BTC Wires

Telangana Signs Seven MoUs to Develop Blockchain In the State

BTC Wires: International Institute of Technology Hyderabad signed a Memorandum of Understanding with Telengana Government’s IT, Electronics and Communication department in order to collaborate and work on the development of protocol, identification of user cases, acceleration and allied programmes in order to fulfill the deem of developing Hyderabad as a comprehensive Blockchain Hub.

According to Ripple, a payment protocol and a real-time gross settlement system, had named IIIT Hyderabad as one of the members of its University of Blockchain Research Initiative.

With the International Blockchain Congress in session, the Telengana state government has signed about seven MoUs to build a comprehensive innovation ecosystem for blockchain. It is now a party to a tripartite agreement between itself, Zebi Data India and IIIT Basara. This agreement is aimed at handling the mounting problem of fraudulent or fake certificate issuance. IT Minister of the state, K T Rama Rao spearheaded the launch of the initiative that is aimed at digitizing tenth and twelfth standard certificates over a blockchain network and into a blockchain database, at least during its first stage. This will enable stakeholders such as University authorities and employers to verify the credibility of certification. The state governments which has clearly gone all out to capitalise on the rising potential of blockchain, also signed a Memorandum of Understanding with CDAC in order to develop pilot solutions for its property registration protocol.

With its enthusiasm for embracing the full extent of blockchain’s immense potential, the state is looking to establish a Blockchain District in collaboration with Tech Mahindra and two other tech concerns which will enable rising start ups and developers to work in clusters and form an ecosystem of innovation that could power India to a leading position in the world of blockchain.

With the advantage it provides in terms of transparency, security, immutable record keeping etc, blockchain technology is moving from being a nascent industry to one that is being increasingly adopted and embraced by several different sectors. These sectors are as varied as healthcare, retail, stock exchanges, supply chain, logistics and so on but all these industries stand to benefit somehow from the many advantages of blockchain. Being extremely quick and cost effective, blockchain is the technology of choice for most industries looking towards the future.