The Hyderabad-based government is set to create a blockchain-powered district in order to support startups. The state institution has signed a Memorandum of Understanding (MoU) with The local authority in Hyderabad state, India, is working with IT giant Tech Mahindra to launch a blockchain-based district aimed to support startups.
Initially, the two teammates will start building up the centers for startups and blockchain incubators, where the government will have the role of monitoring the whole process. As reported, the district will have a special regulatory framework that will be under the government supervision.
The Telangana IT minister K T Rama Rao expressed his view on the collaboration, saying, “We envision to set a benchmark in providing blockchain technology solutions and platforms across industries.”
Through the blockchain district, characterized as a “global talent hub,” the government intends to digitize the data and bring tech solution to resolve the problems registered in the state of Hyderabad and not only. The institution views this project as an alternative to supporting technological innovations. Moreover, it hopes to increase the employment rate of the Indian population and transform the country into a “blockchain capital”.
IT giant Tech Mahindra has pledged to provide technical backing and improve the Indian blockchain system. Recently, the fintech company revealed it is set to release a project called the Eleven01 protocol – also a blockchain-powered platform dedicated to supporting startups.
The protocol promises to help Indian blockchain developers not depend on imported technologies to design decentralized apps and improve the local tech environment.