The adoption of blockchain as an allied technology of complex communicational processes continues to rise. On this occasion, the Indian state of Andhra Pradesh established an alliance with Covalent Found to develop and promote a blockchain ecosystem in the country.
Government authorities seek to create a blockchain unit in the Vizag FinTech Valley with an initial investment of $ 10 million dollars to start with the pilot program, a plan that was originally launched during 2016 to unite government representatives in the town, companies, investors, enterprises and universities. In fact, it is planned to create a Blockchain University very soon along with Covalent.
The facilities can be used as an academic residency space for startups and project incubation groups, to allow them to develop their project until they become completely independent. They will also lend spaces for mass events and conferences.
According to local media reports, on January 16, 8 startups were chosen to participate in the Vizag FinTech Valley incubation program, to develop solutions for financial institutions, banks, insurance companies and stock companies.
Also, during 2017, the state government expressed interest in using the blockchain applied to the public management sector, announcing that some departments would move their data to the blockchain between 8 and 12 months from now; punctually, the land records and the public budget department.
It was the public land registry department that signed an agreement with the Chromaway company to work with this purpose, which was announced at the end of last year.
India has maintained a little open attitude with cryptocurrencies, but it does endorse the use of blockchain technology with multiple purposes, as the central bank of that nation assures.