HYDERABAD: World Economic Forum (WEF) has recognised Andhra Pradesh government’s efforts in using blockchain technology in governance. AP has been at the forefront in using this technology to manage land records and streamline vehicle registrations. Blockchain is the underlying technology of Bitcoin crypto currency.
AP is the first state in India to adopt blockchain which is a continuously growing list of records also known as blocks. A block is a record of new transactions to keep track of who owns what property and once each block is completed, it’s added to the chain, creating a chain of blocks. Thus, blockchain helps to protect the digital assets and transactions of the government as it runs on trust.
Therefore, it prevents tampering and fraud not only by outsiders but also by people inside the administration.
WEF shared a video on twitter on Tuesday on Fintech Valley and how effectively AP is using blockchain and with the aim to help users understand the importance of protecting digital transactions and its role in preventing frauds.
AP has piloted two key projects using blockchain technology and will be extending it to other areas soon. It is planning to expand its blockchain usage to transport and finance soon. WEF also pointed that Vishakap-atnam is all set to become India’s centre for Fintech as it has attracted an investment of $900 million and created 5,500 jobs.
Expressing pleasure over the recognition on twitter, minister of IT Nara Lokesh wrote, “We’re giving ourselves tremendous advantage in securing government-people’s transactions and by also creating business and investment opportunities for companies in this space to thrive.” AP has aligned with several private companies to test use cases of blockchain.
