It seems to be a landmark step taken by the government of Telangana, as they have agreed to partner with a recognized IT firm intending to formulate first blockchain district in the state capital.
The sources have confirmed that the Telangana State Information Technology, Electronics and Communication Department (ITE&C) has agreed with all the terms and conditions by signing Memorandum of Understanding (MoU) with a well-established Tech Mahindra, that is a multinational company providing IT services with the aim to construct nation first ‘Blockchain District’.
The main purpose behind establishing Blockchain District is to act as a backup for the states blockchain beginners and the companies intending to design web application for the decentralized technologies.
The government has assured that the reported district will especially be located in Hyderabad, exclusively known for the powerhouse of the upgraded technologies for last decades.
The state’s IT minister KT Rama Rao expressed his willingness by quoting that Telangana government officials are excited and proud to introduce the country’s first and the foremost Blockchain District.
The senior government further stated that:
“With Tech Mahindra’s support, we envision to set a global benchmark in providing cutting-edge Blockchain technology solutions and platforms across industries.”
Moreover, the government has promised to provide regulatory as well as policy support it inside as well as beyond the boundaries for the newcomers and the existing companies with the aim to assist the amalgamation of the blockchain technologies.
Apart from this, Tech Mahindra has also shown interest in launching an important blockchain project titled ‘Dubbed the Eleven01 Protocol’ in the district. The official announcement made by Tech Mahindra has unveiled that the step taken is intended to promote a government-compliant stage for the beginners so that they are successful in developing decentralized apps which have the capacity to perform around 10,000 transactions per second.
Rama Iyer, the Eleven01 Foundation’s chief stated that this newly designed protocol will provide the initiator with an ecosystem service varying from incubators, a center for excellences (COEs), venture funds and advisories. With this, the beginners will eventually get aids required for the smooth functioning of the entity.
Andhra Pradesh last year also took initiative to introduce early pilots so that by using the blockchain technologies they can successfully record their land registries.
The point to be noted is that the state government is also the member of Enterprise Ethereum Alliance (EEA), this most probably works as a group of organization and industries for their applications to leverage open source technology of Ethereum.
In addition, recently, Telangana, on the other hand, appreciated and embraced blockchain technology in order to bring transparency, accountability in the system. It will try to detect the loopholes and fraud present in the government bodies.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.