On 3rd August, the Telangana government signed MoUs with three companies to start India’s pioneer Blockchain District. Tech Mahindra, Eleven01 and Nucleus Vision are partnering with the state to set up a centre of innovation and infrastructure development for the Indian blockchain industry. It will encourage the growth of blockchain startups and will serve as a comprehensive innovation ecosystem, the first of its kind, for the blockchain network in India. Telangana’s Information and Technology Minister KT Rama Rao and CEO of Tech Mahindra CP Gurnani were present when the agreement got inked upon, at the inaugural event of the International Blockchain Congress. The state government will allot infrastructural requirements such as land in order to support and aid the incubators that will be a part of the new Blockchain District.
Gurnani, the CEO as well as MD of the IT, networking and tech solutions firm, remarked that this launch was a watershed moment in the history of India’s technological progress, with a talent hub being instituted to harness the power of blockchain to make data more transparent, accessible and democratic as well as to tackle several real-world issues. He expressed optimism about India’s future in the field, claiming India would soon overtake other nations to become the world’s Blockchain Capital, with major exports of blockchain solutions. He explained that the District will be a set of buildings dedicated to provide a platform to all key elements of this development process. He added that people from several sectors such as healthcare, research and development, retail etc. would come together in this cluster to form the innovation ecosystem that has been envisaged.
KT Rama Rao was also full of hopes for the project that according to him, aims to set a “global benchmark” in ultramodern tech solutions and networking platforms. He also noted that this would put India on the map at a time that can well be considered as the Digital Era.
In this project, Tech Mahindra would also promote innovation for solving real-world market problems across the world. Although the remaining details of the plan are to stay under wraps for now, we know that the project will be developed in the pattern of Telangana’s technology incubator T-Hub. Moreover, educational institutions will also play a role, establishing a symbiotic relationship with the Blockchain District.
Rama Iyer, CEO of Eleven01 Foundation India said that the project would boost the marketability of ideas and that it was a novel and brave step by the government, considering this Blockchain District has been preceded by similar models in just two places, China and South Korea.