Tech Mahindra, an IT subsidiary of the Indian Mahindra Group conglomerate, together with the southern Telangana Government, is launching a blockchain accelerator.
The parties hope the accelerator will be a “torch-bearer,” according to the Economic Times of Feb. 19, for future accelerators nationally.
The latest “T-Block Accelerator” is designed to encourage blockchain companies to find a strong case of practical use in technology and to boost overall industry growth.
IBC Media, an innovation management firm, will run the Accelerator program developed by the Telangana Government (Tech Mahindra) in 2018, under a Memorandum of Understanding (MoU).
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The MoU is committed to making the state the “capital of the blockchain” world with particular attention to Hyderabad, the city of Telangana, as well as to the creation of the professional district of Telangana Blockchain.
Rajesh Dhuddu, Tech Mahindra Blockchain Group leader in national operation, told reporters:
“We at Tech Mahindra were proud in our efforts in India and around the world to expand blockchain adoption. Our alliance for the Telangana Blockchain District with the State Government stems from our determination to build a world-class support network for Blockchain Startups and to render Hyderabad a preferred destination for several new-age startups and evangelists.”
Since early February, the accelerator registration is free. This will include a boot camp for a whole week, which will include seminars, lectures, and workshops accompanied by a four-week intensive training course.
The interested parties shared their expectation that progress made at the level of the state would lead to further state constructive development expenditure.
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As reported, a local ecosystem for blockchain startup and research institutes was established in the Telangana Blockchain District that works across a range of applications.
The district’s main strategy is to offer significant incentives and advantages such as tax relief, state-sponsored cloud storage discounts and financial grants.
Specialized regional policies also provided for the creation of the new incubator in Telangana of a regulatory sandbox, educational initiatives, and R&D institute.
Previously, to implement the technology in state-owning applications, Telangana had signed several MoUs with blockchain firms.
In addition to blockchain, India remains uncertain about the role and potential of decentralized private cryptocurrency. In a landmark case before the Supreme Court of India, proceedings took place from January 14 to January 23, the local industry experts. the outcome.
In April 2018, which is in effect since July of that year, banks were prohibited from engaging with crypto-related companies by Reserve Bank of India, which is at the core of its contested legality.