Will Telangana, the youngest of Indian states, lead the way for the Blockchain adoption and innovation in India? If the MOU signed by the State of Telangana “to create the first Blockchain District in the country”, is any sign, it is off to a head start. The 50 MOU’s signed at the recently concluded International Blockchain Congress held in Hyderabad and Goa stand as testimony to the progress the domain is making.
The Blockchain district will aim to be a centre of excellence for Blockchain. It will serve as an incubator for developing the processes and technology associated with Blockchain. The creation of a seamless ecosystem is to enable stakeholders to learn and support each other. Plus, the government plans to have a ringside view of the workings of the industry thus helping it envisage the big picture needed to frame appropriate regulatory and policies. A framework that will enable and promote Blockchain growth both in India and the world. At least that’s how it reads on paper. Even whilst it remains to be seen as to how it will pan out in the real world, this progress is a harbinger of good times for the Blockchain ecosystem.
THE CORE IDEA
Tech Mahindra has signed up as the Technology Partner for the Blockchain district. The firm will provide platform and technology support to all the incubators. The idea is to make it easier for the Blockchain start-ups to focus on Blockchain solutions. Exploration of solutions in the field of healthcare, land records, hospitality and scholarships all point to interesting times ahead.
Snippets which caught the eye included examples and ideas that are gaining traction. Allocation of scholarships, for instance, attempted through the Blockchain framework is exciting. The credentials of the prospective scholars are verified through smart contracts on Blockchain. A scholarship awarded to those meeting the criteria. Making the process easier and foolproof
SOLVING REAL PROBLEMS
We have never been limited by tools but only by our imagination to use them well. That Blockchain is getting deployed to solve real problems in the not so privileged parts of the world offers a peek into its prowess. Congnito Technologies has signed an MOU with the Telangana state to help deliver low-cost credit to the self-help groups using Blockchain. Micro-finance going further than what it does today holds the potential for firing up several other parts of the ecosystem.
More and more of similar stories will emerge as the technology gains mainstay. The entire meet seems to have been abuzz with possibilities. From workshops for students to imagine and learn about the world of Blockchain, to start-ups who presented their solutions to the 3000+ participants, the conference seems to have panned the spectrum. 80+ speakers ranging from CEO’s of various firms, including Niti Aayog, the IT ministers from Telangana and Goa who shared perspectives and keynotes, all seem to be have hit the right notes.
The International Blockchain Congress, the first of its kind in India and lauded as the largest in Asia, hosted by the states of Telangana and Goa, trended for two full days on Twitter. Providing much fodder for this post, not to mention all the animated conversation over the possibilities the technology holds for the future.
These still are early days for Blockchain. Time will tell where we choose to take it to and how we use our imagination well.
THE ATTEMPT TO FURTHER UNDERSTANDING
Fledgling attempts to build an understanding through conversation and contribution are listed below.