Andhra Pradesh , an Indian state known for its Blockchain applications exploration efforts, is pursuing this goal by making a new agreement with a local fund company.
According to a government tweet, Andhra Pradesh signed a memorandum of understanding with Covalent Fund , to create a blockchain ecosystem as part of the southern state’s “Fintech Valley Vizag” initiative.
The partnership will soon launch Blockchain University, with an initial investment of $ 10 million.
Government of Andhra Pradesh has signed a MoU with Covalent Fund to start a Blockchain Ecosystem in India, under @FintechValley, Vizag. A Blockchain University will soon be set up and an investment of up to $10 million will be done as an initial pilot program. pic.twitter.com/PAf3LAOuS0
— Andhra Pradesh CM (@AndhraPradeshCM) January 19, 2018
The state hopes to integrate blockchain platforms in major companies by next year, said Andhra Pradesh’s IT minister. Part of the goal is to develop transparent governance through distributed registry technology.
“Our collaboration with Covalent Fund is focused on creating a sustainable Blockchain ecosystem in the state”
This announcement marks the latest initiative taken by India’s seventh largest state in promoting applications of this technology. Last year, the state announced a partnership with ChromaWay , a Blockchain start-up, to pilot a land registry and a separate partnership with the cyber security company WISeKey to secure private data.
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