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Indian state to boost local blockchain ecosystem

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The Government of Andhra Pradesh is planning to develop a blockchain Startup community in the province. APIS (Andhra Pradesh Innovation Society) reported that, in collaboration with the Eleven01 Foundation (Local provider of native blockchain protocols), they would develop a blockchain talent pool which will support start-ups building with nascent technology.

According to a press release, APIS is determined to develop a remarkable technology Startup ecosystem. The collaboration is focused on using events and mentorship programmes to establish a community of start-ups in the province finally.

J.A. Chowdary, who is the IT advisor and special chief secretary to the Chief Minister of Andhra Pradesh said in his statement that, ‘We truly appreciate what Eleven01 team is trying to do and we are happy to associate with them to bring advanced development and innovations with regard to the blockchain realm in the state.’

As a response to his statement, Ramachandran Iyer, President and CPO (Chief Product Office) – Eleven01 Foundation said that ‘“We visualize India to be a blockchain-hub and the support from the state here brings us a step closer to achieving that. Together, we will contribute towards the development of the best blockchain-ready talent pool and innovations in the state.”

Blockchain protocol of Eleven01 was developed in corporation with Tech Mahindra, an IT service giant and the platform aimed at establishing the blockchain ecosystem in the country.

This maneuver is an effort made by the Andhra Pradesh Government to establish the Blockchain ecosystem smoothly. The state of Andhra Pradesh signed a Memorandum of Understanding (MoU) with Covalent Fund to launch a university based on blockchain with an initial investment of $10 million and to start a blockchain ecosystem.

Andhra Pradesh is also working hand in hand with Startup Chroma Way which uses blockchain technology to track ownership of property.

We have been desperately waiting to see if the committee set up by the Indian government comes to a conclusion to accept the cryptocurrency as assets as the Indian Government is accepting blockchain as technology.

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