Blockchain Sector Planned In Hyderabad By Indian Government

According to reports, government officials of Hyderabad in India have joined Tech Mahindra, an international IT service company as a means of launching a new district within the state based on blockchain-tech and supporting emerging projects. Both, the company and government have inked a MoU to join efforts and introduce the new blockchain district and accelerate India’s tech-development plans.

The Agenda

One of the initial plans in the new project's operations involves new building construction for emerging startups and blockchain housing. The states local government will then monitor and manage the construction required. Additional and required regulations will also go through official authorities in regards to the new blockchain hub. K T Rama Rao, minister of IT in Telangana has stated that the new collaboration and initiative will provide a path to the dedication of all involved members in offering DLT solutions and several new industrial platforms.

Initially, the new district was described and meant to become an international hub of exceptional talent aimed at introducing democracy to data and tackling significantly threatening problems in regards to blockchain innovation. Tech Mahindra’s role will be to consistently supply technical aid and assist in growing the entire blockchain environment. Additionally, an announcement on the 3rd of August revealed a new initiative called Eleven01, planned as a platform for standalone advancements of newly emerged startups which displayed a possible blockchain usage by millions of participants.

As of now, the new project focuses on supplying local DLT developers with all the required resources and tools without the need of bringing them in from international locations and contribute to creating state of the art dApps resulting in a local environment for the entire sector. Additionally, the market cap is predicted to jump into the trillions in the foreseeable future. On the other hand, the state has started researching new solutions related to blockchain as a means of reconstructing any land registrations digitally to provide more clarity and cut down on false documents.

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