Telangana, a southern Indian State has partnered up with a major IT firm to establish a district that would be exclusive to blockchain startups in the state’s capital city.
According to the Economic Times, the Telangana State Information Technology, Electronics and Communication Department (ITE&C) has inked a memorandum of understanding (MoU) with Tech Mahindra, a multinational IT services giant to establish the first blockchain district of India.
The primary goal of this district will be to act as an incubator for domestic blockchain startups and companies to develop real-world applications of the decentralized technology. The blockchain district will be located in Hyderabad, the capital of Telangana, also the city that is known for its technology-forward agenda over the last decade.
And that’s not it. The state has also promised the companies and startups that they will provide them the backing they need in regards to regulations and policy. The State of Telangana’s aim here is increasing blockchain activity in the country, and also to promote the integration of blockchain technology domestically and beyond.
The announcement of this partnership coincided with Tech Mahindra’s decision to launch their own major blockchain project in the district. They named this project Eleven01 Protocol. The goal of this project is to develop a blockchain network that will provide the startups with a platform through which they can build decentralized applications that would be capable of performing over 10,000 transactions per second.
Telangana isn’t the only state that is pushing for the integration of blockchain technology. One year ago, Andhra Pradesh and Telangana began developing early pilots of a blockchain network that they could use to record their land registries. And recently Telangana started integrating blockchain technology within their administrative services to reduce fraud within government bodies.
Blockchain could be a huge push for the Indian economy as it can help the state governments reduce corruption and fraud from within, thus helping them reduce the amount of capital that doesn’t end up going into the projects that they were supposed to go.
The Andhra Pradesh government is also a member of the Enterprise Ethereum Alliance (EEA) which is a working group of companies and organizations looking to leverage open-source Ethereum technology for enterprise applications. Needless to say, the adoption of blockchain technology in India is in full swing right now.