Blockchain is “Futuristic Technology,” Says Indian Chief Minister, $16 Million Allocated

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Chandrababu Naidu, Chief Minister of Andhra Pradesh, said today that blockchain is a futuristic technology at the opening of a two day Fintech conference to promote the Vizag Valley.

“The blockchain technology is futuristic technology with great potential and also important for cybersecurity. Several pilot projects have been taken up in the state using the blockchain technology in areas such as land registration,” Naidu said according to local media.

He said 20 companies have signed a Moratorium of Understanding covering 120 projects from cyber-security to transportation to land registration.

While two projects were launched by Thomson Reuters in collaboration with the Andhra Pradesh government. Covering IT infrastructure primarily aimed at students and universities.

“We will create a vast pool of professionals by setting up a School of Excellence for Blockchain technologies under IIDT, “Minister of IT, Nara Lokesh, said.

With IIDT being the International Institute of Digital Technologies which sent 50 students on tour of the Vizag valley with some of them taking part in a hackathon.

Naidu further stated they have set up a fund for innovation of Rs. 100 crore, currently worth around $16 million. He said:

“India is witnessing a heightened interest in Blockchain technology across sectors. Applications and collaborations in the financial industry sector specifically, has gained significant momentum; but we have yet to scratch the surface and achieve notable impact and transformation in the way we transact.”

Citing the need for Research & Development as well as manpower shortages in blockchain technology, he said the fintech fund will help start-ups in gaining market access as well as with mentoring.

The Chief Minister expressed ambition to lead in blockchain tech, with India seemingly being the latest country to enter this space. He says:

“We want to work with world class technologies including blockchain technology and Andhra Pradesh will become technology and knowledge hub in the country in future. The blockchain technology is best for safety and security aspects and state government is going with blockchain technology.”

It’s not clear whether they are using it for government services, and if so to what extent they might be doing so, but Naidu says:

“The state government is using technologies that will help to eradicate poverty and provide clean administration. The government has been using latest technologies and best practices for the welfare schemes like distribution of ration, pensions, pattadar pass books and scholarship.”

Apparently Bill Gates is to visit the Vizag Valley as India bids for blockchain tech, aiming to form a cluster of IT companies in close proximity.

 

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