In news that the technology-adopting community in India would welcome, the government of Telangana has announced a new blockchain district for the inclusive purpose of incubating startups in Hyderabad. The government will be partnered by private technology major Tech Mahindra.
The MoU was signed between the officials of the technology company and government officials bringing in the new wave of technology adoption in the country.
The immediate consideration for the two parties to establish the center is to create the infrastructure which would house these startups. The government’s contribution with this regard is to offer the real estate, appropriate policies as well as tax rebates in order to push the incubation center into existence.
According to the State’s IT minister, KTRama Rao “We envision to set a benchmark in providing blockchain technology solutions and platforms across industries.”
The establishment of such a district is considered as a double-win for the country as it will set up the ‘talent hub’ which will eventually be part of the bigger global activities. This will be possible by way of blockchain innovations and the setting up of different types of organizations and companies. The project is called as Eleven 01 protocol for blockchain platform with respect to the individual development of startups and can be used by millions of individuals.
The aim of utilizing such as protocol is to eliminate the need for blockchain developers so as to allow the entry of new and innovative technologies for efficient app-based applications. The purpose of such an incubation center is to create the necessary depth of talent and encourage positive activities among the members.
The move by the state of Telangana in developing blockchain solutions by way of digitally reworking their land registries to favor transparency as well reduction in forgeries that are commonplace to documents of this stature is the first step towards such transformation.
Blockchain technology for everyday use
The technology scenario in India is one of the most conducive in the world for the adoption of cryptocurrencies as well as blockchain technologies for everyday use. This is because much of the country is computer literate and a major segment of the population is aged between 24-48 making it positively poised towards quick assimilation of technology and its adoption.
The country has had its own issues by way of demonetization in 2016 and has experienced the issues related to non-transparency in currency circulation besides wide-spread corruption in the polity. Hence, the use of blockchain technology is seen as an exciting new ‘lethal weapon’ for the young brigade who want to change the current systems of nepotism and money-can-buy everything philosophy ruining the growth of the country.
Thus, there is anticipation among the users of technology solutions that blockchain and its applications will prove to be a turning point in the history of the nation.
Perhaps the first step in this direction has become possible with the arrival of the new district in Hyderabad dedicated for the development of this technology which is considered to have the Midas touch in rendering freedom to the oppressed and the ‘middle-class’ of Indian economics.