Recognising the importance of blockchain technology in near future, Andhra Pradesh Chief Minister N. Chandrababu Naidu inaugurated a two-day Vizag International Blockchain Conference, a state initiative yesterday. The conference aims to trigger startups, corporates, local and global investors to eye Vizag city as home to fintech and related verticals’ ecosystem in India.
At the inauguration, CM Naidu also announced that the state government will soon deploy blockchain technology in road transport and land registries, as part of its e-governance policy. The Chief Minister said,
“With establishing Fintech Valley at Vizag and real-time e-governance, it is the right time for the experts, entrepreneurs and investors to converge their outputs. This will do wonders, a win-win situation for all.”
Blockchain Technology: Beyond Bitcoins
Developed by the Bitcoin cryptocurrency founder Satoshi Nakamoto (pseudonym), blockchain technology was earlier limited to a node-to-node distributed transactional ledger for the cryptocurrencies. However, owing to the unparalleled transparency, safety and security it offers, the technology soon became an apt platform for coders, developers and analysts to redefine the processing of the real-time data across the verticals.
In India, the first-ever blockchain conference was organised last year by London-based fintech company Zero Field Labs featuring Vitalik Buterin, inventor of Ethereum and global players such as Microsoft, ConsenSys, IBM.
Blockchain Conference, First Day: A Host Of Initiatives
Recognising the lack of R&D centres based on blockchain platform, CM Naidu inaugurated Blockchain COEs (Centre Of Excellence) by Broadridge, and Thomson Reuters & GITM University. Connecting the dots to streamline Fintech Valley, Vizag’s ecosystem, CM also launched Blockchain Report – Wipro, a blockchain hiring portal, India blockchain forum, Fintech Valley accelerator – ICICI/Mahindra Finance and Use Case Repository.
Nara Lokesh, Minister of IT, Andhra Pradesh said, “In recent years, we have seen new business models in different sectors questioning the established way of doing businesses. Blockchain technology is the disruptive platform that will provide a new model of doing businesses across the verticals.”