The local government in the Indian state of Hyderabad has partnered with multinational IT services provider Tech Mahindra to create a blockchain district to aid startups.
The two parties signed a Memorandum of Understanding to work together to bring the district to the Telangana state’s capital city, Hyderabad, pushing India’s agenda of advancing technological innovation in the country.
On the early agenda for the project is the construction of buildings for startups and blockchain incubators, with the local government primarily responsible for overseeing the necessary infrastructure. Policies and regulations for the new district will also be delegated to the state’s authorities.
The Telangana IT minister K T Rama Rao expressed positive sentiments about the venture, saying, “We envision to set a benchmark in providing blockchain technology solutions and platforms across industries.”
The blockchain district was described as a ”global talent hub” that hopes to democratize data and solve large-scale problems through blockchain innovations. It is an effort to practically reskill the workforce for the future while pushing for India to become the international blockchain capital.
India-headquartered IT giant Tech Mahindra will be charged with providing technical assistance while helping expand the blockchain ecosystem. In a press release on Friday, Mahindra detailed a project dubbed the Eleven01 protocol, a blockchain platform targetting the individual development of startups which may be utilized by several million individuals.
The protocol aims to eliminate the need for Indian blockchain developers to require foreign technologies while creating the most efficient decentralized applications, creating a localized ecosystem for the industry. The press release cited the blockchain market as being capped at a trillion dollars in the coming years.
Telangana has meanwhile already begun exploring blockchain solutions to digitally rework their land registries in an effort to boost transparency and reduce the number of document forgeries.
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