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The Indian Port city which embraced Blockchain Technology for better

Mar 07, 2018 Posted /  1760 Views

The Indian Port city which embraced Blockchain Technology for better

It is not frequent that a nation's head would hail the Blockchain technology and its transformative capabilities. But somehow the country which is known for its strict stance on the cryptocurrency is praising the underpinning technology for virtual currencies. Indian Prime Minister Narendra Modi stated that the nation needs to rapidly adopt Blockchain as the technology's grand promise of transparency can change the entire economic scenario in the Southeast nation.

Blockchain radically increases trust between two parties. This singularity is a big deal in an economy which bears low counterparty trust. Notably, roughly 80% of Indians work in the informal economy, which is steadfast on interpersonal faith than formal contracts. This characteristic of this developing nation makes it vulnerable to fraud. Apart from high rates of scams and frauds, the country has a 69% bribery rate, making it the most corrupt nation in Asia in 2017.

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While nothing is working much to alleviate India from its current issues, India has been bullish on the blockchain. Amongst all this, a port city- Visakhapatnam, nicknamed “the city of destiny” is emerging as the country's blockchain center.

FinTech Valley Vizag

It was during 2016 that the government of the Southern Indian state of Andhra Pradesh decided to launch an ambitious project called "FinTech Valley Vizag." The initiative aimed at building Visakhapatnam, or Vizag, into a world-renowned fintech ecosystem that would bring together government, academia, corporates, investors, and entrepreneurs. It was Andhra Pradesh's Chief Minister Chandrababu Naidu who was widely credited with transforming Hyderabad.

In late 2017, Vizag attracted some $900 million investment and created 5,500 jobs. The fundamental objective behind bringing this idea to the state was to generate at least 500,000 jobs by 2020. Consequently, Andhra Pradesh became the first India state to adopt blockchain for governance. Two critical projects have been outlined by now: management of land records and streamlining of vehicle registrations. Blockchain facilitates the protection of state’s digital assets and transactions, helping in preventing tampering of data by the outsiders or the corrupt government officials.

This is important in the country because as per study Daksh think tank property related disputes account for a staggering 66% of all civil cases and 0.5% are basically on GDP. Andhra Pradesh aims to implement blockchain across the administration. The state has also created associations with private companies and startups to experiment and test the use cases of the technology.

FinTech Valley Vizag is preparing to develop the massive repository of blockchain use cases in additional principal areas such as transport, finance, and digital security. For the purpose, it has partnered with Covalent Fund to create Velugu Core, a pioneering India-focused blockchain stack. This would make government data freely available on all digital platforms like open APIs (Application Programming Interfaces), which could then be used by developers to build apps.

Say, for instance, if an individual is thinking to buy some specific property, he could hypothetically access government data through an app built using this stack and get public information on all former ownership and transaction details.

Other initiatives include devising several business accelerators and innovation labs, as well as specific centers of excellence in collaboration with Thomson Reuters (for IT and digital content) and Broadridge for blockchain. FinTech Valley Vizag is also extending generous incentives (monetary, regulatory and infrastructure support) to proactively attract the best talent and develop the region’s thought leadership in fintech and blockchain.

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Tags: blockchain technology Indian fintech

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