Visakhapatnam: Blockchain technology that once echoed mostly for crypto-currency like Bitcoin used for secret financial transactions, is now sweeping the government for providing public services. Andhra Pradesh is the first state to try it in order to make public services secure, fast and trustworthy.
Unlike the Cloud technology, Blockchain, is a de-centralised system that has gained significance, due to its hack-proof and transparent feature to ensure cyber security.
Blockchain offers a way to securely and efficiently create a tamper-proof log of sensitive activity. The stakeholders will be made aware, if any changes are made by anyone in the system.
As many as 26 countries participate in ‘Blockchain Business Conference’ to promote business opportunity and investment.
Fintech Valley Vizag which completed one year, conducted the Blockchain Business Conference in Vizag.
Representatives from government bodies and industry working on Blockchain technologies, gathered together to create business and investment opportunities for start-ups.
The event received an overwhelming response with more than 500 delegates on the first day.
Speaking on the occasion, AP Chief Minister, N. Chandrababu Naidu said, “Today, as part of the Fintech Valley Vizag initiative, there are nine companies set up and 16 are yet to establish their bases in Vizag.
“In the last one year, we have been able to attract '600 crore investment. Progress is only possible through the adoption of technology. Our aim is for Vizag to be the technology and education hub, not only for Andhra Pradesh, but for the entire country.
“We are very excited to be the first state to use Blockchain pilots and the first to create a repository.
“The government of AP has set aside '100 crore incentives to corporates who set up bases in Vizag. We are also speaking to several private equity firms to help raise more funds to promote Vizag as the Fintech hub,” he added.
The IT Advisor to the AP Chief Minister J.A. Chowdary said, “The AP government has taken the lead by incorporating Fintech and including Blockchain, Cybersecurity, Automatic Intelligence, Machine Learning and Analytics, as its key strategy in FY17.
“Today, we are clear that Blockchain is the technology of the future. We want Visakhapatnam to be the next Fintech capital of the world.”
NASSCOM president Rentala Chandrasekhar said that as part of its plan, NASSCOM would set up a 70-seater facility in Vizag, to help incubate start-ups, provide mentorship and give world-class products.
