The Indian regulatory environment may be harsh on the cryptocurrencies but it definitely is keen on taking advantage of the burgeoning blockchain scene.
In a recent report by local news media, the Southern Indian state government of Telangana has launched a new accelerator program to encourage and support the development of blockchain startups in the country. The report states that the new incubator is a partnership between the state government, premier educational institutes such as the IIIT-Hyderabad and the Indian School of Business and industrial heavy-weight Tech Mahindra.
Rama Devi, the Officer on Special Duty at the ITE&C department made the announcement during Monday’s launch of the T-Block Accelerator saying that blockchain is an innovative technology that can be used to solve several challenges.
“We have developed 12 use-cases wherein Blockchain technology can be used to solve some of the issues faced by citizens… in the coming days we are coming up multiple initiatives such as setting up incubator,” he announced.
There are several obvious advantages to working with the government and the main one is access. However, in this partnership, blockchain-based startups that will be lucky to be taken into the five-week incubation program will be able to gain not just access to government facilities but also with partners such as Tech Mahindra, they can be able to be scaled using the established infrastructure. It is a lucrative deal for everyone involved.
The government of Telangana will spark the spirit of innovation in an emerging sector, the startups will gain capital and credibility by working alongside an established tech giant and Tech Mahindra gets access to cutting edge innovation which it can use and apply to its business processes. As stated by Rajesh Dhuddu, the global blockchain practice leader at the Tech Mahindra, the company hopes to collaborate with some of the startups at a later stage.
“Our partnership with the Telangana government for the Blockchain District stems from our desire to build a world-class support infrastructure for blockchain startups,” he added.
Jayesh Ranjan, who serves as the Principal Secretary of IT and Industries commented on the launch of the T-Block Accelerator saying that,
“Telangana is committed to its vision of positioning Hyderabad as one of the leading blockchain cities in the world. This accelerator will be a torch-bearer to multiple future blockchain accelerators in the country and we are excited to partner with Tech Mahindra to identify and promote innovative blockchain-based solutions to solve real-world problems.”
Successful entrants to the accelerator program will undergo a week of boot camp and four follow-up weeks of intensive training with extensive mentorship and guidance from industry experts. The five-week program will include workshops, presentations, discussions and assignments designed to impact as much training on blockchain technology and business as soon as possible.