Hyderabad: A blockchain hub is in the making in Hyderabad. Among others, it will look to galvanise blockchain companies from working in the country to look to Hyderabad for setting up or expanding their activities. “It will be a pan-industry initiative. A lot of blockchain-related activity is happening in the city. The effort will be to attract companies from outside to come in. We want to make Hyderabad a national hub for blockchain,” a stakeholder said on the condition of anonymity. The plan and the specifics will be announced shortly. The initiative will be multi-stakeholder participation including companies and startups, innovators, investors and others in the blockchain ecosystem.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Hyderabad already has the blockchain ecosystem in place. Telangana has been among the pioneers to use blockchain as the underlying technology for tracking chit fund transactions, verifying student credentials, land records, credit cooperative and drug anti-counterfeiting among others.
The State government has already anchored the Blockchain District to bring together technology companies, research organisations, academic institutions, startups, investors, enablers, and user groups and communities under one platform. The State government apart, IIIT–H, CDAC and Tech Mahindra are the founding members of the Blockchain District. Under this, the startups get access to mentors, academia, training institutes, talent pool and investor network. Corporates co-partner and collaborate and also aid in cross-industry networks.
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