into a record of information, and a community of users can check the records to reduce the scope of fraudulent practices in altering information.