Tech Mahindra to set up India's first 'blockchain' district for Telangana
07 August 2018
M&M's IT arm Tech Mahindra has signed an MoU with the Telangana government to set up India’s first ‘blockchain’ district in the state.
The ‘centre of excellence for blockchain’ will be an incubator for technology and process development with innovative infrastructure and facilities to foster growth of Indian blockchain start-ups and companies.
As a founding member of the district, the company will provide platform and technology assistance to all the incubators. It will also empower accelerators to develop and solve market problems across its global customer ecosystem.
“With support from Tech Mahindra, we envision to set a global benchmark in providing cutting-edge Blockchain technology solutions and platforms across industries,” remarked K T Rama Rao, the state’s IT minister. “It is not just a proud moment for Telangana but India as a global leader in the Digital Era.”
According to C P Gurnani, CEO & MD, Tech Mahindra, the blockchain district can be a global talent hub that can unlock the value of blockchain technology “in democratising data and solving big scale world problems.”
The International Blockchain Congress, which was held in Hyderabad on 3 and 4 August, also saw the launch of ‘Eleven01 Protocol,’ claimed to be India’s largest blockchain initiative. It is a joint collaboration between Tech Mahindra and the Eleven01 foundation and aims to foster a cutting-edge ecosystem for blockchain startups in India.
With the Eleven01 protocol, Indian blockchain companies no longer need to rely on foreign technologies to build world class decentralised applications. The protocol promises to fix several issues with existing blockchain platforms, and it will provide a foundation for building decentralised applications that will scale several million users, capable of performing over 10,000 transactions a second.
“Tech Mahindra and Eleven01 partnership is a significant development in making India a Blockchain powerhouse,” remarked Amitabh Kant, CEO, NITI Aayog. “I am happy to see the industry collaborating on disruptive technologies such as blockchain in taking Digital India movement to the next level.”