Telangana, Tech Mahindra ink MoU for India's first Blockchain District

Telangana State Information Technology, Electronics and Communication department (ITE&C) signed Memorandum of Understanding (MoU) with Tech Mahindra to launch India’s first Blockchain district. The MoU was signed at International Blockchain Congress 2018 held in Hyderabad.

Blockchain district

It will be centre of excellence, incubator and process development for emerging technology with innovative infrastructure and facilities to foster growth of Indian blockchain start-ups and companies. Tech Mahindra as its founding member will provide platform and technology assistance to all incubators in it. It will also empower accelerators to develop and solve market problems across its global customer ecosystem. Telangana ITE&C Department will provide regulatory and policy support to enable and promote Blockchain growth both in India and globally.
Significance
Blockchain district will be global talent hub which can help to unlock value of blockchain technology in democratising data and solving big scale world problems. It is also huge step in reskilling and right skilling workforce of the future. It will provide an opportunity for blockchain ecosystem in India to collaborate and work towards building a blockchain district in Telangana and transforming India as the blockchain capital of the world.

Blockchain Technology

Blockchain is decentralized incorruptible digital ledger for storing data across peer-to-peer network. It decentralizes information without it being copied. Information is held on blockchain through shared database which can be accessed on real-time basis. This database is not stored on physical servers but on cloud, which makes it easy to store unlimited data.
Advantages
Blockchain technology is not controlled by any single entity and has no single point of failure. It is transparent and incorruptible. It is kind of self-auditing ecosystem of digital value and blockchain network automatically checks every transaction that happens in it.
Applications
The most popular application of technology so far has been cryptocurrency. But it is not limited to, financial transactions and can be also used in smart contracts, supply chain management logistics, sharing economy, crowdfunding, governance, file storage and date management and Internet of Things (IoT).

Month: Current Affairs - August, 2018