To start a Blockchain ecosystem in India, the Indian Government, state of Andhra Pradesh (AP) has signed a MoU with Covalent Fund. The collaboration will focus on formation of manpower, access to capital and formation of an India-focused Blockchain stack at FinTech Valley Vizag.
Investment spending of upto$10 million will be done as a primary pilot project. They have an idea to set up a Blockchain University soon through collaboration between the State Government and Covalent Fund. The FinTech hub in Vizag or Visakhapatnam, called FinTech Valley Vizag was introduced in 2016 to bring jointly global financial services companies, startups, investors, government and academia.
It is a reason-built and government encouraged facility that provides state-of- the-art plug and play facility at subsidized rates under the Designated Technology Park scheme. The facility can be used as co- working space for resident Fintech start-ups, incubators and innovation hubs, accelerators growth space in the future for them as they develop, and a collaboration and events/meetings space for all
stakeholders. A range of incentives are grand for companies to set up shop at the FinTech hub.
FinTech Valley Vizag organized a Blockchain Business meeting in October 2016, with support from the Ministry of Electronics and Information Technology, Government of India. The State Government also hosted a series of 18 hackathons in selected 18 colleges throughout the state in association with Hackmania Technology Pvt. Ltd, Fintech Valley Vizag.
The eight startups have been selected for undergoing incubation under FinTech Valley Vizage’s accelerator program, the Hindu reported on 16th January. The accelerator program will make use of the use case repository expanded for financial service institutions, non-banking financial institutions, including banks, capital market companies, insurance firms.
Exploring the use of blockchain in the public sector the State Government has also been taking a lead. In 2017, the state government of Andhra Pradesh was announced that plans to start moving some departmental data onto platforms of blockchain within 8-12 months. Pilots had been introduced in two departments that are land records and civil supplies.
Regarding to the Economic Times article, the Andhra Pradesh state government initiated discussions with financial technology service provider and also with Broadridge Financial Solutions. Broad-bridge is also interacting in collaboration with AP Electronics and IT Agency (APEITA), an autonomous institute established by the government and GITAM University and Broadridge to introduce job-ready courses in blockchain technology.
Regarding to a recent report in The Hindu from earlier this month, an Indian FinTech firm called Zebi Data India has create a blockchain-based solution for hosting land records that is being used in Amaravati, the Capital region of Andhra Pradesh. Around one lakh land records with the CRDA (Capital Regional Development Authority) are now on block chain.