STPI Sets Up Incubation Facility In Delhi NCR To Foster 100 Blockchain Startups

 The Software Technology Parks of India (STPI) has set up an incubation facility, the Apiary Center of Entrepreneurship (CoE), in Gurugram to foster 100 blockchain startups over the next five years.

The CoE, set up in collaboration with the Ministry of Electronics & Information Technology (MeitY),  the Haryana government, Padup Ventures, IBM, Intel, the Government Blockchain Association (GBA), and the Foundation for Innovation and Technology Transfer (FITT), was inaugurated by MeitY secretary S Krishnan on Friday (October 20).

The STPI is an organisation under MeitY working to promote IT/ITES industry, innovation, startups, among others, in emerging technologies like artificial intelligence, machine learning, robotics, blockchain, fintech, among others. It has launched over 20 CoEs across the country for various technologies so far.

The latest CoE, Apiary, has a 7,000 square feet incubation space with 80 workstations, conference rooms, and an auditorium. It aims to support startups and promote entrepreneurship in blockchain technology. 

The CoE  will provide support to startups in the form of dedicated blockchain platform, access to technocrats, mentorship, mentoring programs, VC funding, among others, by collaborating with all the players in the ecosystem.

Speaking after the inauguration of the facility, Arvind Kumar, director general of STPI, said, “Apiary CoE’s incubation facility will bring a new revolution in the technology sector. Blockchain technology has a lot of potential and is considered to be the biggest invention since the internet. This incubation facility at Apiary CoE is a stepping stone towards India’s digital transformation.”

The STPI signed a memorandum of understanding (MoU) with GBA in 2020 to act as an industry association partner for Apiary.

Speaking to Inc42, Amit Jindal, president of the GBA’s India chapter, said that the GBA aims to share best practices and use cases from its working groups in areas like supply chain, identity management, land records, cybersecurity, and sustainable development goals. This effort is geared towards helping address governance issues.

The GBA is a US-based international non-profit organisation that provides support to professionals in government, public sectors, and businesses worldwide to understand, implement, and benefit from blockchain-related technologies and capabilities.

The development comes at a time when both government and private sector are increasingly using blockchain and working on new use cases for the technology. 

In August, Reliance Industries said its financial subsidiary Jio Financial Services would explore blockchain technology for its products. Meanwhile, the Tripura government also jumped on the blockchain bandwagon and is now using the technology to secure data on the state’s beneficiary management system.

Last year, finance minister Nirmala Sitharaman highlighted the benefits of the blockchain technology but also flagged anonymity as a risk.

Update 1, October 23, 2023: The story is updated with the correct name of GBA president.